It is the first time ISBI, which oversees $12.9 billion in defined benefit assets, has had a specialist consultant for real estate since it terminated Townsend Group two years ago in a move to consolidate some of its consulting services with Marquette Associates, its general investment consultant.
“With something as complicated as real estate, we believe we need a specialty consultant … an organization focused on real estate,” Mr. Atwood said.
The hiring is the result of an RFP issued last November.
In terms of any potential changes, Mr. Atwood said ISBI wants to see what Courtland recommends in its real estate review, which it could report to the board Sept. 27.
ISBI, which has a 10% target allocation to real estate, has a 9.6%, or $1.2 billion, actual allocation.