Illinois State Universities Retirement System, Champaign, is searching for a manager of emerging managers to run $200 million. The firm will replace two managers of emerging managers — Progress Investment Management, overseeing about $195 million, and Northern Trust Global Advisors, $175 million. Both can rebid.
After the hire, the $170 million remaining assets in the emerging manager program may be redeployed to the systems individual minority- or female-owned emerging firms. No decision has been made on how the money will be redeployed or temporarily invested, said Dan M. Slack, executive director. "The thinking is it would stay in the manager development program, where we contract directly with emerging managers we believe have ability to add value to the fund," he said. The program has $250 million. Whether SURS would undertake a search for new emerging managers, or place the money with its existing separate-account emerging managers also hasnt been decided, he said. The staff could present a proposal to the board at the conclusion of the manager of emerging managers search, he said.
The RFP is available at the system’s website, www.surs.org. Proposals are due by June 15. The system’s board expects to make a decision Sept. 20. Ennis Knupp, the system’s consultant, is assisting.
