Illinois Municipal Retirement Fund, Oak Brook, selected BlackRock, Loop Capital Markets, Northern Trust, Penserra Capital Management, Russell Investments and State Street to be placed on a list of transition managers to be chosen on a case-by-case basis.
Northern Trust was the previous transition manager. Officials at the $34.9 billion pension fund wanted to have multiple managers to provide more flexibility in making transitions.
The six firms made presentations to the pension fund's investment committee Thursday, and the selected managers were approved by the pension fund's board later that day.
Callan Associates, the pension fund's investment consultant, assisted in the search. An RFP was issued Jan. 15.