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October 05, 2015 01:00 AM

Illinois State Board launches international bond, target-date funds searches

Barry B. Burr
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    Illinois State Board of Investment, Chicago, issued two separate RFPs to manage a total of up to $2.8 billion.

    ISBI is searching for a passive international government bond manager to run $489.3 million for the $15.2 billion defined benefit plan and a target-date funds manager for the Illinois State Employees’ 457 Deferred Compensation Plan, whose $4.1 billion in assets ISBI oversees.

    Funding for the bond search will come from terminating Wellington Management, which manages the $489.3 million in an active international aggregate bond portfolio. Wellington was terminated last month and will continue to manage the portfolio until a new manager is hired. Proposals for the fixed-income RFP are due Oct. 19. A hiring decision could be made Nov. 6.

    T. Rowe Price Group is the current manager of the 457 plan’s target-date funds, which total $2.3 billion, or 56% of the 457 plan’s assets. It is invited to rebid.

    Because target-date assets increased from 11.9% of the plan’s assets as a result of a re-enrollment of all participants in April, ISBI issued the RFP to gauge the market to ensure it has the best target-date fund manager, said William R. Atwood, executive director.

    Proposals are due Nov. 6. A hiring decision could be made March 16.

    Both RFPs are available on ISBI’s website.

    Marquette Associates is assisting in both searches.

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