New York City Employees Retirement System board selected Merrill Lynch, Barclays and Amalgamated Bank to run its $20.2 billion passively managed U.S. equity portfolio, said Jane Levine, deputy comptroller. Merrill and Barclays each will manage around $10 billion in a Russell 3000 index strategy, and Amalgamated will manage $250 million in an S&P 500 index strategy for the $43 billion system. The selections are subject to contract negotiations.
Deutsche Bank had been managing NYCERS indexed portfolios, but the system issued RFPs because the contract was expiring, Ms. Levine said. The team of index managers that ran NYCERS portfolios moved to Merrill last July.