Illinois State Universities Retirement System, Champaign, hired FIS Group to run a new global equity manager of emerging managers program.
The $18 billion pension fund’s board approved the hiring of FIS Group at its Jan. 30 meeting to run a global equity manager of emerging managers program, which will replace a current international equity manager of emerging managers program run by Progress Investment Management, spokeswoman Beth A. Spencer confirmed in an email.
The pension fund issued an RFP in November. As of Sept. 30, Progress Investment Management ran $228 million in the portfolio. The firm recently notified clients it is closing in mid-2020.
SURS also issued an RFP in January for a manager of emerging fixed-income managers, and that search is still in progress.
Investment consultant Meketa Investment Group is assisting with the searches.