Elgin (Ill.) Police & Fire Pension System narrowed a search for an additional domestic fixed-income manager to five and is expected to shorten the list to three managers next month, said James E. Nowicki, treasurer for the $36 million fund.
Finalists were not revealed.
Madison Investment Advisors and John H. Mitchell currently manage $2 million each in bonds for the fund, said Mr. Nowicki.
A final decision is expected by February.
The search is being conducted in-house.