Illinois Municipal Retirement Fund, Oak Brook, plans to issue an RFP later this month seeking managers to run a total of $750 million in active international value equities, said Walter Koziol, chief investment officer.
The $26 billion fund plans to hire one or more managers, Mr. Koziol said.
The fund wants to diversify its active international value equity allocation, now managed by Brandes Investment Partners, which has $667 million, Mr. Koziol said. The firm won’t be terminated.
Funding would come from reducing a $1.9 billion MSCI EAFE index fund, managed by Northern Trust Global Investments, Mr. Koziol said.
The fund expects to issue the RFP in two weeks, Mr. Koziol said.
Callan Associates, IMRF’s investment consultant, will assist.