Louisiana State Police Retirement System, Baton Rouge, approved an invitation-only search for one or more timber managers to run a total of $10 million, said Irwin Felps, executive director of the $450 million system. It is a new investment and is being sought for consistency and low correlation with stocks and bond. Funding will probably come from fixed income, but no decisions have been made on which portfolios will be reduced, Mr. Felps said. The boards investment committee heard informational presentations on timber investments from Molpus Woodlands Group and RMK Timberland Group during its Aug. 22 meeting.
The board hopes to select managers by December. UBS Prime Asset Consulting is assisting.