Illinois State Board of Investment, Chicago, issued RFPs to create a list of transition managers for its $10.4 billion defined benefit plan and for two equity managers to provide investment options for the $2.7 billion Illinois State Employees’ Deferred Compensation Plan, Springfield, which the board oversees.
The board seeks to prequalify managers for its transition management pool to facilitate transitions as needed, according to the RFP.
Also, one manager in the 457 plan’s search will run a domestic large-cap core option, while the other would manage an international small-cap option, according to separate RFPs.
The board wants to diversify the plan’s existing equity lineup. The plan now offers 15 investment options, managed by Vanguard Group, T. Rowe Price Associates, Fidelity Investments, Legg Mason Global Asset Management, LSV Asset Management, WellingtonManagement, ColumbiaManagement, Ariel Investments, Janus Capital Group, Invesco and Northern Trust. T. Rowe Price is the plan’s record keeper.
ISBI issued the deferred compensation plan RFPs to diversify its existing lineup of equity mangers.
The three RFPs are available at http://www.isbi.illinois.gov. Proposals for all are due Feb. 19. The board expects to make a decision on both searches March 19.
Marquette Associates, ISBI’s investment consultant, is assisting in the searches.