Pennsylvania Municipal Retirement System, Harrisburg, is conducting an asset allocation study, said James Allen, secretary. "We do one every three years," said Mr. Allen. The study will examine investing in emerging markets equity, hedge funds and international bonds; all would be new allocations, he said. The current asset allocation is 35% domestic large-cap equities; 15% domestic small-cap equities; 15% international equities; 25% fixed-income and 10% real estate.
Dahab Associates is assisting the $1.2 billion system.