On June 1, 2012, the Department of Labor granted prohibited transaction exemptions 2012-12 (Fed. Reg. Vol. 77, No. 106) to Weyerhaeuser Company in connection with a proposed in-kind contribution of intangible assets to the Weyerhaeuser Master Retirement Trust.
Evercore Trust served as independent fiduciary on behalf of the Weyerhaeuser Pension Plan with respect to the proposed transaction, which involved Weyerhaeuser Asset Management and Lindsay Goldberg, an investment manager to a series of private investment funds.
Pursuant to the exemption, Weyerhaeuser has hired Federal Way Asset Management, a newly formed investment management firm headed by Weyerhaeuser ex-CIO Salim Shariff, as manager of alternative investments for its Pension Plan. (See Pensions & Investments article dated August 16, 2012.)