Bethlehem (Pa.) Retirement System hired Philadelphia Trust to manage $40 million in active domestic fixed income and $20 million in active domestic all-cap growth equities, and as custodian for the $77 million pension plan, said Dennis W. Reichard, business administrator. Funding came from terminating Columbia Management Group, which ran similar portfolios, Mr. Reichard said. The termination was due to performance, he said. Fleet Bank was the previous custodian. The current asset allocation is 60% fixed income and 40% equity. Legg Mason advised.
Alexis Richel, spokeswoman for Columbia Management, did not return calls seeking comment by press time.