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TIAA-CREF Buys GreenWood in Timber Bet to Hedge Inflation Risk

Aug. 2 (Bloomberg) -- TIAA-CREF, the manager of retirement accounts for employees of nonprofit institutions, acquired a majority stake in GreenWood Resources Inc. to expand its bet on timber.

“Timber assets can serve as a source of portfolio diversification and a potentially stronger hedge against inflation as compared to publicly traded equities and fixed-income investments,” TIAA-CREF said today in a statement distributed by Business Wire that didn’t disclose terms.

To contact the reporter on this story: Steven Norton in New York at Snorton7@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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