Illinois Student Assistance Commission, Springfield, hired Ativo Capital Management and Dimensional Fund Advisors to run between $75 million and $85 million each in international all-cap equity for the $970 million College Illinois Trust Fund, the state's prepaid tuition program, said Kent Custer, chief investment officer.
An RFP was issued in April because of the upcoming December contract expirations of international developed markets equity managers Ativo, Cornerstone Capital Management and Pyrford International, and a desire for international managers with expanded exposure to emerging markets and small-cap equities. Funding will come from the legacy Ativo, Cornerstone and Pyrford accounts that total roughly $172 million.
Cornerstone and Pyrford provided “outstanding service and outperformance” and did rebid, Mr. Custer said in an e-mail.
As of Aug. 31, the trust fund had a 20% long-term international equity target.