The $12.8 billion ISBI plans to hire one manager, which would be benchmarked to the J.P. Morgan EMBI Global Diversified index. Proposals are due Aug. 5. The board plans to make a decision Sept. 27. Marquette Associates, ISBI's investment consultant, is assisting.
ISBI, which is making the move for diversification, plans to fund emerging markets fixed income by rebalancing within its fixed income allocation. No managers will be terminated.