Illinois State Universities Retirement System, Champaign, is searching for one or more passive managers, said a spokeswoman for the $16.9 billion pension fund.
Allocation and funding sources are still being determined, but the selected managers will not be limited to any particular asset class. No existing passive managers are expected to be terminated as a result, the spokeswoman said.
The RFP is available on the pension fund's website.
Proposals are due by 4 p.m. CDT on March 17 with a hiring decision on April 20.
Separately, the pension fund board terminated Chicago Equity Partners as a core fixed-income manager because of performance concerns. A Chicago Equity Partners spokeswoman was not immediately available to comment.
Chicago Equity Partners' $330 million portfolio will be allocated to two existing fixed-income managers — $180 million will go to State Street Global Advisors (passive) and $150 million to Garcia Hamilton & Associates (active), bringing their new allocations to roughly $600 million and $305 million, respectively.
The pension fund has an interim fixed-income target of 19%.