Illinois Firefighters’ Pension Investment Fund, Lombard, hired Marquette Associates as general investment consultant, said Executive Director William Atwood.
The pension fund's interim board of trustees selected Marquette at its Dec. 7 meeting.
The pension fund issued an RFP in September. Meketa Investment Group, RVK and Verus Advisory were the other finalists.
The Firefighters' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating 649 downstate and suburban police and fire pension plans into two new funds: the firefighters' fund and the Illinois Police Officers' Pension Investment Fund, Naperville, which together consolidate an estimated $15 billion in assets.
According to a fact sheet from the Illinois Municipal League, the firefighters' fund will manage an estimated $6.3 billion in assets.
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.
