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Missouri hires Timberland Investment Resources

The US pension system's $152.5m timber portfolio is under new management.

The Missouri Local Government Employees Retirement System (LAGERS) has hired Timberland Investment Resources (TIR), to manage its $152.5 million timber portfolio, as of the end of May, Megan Loehner, senior investment officer of Missouri LAGERS has confirmed.

TIR is a registered investment adviser and private Timberland Investment Management Organization (TIMO), whose clients include public and private pension funds, university endowments, charitable foundations and other institutional investors.

Missouri LAGERS’ timber portfolio was previously managed by Brasil’s BTG Pactual, which in 2013 acquired commercial timberland manager Regions Timberland Group.

Loehner noted that post-acquisition, the BTG professionals that had looked after LAGERS’ timber investments slowly left the firm, “which triggered a search process”.

BTG, which in May closed its first timberland fund on $860 million, declined to comment.

In 2014, Missouri LAGERS invested 27.9 percent to alternative assets, 24 percent to fixed income and 48.1 percent to equities, according to its website. LAGERS does not have a specific allocation to agriculture, according to Loehner.

As of March 31, 2015, LAGERS’ total assets under management was $6.325 billion. LAGERS does not have a specific allocation to agriculture, according to Loehner.