Bethlehem (Pa.) Retirement System is reviewing the plan's two managers as part of an asset allocation study conducted by the $77 million plan's new investment consultant, Morrison & Associates, said Dennis Reichard, business administrator. Philadelphia Trust runs $47 million for the plan and Wood Asset Management runs $30 million, both in balanced portfolios. The review could be completed by September. The current asset allocation is 50% equity and 50% fixed income.
Morrison replaced Legg Mason, which had been the plan's consultant since 1992, Mr. Reichard said. Trustees wanted to use a consultant that did not have an investment management arm, he said.