Illinois Teachers' Retirement System, Springfield, posted a search for one or more active money managers to handle a target range of between 5% and 10% of the system's $15 billion global income allocation in a Beta Core Plus strategy, a Monday news release from the $65 billion fund said.
"The ideal strategy will be benchmarked to the Bloomberg U.S. or Global aggregate indexes. The mandate will reside in TRS's Beta Plus composite," according to the release.
A TRS spokeswoman said in an email that the Beta Core Plus portfolio is not a new strategy for TRS. She did not provide the existing size of the beta portfolio.
The news release said the allocation of assets to managers will "be contingent on the ability of potential managers to consistently outperform the Bloomberg U.S. Aggregate Bond index and the risk level required to achieve the returns."
The spokeswoman said in her email that there is "no timetable for selection of a firm if one is selected."
The deadline for money managers submitting a proposal for the Beta Core Plus assignment is 2 p.m. CDT on July 30, according to the TRS website.
Separately, TRS is searching for a consultant to assist the system's investment officers in managing the fund's $3.5 billion diversifying strategies portfolio, which primarily is comprised of hedge funds.
The contract for the system's existing diversifying strategies consultant, Aksia, will expire at the end of October. The firm is permitted to rebid for the five-year assignment for TRS, said the spokeswoman.
Submissions for the diversifying strategies consulting positions are due by 2 p.m. CDT on Aug. 15.
Finalists will be presented to the TRS board in October, and the selected firm's contract will begin on Nov. 1.
