New York City pension funds cast net for global equity managers

Four pension funds within the New York City Retirement Systems are searching for active global equity managers, according to an RFP posted on the website of Scott M. Stringer, fiduciary for the five pension funds within the $170.6 billion retirement system.

The four pension funds are seeking concentrated active global equity managers. Current managers' portfolios total about $400 million, but “there are no definitive policy regarding the allocations to concentrated global equity strategies” and “the actual amount invested in such strategies may increase or may decrease after this search,” according to the RFP.

The search may also result in an additional pool of managers who will be eligible for future allocations to concentrated global equities provided the systems and Mr. Stringer wish to add managers. All current managers must rebid in order to be considered for future allocations, according to the RFP.

The names of current managers were not provided.

Interested managers must submit information directly to eVestment databases and the Callan Associates database by June 16. Interviews will take place July through October, with a contract starting in December, according to the RFP.

Information on the RFP is available on the comptroller's website. Registration is required.

Callan Associates, investment consultant for the New York City Employees' Retirement System; NEPC, investment consultant for the New York City Fire Department Pension Fund; Rocaton Investment Advisors, investment consultant for the New York City Teachers' Retirement System; and Segal Marco Advisors, investment consultant for the New York City Board of Education Retirement System, are assisting in the search. The $39.9 billion New York City Police Pension Fund Department is not participating in the search.

Devon Puglia and Jack Sterne, spokesmen for Mr. Stringer, could not be immediately reached to provide further information.