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Klukwan expands.

Klukwan Expands. Participating in a team of investors, the Juneau-based Native village corporation Klukwan Inc. purchased Rainier Investment Management, a subsidiary of Seattle-based Security Pacific Bancorporation Northwest. The spring 1991 acquisition by Klukwan, in partnership with RIM's management group, gives Rainier Investment Management the status of a minority-owned business, which makes the firm eligible to manage certain federally mandated investment funds.

Federal regulations require a portion of public retirement funds - from Alaska teachers, government employees and large companies with direct federal contracts - to be set aside for investment by a minority-owned investment management company. This set-aside investment money amounts to hundreds of billions of dollars, according to Ralph Strong, Klukwan's president and chief executive. He adds that although the rule has existed for some time, few minority-owned companies can meet all government criteria for participation in the fund management program.

Klukwan, Alaska's top harvester and exporter of round logs, has diversified its investments recently to reduce its dependence on timber revenues. In 1989, the firm's sales totaled $107 million, and its net income topped $23.5 million. It employs more than 700 people in Alaska and Washington.

Rainier Investment Management manages more than $50 million for clients, including company retirement plans, corporations, charitable foundations, non-profit organizations, Native organizations, and individuals. Security Pacific Bancorporation Northwest, an affiliate of Security Pacific Corp., is a multibank holding company with assets of $11 billion.
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Title Annotation:Klukwan Inc. buys Rainier Investment Management
Publication:Alaska Business Monthly
Date:Jun 1, 1991
Words:230
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