Illinois Student Assistance Commission, Springfield, plans to search for an intermediate fixed-income manager on behalf of the $1 billion College Illinois Trust Fund, the state’s prepaid tuition program, said Kent Custer, chief investment officer.
The search is being conducted due to the impending contract expiration of incumbent manager Income Research & Management. Approximately $72 million was invested with Income Research and Management as of June 30, 2014.
Once approved, an RFP will likely be available on the state’s procurement website.
A release date for the RFP has not been established.
Separately, the commission rehired Northern Trust as custodian for the trust fund, pending contract negotiations and other regulatory approvals.
The commission issued an RFP in May due to Northern Trust’s impending contract expiration.
