The New York City Board of Education Retirement System, Brooklyn, hired Genesis Investment Management to manage a portfolio of emerging markets stocks, said Horatio Sparkes, executive director.
Genesis will receive 3% of the $1.2 billion fund, or about $36 million, said Mr. Sparkes.
The commitment will be funded from the $1.2 billion retirement system's fixed-income allocation, which is being reduced to 30% from 40%; equities are being increased to 70% of assets from 60%.
The New York City Bureau of Asset Management will determine from which portfolios the money will be taken, said Mr. Sparkes.
