Illinois State Universities Retirement System, Champaign, hired J.P. Morgan Asset Management and Man Group to manage 130/30 equity extension strategies.
The $24.7 billion pension fund’s board approved the hirings at its Dec. 7 meeting, according to an update on its website.
JPMAM’s portfolio will manage domestic equities and Man Group’s portfolio will manage international equities.
SURS issued an RFP in June for managers of equity short-extension strategies to run between $100 million and $250 million in strategies that fit “the equity short-extension definition, with leverage levels from 110/10 to 150/50.” SURS spokeswoman Lisa Fink said portfolio amounts are pending the completion of contract negotiations.
As of Oct. 31, the pension fund’s actual allocation to traditional growth (which holds its public equity investments) was 33.3%; the long-term target is 35%.
Investment consultant Callan assisted.
