Illinois State Board of Investment, Chicago, hired Garcia Hamilton & Associates to manage $50 million in active intermediate government/credit fixed income, said William R. Atwood, executive director.
Funding will come from taking $25 million each from active intermediate-duration fixed-income managers LM Capital Group and Chicago Equity Partners, leaving the managers with $382 million and $380 million, respectively.
An RFP for a minority-owned manager to run the portfolio was issued in August, Mr. Atwood said. Consultant Marquette Associates assisted.
The board oversees $10 billion in assets.