CHARLOTTE, N.C. - Wachovia Corp.'s asset management unit, Evergreen Investments, has announced the acquisition of Timberland Investment Management Group.
Timberland offers investments in commercial timberland properties to institutions and high-net-worth people. The unit is to be renamed Evergreen Timberland Investment Management, the company said on May 20, and will continue managing $1.2 billion of investments in timberland.
Dennis Ferro, the president and chief investment officer at Evergreen, said this form of investment is attractive to institutions and wealthy people because it has a low correlation with other asset classes.
Wachovia manages more than 800,000 acres of timberland assets for clients including midsize publicly held companies, large state employee retirement plans, Fortune 500 companies, and wealthy individuals.
