The $88 billion New York City Retirement Systems plans to nearly double its internal investment staff by hiring 40 people over the next 18 months to oversee the system's allocations to private equity, real estate and possibly hedge funds.
The city also recently hired Townsend as its first real estate consultant.
Adam Blumenthal, first deputy comptroller/chief financial officer for New York City, said most of the new staffers will focus on hiring and monitoring alternative investment money managers, as well as contract negotiations. Some will also focus on compliance issues and risk management.
One reason for the hirings: A recent audit conducted by Independent Fiduciary Services suggested the department needed additional personnel.