Illinois State Board of Investment's investment policy committee is considering finalists Amalgamated Bank, Lincoln Capital, RhumbLine, Bank of New York, State Street Global Advisors and Northern Trust in a search for at least one manager to run $1.5 billion in an S&P 500 index fund and $789 million in a Lehman Government/Credit index fund. Northern Trust is the incumbent for both the equity and fixed-income index funds, and plan officials are considering either one manager to run both funds or one equity and one fixed-income manager.
Most of the managers offer both types of indexing and could be considered for both assignments, said William Atwood, executive director of the $10.1 billion board, noting that Lincoln is a fixed-income firm and RhumbLine handles only equities.
Separately, the board's investment policy committee is also considering Howland & Associates, Profit Investment Management, Rutland Dickson Asset Management and Lynmar Capital Group, finalists in its search for at least one emerging manager to handle a total of $30 million in active domestic large-cap growth equities. Mr. Atwood said the funding could be lower if only one manager is hired or a little higher if several are hired. Funding will come from an equity reallocation.
The committee could make recommendations on both groups of managers for the board to consider Friday. Marquette Associates is assisting.