Illinois State Board of Investment (ISBI) is planning to search for a new emerging markets equity index fund manager, Pensions & Investments reports. The Chicago-based investment board will hire the new manager to oversee a $223 million mandate.

ISBI will complete the hiring in September this year, for which it will issue a request for proposal in July. The investment consultant of the board, Marquette Associates, will assist in the search and the funding will come from non-U.S. developed markets equity managers’ portfolios.

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