The $12.4 billion defined benefit plan of the Illinois State Universities Retirement System will put its entire fixed-income portfolio — nearly $3 billion — out for bid, said Daniel L. Allen, chief investment officer.
Trustees on Feb. 4 authorized searches and plan to issue RFPs later this month, Mr. Allen said. RFPs are expected to be due in March, and trustees will decide on hirings in June, he said.
Ennis Knupp, the system's consultant, and SURS staff are still working on the RFPs and details of the restructuring. Ennis Knupp will lead the search.
The RFPs will include a search for passive fixed income, which SURS doesn't have.
All incumbent fixed-income managers will be invited to rebid, Mr. Allen said.