Birmingham (Mich.) Employees' Retirement System within the next three to six months will begin an asset allocation study of its $78 million pension plan and $7 million health care fund, said Thelma Golden, treasurer. System officials may reduce the plans' fixed-income allocation by another five percentage points, shifting the assets to equities.
Earlier this month, the two plans, which share the same asset allocation, reduced Munder Capital's active domestic fixed-income portfolio to $34 million, from $39 million, Ms. Golden said. From that reduction, $2.5 million went to a Lazard Asset active international equity portfolio, raising it to $11.5 million; $1.5 million to a Gabelli active domestic small-cap value equity portfolio, increasing it to $9.5 million; and $1 million to an Ariel active domestic midcap value equity portfolio, raising it to $4 million, she said.
The plans' new asset allocation is 60% equity and 40% fixed income.
