Illinois Firefighters' Pension Investment Fund, Lombard, is searching for four or five managers to provide transition management services.
The pension fund's board issued an RFP for the firms to make up the new pension fund's transition management bench, said William R. Atwood, executive director.
The managers will be the only ones eligible to assist with the pension fund's transition into its target asset allocation and will remain on retainer following the consolidation of municipal fire pension funds into the new fund, Mr. Atwood said.
FPIF was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating about 296 downstate and suburban firefighter pension funds. The law calls for the transfer of investment authority for the municipal pension funds to the Firefighters' Pension Investment Fund no later than June 30, 2022.
According to a fact sheet from the Illinois Municipal League, the firefighters pension fund will manage an estimated $6.3 billion in assets. FPIF's board hired Marquette Associates as its first investment consultant in December.
The RFP for transition managers is available on the pension fund's website. Proposals are due at 3 p.m. CST on Feb. 9. Finalist presentations are scheduled for March 19, with a decision expected shortly thereafter.