Illinois State Board of Investment, Chicago, hired six active domestic small-cap equity managers to run a total of $450 million, said William Atwood, executive director. IronBridge Capital and Segall Bryant & Hamill will handle $90 million each in core; EARNEST Partners and Martingale Asset, $90 million each in value; Fifth Third Bank Investment Advisors, $80 million in small-cap and microcap value; and Opus Capital Management, $10 million in value. The board classifies EARNEST as an minority-owned manager and Opus as an emerging minority-owned manager.
Funding will come mostly from equity managers terminated last spring; the assets had been parked in Northern Trust's Russell 1000 growth and Russell 1000 value index funds.
Marquette Associates assisted.