Illinois State Universities Retirement System, Champaign, received responses from Bank of New York Mellon, State Street Global Advisors, BlackRock, Northern Trust Investments, Parametric Clifton and Russell Investments to an RFP for managing $200 million to $500 million in exposure for cash overlay services.
SURS officials plan to identify two finalists to present to the investment committee at its March 20 meeting, Daniel L. Allen, chief investment officer, said in an e-mail. The committee is expected to select one manager at the meeting.
SURS, which oversees $15.9 billion in defined benefit assets, is seeking to enhance its cash management capabilities.
“Funding will occur from the cash component of the consolidated SURS account along with cash portfolios from the various investment managers,” Mr. Allen said.
NEPC, SURS' investment consultant, is assisting in the search.