Illinois State Board of Investment, Chicago, hired RVK as investment consultant for the $4.6 billion State of Illinois Employees' Deferred Compensation Plan, according to a news release.
The board issued an RFP in December. The other finalist was Aon Hewitt Investment Consulting. Incumbent Meketa Investment Group was invited to rebid, but whether the firm did so could not be immediately learned.
Along with the deferred compensation plan, ISBI manages a total of $18.3 billion for three statewide defined benefit plans — the Illinois State Employees' Retirement System, Illinois General Assembly Retirement System and Illinois Judges' Retirement System.
Johara Farhadieh, the board's executive director and chief investment officer, was not available to provide further information by press time. Inquiries were referred to Dipesh Mehta, the board's general counsel and chief compliance officer; he could not be immediately reached.