Illinois State Universities Retirement System, Champaign, hired Callan Associates as general investment consultant for its $13.4 billion defined benefit fund and $820 million 401(a) defined contribution fund, replacing Hewitt EnnisKnupp, according to Daniel L. Allen, SURS chief investment officer.
The hiring was the result of a search begun in July. Hewitt EnnisKnupp was a finalist.
State statute requires the system to search for a consultant every five years. Also, the SURS board, which was restructured in 2009 as part of state government reforms adopted by the General Assembly, wanted to review consulting issues.
Key factors that favored Callan were its fees, organization and business model, consulting philosophy and strategies, staffing and depth of resources, its team that would work with SURS, and its performance reporting and analytics, Mr. Allen wrote in an e-mail.