Illinois State Universities Retirement System, Champaign, selected Callan Associates, Hewitt EnnisKnupp and NEPC as finalists in a search for a general investment consultant, Daniel L. Allen, chief investment officer of the $16.1 billion retirement system, said in an e-mail.
Incumbent Callan's contract expires Dec. 31.
SURS issued an RFP in May for general investment and real estate consulting services for its $14.9 billion defined benefit plan and $1.2 billion 401(a) plan. SURS is evaluating general consultants first and then will determine the direction for considering real estate consulting separate from general consulting.
The board could hire a consultant that provides both services or consultants for separate services. Callan Associates also provides real estate consulting to SURS.
SURS hasn't had a specialist real estate consultant.
SURS could make a decision following the finalists' presentations, scheduled for Oct. 17.