New York City Employees Retirement Systems hired six active domestic midcap equity managers to handle a total of $600 million, said Thaddeus McTigue, spokesman. Ariel Capital will manage $150 million in value; Rothschild, $100 million in value; Seneca Capital, $150 million in growth; and Forstmann-Leff, $100 million in growth. Midcap core managers Chicago Equity and Franklin Portfolio Managers will handle $50 million each.
The $33.6 billion system also hired five active domestic small-cap equity managers to run a total of $300 million. They are: Ariel Capital, $100 million in value; Gabelli, $50 million in value; Navalier and Montgomery Asset, $62.5 million each in growth; and Emerald Advisors, $25 million in growth.
Funding for all hirings will come from reducing passive Russell 3000 funds of $7.7 billion each managed by Barclays Global Investors and Merrill Lynch. The amounts to be taken from each manager will be determined later, Mr. McTigue said.
Small-cap and midcap equities are new investment classes for the system, Mr. McTigue said.