Illinois Municipal Retirement Fund, Oak Brook, on Thursday rehired Callan Associates as investment consultant to the $34.2 billion pension fund.
Also, Wilshire Associates, which was the other finalist for investment consultant, was hired to conduct an asset/liability study of the pension fund in 2016.
Both hirings are pending contract negotiations.
Callan's contract expires Dec. 31. An RFP was issued May 15.
Dhvani Shah, Illinois Municipal's chief investment officer, told members of the pension fund's investment committee that while both consultants “we're really good,” IMRF staff recommended rehiring Callan based on comparison of each firm's organization, performance, fees for services and cultural fit with pension fund staff.
“Not switching (consultants) also helps,” in terms of continuity, Ms. Shah said.
Wilshire and Callan impressed staff with their services, particularly with their emerging manager research, Ms. Shah said. “But Callan has more experience in emerging managers because they've worked with us and are familiar with Illinois rules” on emerging manager use, she said.
Callan's bid did not include an asset/liability study, so IMRF staff recommended that Wilshire take on that task. “It will give us a chance to get to know them,” Ms. Shah said.
Callan's contract would be for five years, effective Jan. 1.
