Searches and Hires

Illinois Municipal seeks minority-owned equity index manager

Illinois Municipal Retirement Fund, Oak Brook, is searching for at least one minority-owned money manager to run a total of at least $100 million in equity index funds.

Funding will likely come from either IMRF's U.S. equity or international equity asset classes, an IMRF spokeswoman said. It hasn't been determined if any managers will be terminated as a result.

The RFP is available on the pension fund's website. Proposals are due Nov. 3; a selection is expected by Feb. 16.

The $38.6 billion pension fund's actual asset allocation as of June 30 was 43% domestic equity, 27% fixed income, 20% international equity, 5% real estate, 4% alternative investments and 1% cash. Its targets are 38% domestic equity, 29% fixed income, 16% international equity, 8% each alternatives and real estate, and 1% cash.

IMRF has a long-term goal of 20% of plan assets invested with emerging managers.

Callan, the pension fund's investment consultant, is assisting.