Massachusetts Pension Reserves Investment Management Board, Boston, hired timber managers Forest Investment Associates to run $350 million and The Campbell Group to handle $250 million. Timber is a new asset class for the $29 billion pension fund; the move resulted from an asset allocation study completed earlier this year. The two firms were selected based on performance, lower fees and a focus on domestic timber, said James Hearty, executive director.
The system also hired W.R. Huff to manage $600 million in high-yield fixed income. The manager joins Fidelity and Loomis Sayles, hired to manage $600 million each in high yield when the fund added the asset class several months ago.