Illinois State Board of Investment trustees today voted to issue RFPs...

Illinois State Board of Investment trustees today voted to issue RFPs for hedge funds of funds to manage $530 million, or 5% of the $10.6 billion system's assetMarquette Associatesvailable from Marquette Associates, the fund's general consultant, in the next week or so, said William Atwood, executive director. The Chicago-based board will be looking for hedge funds of funds that invest in equity-only strategies such as long-short or market neutral; two to four firms could be hired, splitting the allocation evenly. Funding will come from reducing S&P 500 index funds run by RhumbLine and Amalgamated, each of which manages $817 million. A due date hasn't been set for proposals, but it will likely be in about a month, Mr. Atwood said. The board hopes to make a decision in August.