New York City Police Department Pension Fund hired seven active domestic small-cap and midcap equity managers, said Nicole Lise, spokeswoman for the $15.1 billion system. They are: J. & W. Seligman and MacKay Shields, hired to run $50 million each in small-cap to midcap growth; Lord Abbett, $110 million in midcap value; Ariel, $100 million, midcap value; Forstmann-Leff and INVESCO, $55 million each, midcap growth; and Chicago Equity, $105 million, midcap core.
Funding came from reducing a Russell 3000 index fund, she said. Further information was not available.
Separately, New York City Board of Education Retirement System hired active domestic equity managers Lord Abbett to run $16.5 million in midcap value; Ariel, $12.4 million in small-cap value; Emerald, $12.4 million, small-cap growth; and J. & W. Seligman, $24.8 million, small-cap to midcap growth, Ms. Lise said. The $1.6 billion system also funded the hires by reducing a Russell 3000 index fund.
Both funds are part of the $89 billion New York City Retirement Systems.