Updated with correction.
Illinois Student Assistance Commission, Springfield, is searching for a passive domestic core fixed-income manager to run about $70 million for the $1.1 billion College Illinois Trust Fund, the state's prepaid tuition program, confirmed Linda McHugh, agency procurement officer.
The selected manager will run about 35% of the tuition plan's fixed-income allocation, which is currently at 20% with a long-term target allocation of 25%. The strategy will track the Barclays Capital U.S. Aggregate Bond index. Funding will come from existing active core fixed-income portfolios.
Ms. McHugh refused to comment on whether an existing manager was terminated. The RFP is available on the Illinois Procurement Bulletin website. Proposals are due at 2 p.m. CST Dec. 20. A hiring decision is expected on April 8.
Ms. McHugh said additional information on the search will be posted on the procurement website by Dec. 13.