Philadelphia Employees Retirement System is considering changing its...

Philadelphia Employees Retirement System is considering changing its three bond benchmarks to one, said Marc Bonavitacola, acting CIO for the $4.6 billion system. The fund uses the Lehman full- and intermediate-duration and international fixed-income indexes for benchmarks. It’s looking to change to the core-plus Lehman aggregate, he said. "We’re in the process of negotiating with managers,’’ said Mr. Bonavitacola. The change is due to an asset allocation study the plan completed last year. It would affect the system’s six active bond managers, he said. Philadelphia Municipal Employees’ current bond portfolio totals $1.4 billion.