Illinois Municipal Retirement Fund, Oak Brook, is searching for a fixed-income manager to run up to $300 million, said Walter J. Koziol, director-investments. The board hasn't determined what fixed-income style it will select. Funding will come from a rebalancing of $300 million from an S&P 500/Barra value index fund managed by Northern Trust, leaving it with about $1 billion; the board hasn't decided how the proceeds will be distributed among existing fixed-income managers and the new manager.
The $17.8 billion fund didn't issue an RFP; interested firms may contact Ennis Knupp, consultant to the fund, he said. Fund officials and the consultant hope to select finalists by March 16, and the board expects to interview finalists at its March 24 meeting, when it could make a decision on hiring, he said.