Illinois Police Officers' Pension Investment Fund, Naperville, hired Verus Advisory as its first general investment consultant, said Richard A. White, executive director.
The newly created pension fund issued an RFP in January for a firm to assist the board in the transition of the assets from about 353 Illinois municipal police pension funds with an aggregate estimated $8.5 billion in assets, and then provide ongoing general investment consulting advice and services.
AndCo Consulting and NEPC were the other finalists.
The Police Officers' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating downstate and suburban police and fire pension plans into two new pension funds.
The other pension fund is the Illinois Firefighters' Pension Investment Fund, Lombard, which hired Marquette Associates as its first investment consultant earlier this year.
The law calls for the transfer of investment authority for the municipal pension funds' assets to the Police Officers' Pension Investment Fund no later than June 30, 2022.
