Pennsylvania Municipal Retirement System, Harrisburg, in the next two or three weeks will search for a timber manager to run $70 million, confirmed James Allen, secretary of the $1.6 billion pension fund.
The contract of the pension fund's current timber manager, Forest Investment Associates, expires in March 2013. State law requires that external manager services be put out to bid every five years, Mr. Allen said in a telephone interview. The firm can rebid.
The pension fund's target allocation to timber is 5%.
Investment consultant Dahab Associates is assisting.