Illinois Municipal Retirement Fund, Oak Brook, hired BlackRock to run $600 million and Vision Capital Management to run $50 million, both in domestic large-cap growth equities, confirmed spokeswoman Linda Horrell.
Partial funding will come from the termination of AllianceBernstein, which ran $560 million in the asset class, she said in a telephone interview. She wouldn’t say why AllianceBernstein was terminated. The remaining $90 million will come from reducing a Northern Trust S&P 500 Citigroup Growth index fund.
The $26.1 billion fund made the move at its May 20 board meeting.
“We are disappointed in the fund’s decision,” AllianceBernstein spokesman John Meyers said in an e-mail. “While we understand that investment performance has been challenging, many of our equity services have done very well since the market bottom in early 2009, and we believe that as performance continues to improve, investors will respond accordingly.”