Updated with correction.
Chicago Policemen's Annuity & Benefit Fund selected seven finalists to interview for its previously announced core and core-plus fixed-income searches.
Manager selection will take place at the $2.7 billion pension fund's July 22 investment committee meeting and will be ratified by the full board July 25.
On Thursday, trustees approved the recommendation of the pension fund's investment committee to hear presentations from three firms for a core bond fund mandate totaling between $175 million and $225 million.
Two managers will be hired to split the assignment, Kenneth Kaczmarz, interim executive director, told trustees during an investment committee meeting Monday.
Incumbent manager Wells Capital Management, which currently runs $96 million for the pension fund, is one of the finalists. The other finalists are EARNEST Partners and Garcia Hamilton & Associates.
The size of the core-plus fixed-income mandate that's up for bid has not been determined, Mr. Kaczmarz said. Two managers are sought to run the portfolio.
Existing core-plus managers Wellington Management, which currently manages $99 million, and LM Capital Group, which runs $92 million, were allowed to rebid and are finalists.
Two other managers — National Investment Services and Western Asset Management Co. — also have been invited to present their strategies to the board at the July 22 investment committee meeting.
