Midland (Mich.) Police & Fire Retirement Plan might shift some of its equity allocation back to value, said Bob Fisher, city finance director. Officials at the $42 million plan are concerned that current investments continue to underperform, despite recent market improvements, Mr. Fisher said. The plan has both growth and core equity portfolios, he said. A few years ago, he said, active domestic large-cap manager Chemical Bank and Trust was given permission by the board to shift a $9 million portfolio to core from value. An asset allocation study now under way should be completed by the board's Oct. 29 meeting, Mr. Fisher said.
The plan's asset allocation is 65% equity and 35% fixed income. Smith Barney is assisting.