Illinois Teachers’ Retirement System, Springfield, will seek a core-plus fixed-income manager later in 2011, Pensions & Investments reports. The $34.6 billion system did not disclose the timing of the search and the size of the mandate, said Scottie Bevill, senior investment officer for fixed income. The system’s trustees have approved changes to the investment mandates of existing managers, PIMCO and Loomis Sayles, as part of a structural review of the $5.2 billion fixed-income portfolio. Each manager will be allowed to add interest-rate hedging and volatility control to their investment strategies.
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