Pennsylvania Municipal Retirement System, Harrisburg, hired Forest Investment Associates as its first timberland manager. The firm will handle $20 million, which will come from new contributions to the $800 million fund, said James B. Allen, chairman of the board. Dahab Associates assisted.
Workplace Health, Safety and Compensation Commission of New Brunswick, Saint John, hired Northern Trust as custodian, said Warren H. Gerow, manager-treasury and investments. The incumbent Royal Trust, State Street and CIBC-Mellon also vied for the assignment. The insurance fund has C$600 million (U.S. $421 million) in assets.