Illinois Student Assistance Commission, Springfield, is searching for an investment consultant for the $1 billion College Illinois Trust Fund, the state’s prepaid tuition program, said Kent Custer, chief investment officer, in an e-mail.
The contract of current consultant Callan Associates expires in January 2017. Mr. Custer declined to comment on whether or not Callan can rebid.
The RFP is expected to be posted on the state’s procurement website. Mr. Custer did not have information on when it will be released.
There is no timeline for a hiring decision.
Separately, the commission hired Garcia Hamilton & Associates as an intermediate fixed-income manager for the trust fund, managing between $50 million and $60 million.
Garcia Hamilton replaces Income Research & Management, which previously managed the assets in a similar strategy.
An RFP was issued in January because Income Research & Management’s contract was expiring soon. Mr. Custer declined to comment on whether the firm rebid.