Highmark Inc. , Pittsburgh, is doing an asset-liability study that...

Highmark Inc., Pittsburgh, is doing an asset-liability study that likely will be completed by November and lead to an asset allocation study, according to Joe Reichard, vice president and treasurer. Rocaton Investment Advisors is conducting the study for the $400 million pension plan. Plan officials decided to do the study after learning the fund was "slightly underfunded,” according to Mr. Reichard, because of a decline in the value of its equity holdings caused by the bear market.