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