ISBI, which oversees $12.4 billion in defined benefit assets, plans to “look at the universe of options” in investment strategies and “keep an eye on liquidity” needs to pay benefits, Mr. Atwood said.
Marquette Associates, ISBI's investment consultant, is assisting.
ISBI expects to complete the study in June.
As of Feb. 28, ISBI's actual allocation was 31.04% domestic equity; 21.03% fixed income, including cash; 20.63% international equity; 9.05% hedge funds; 8.92% real estate; 5.12% private equity; and 4.21% real assets. Its target allocation is 30% domestic equity; 20% fixed income, including cash; 20% international equity; 10% each hedge funds and real estate; and 5% each private equity and real assets.
Separately, Alise M. White was named deputy executive director of ISBI, Mr. Atwood said.
Ms. White replaces Katherine A. Spinato, who retired at the beginning of the year. She will report to Mr. Atwood.
Ms. White, who was ISBI chief financial officer, will retain some of those duties, while others will be reassigned to other staff, Mr. Atwood said.
ISBI might create a new position, restructured from the CFO duties, and search for candidates in the next fiscal year, beginning July 1, Mr. Atwood said. ISBI hasn't decided on the duties or a title for the new position, he added.