New York City Retirement Systems issued an RFP seeking mortgage fixed-income managers, according to the RFP notice posted on the website of Scott M. Stringer, the city comptroller and fiduciary to the five pension funds within the pension system.
As of Sept. 30, about $6 billion of the pension system's assets were managed through mortgage strategies, the RFP said. "The actual amount invested in such strategies may increase or may decrease after this search," the RFP said. Portfolios range in value from about $100 million to $1.2 billion.
The system's total assets were $193.5 billion as of Nov. 30.
Tyrone Stevens, a spokesman for Mr. Stringer, said incumbent managers are invited to rebid. The incumbent managers are BlackRock, Neuberger Berman and Amundi Pioneer.
The initial contract will be for three years, with one or more extensions up to six years, the RFP said. The search is open to managers with a long-only style of investing.
Managers must contact the investment consultant for the respective pension fund within the city system — Callan, Wilshire Associates, NEPC, Rocaton Investment Advisors or Segal Marco Advisors. The pension funds' boards of trustees select the candidates.
Proposals are due Feb. 23. Evaluation and interviews will take place from April through June. The contracts will start in September, the RFP said.