New York City's bureau of asset management , which oversees the $80...

New York City's bureau of asset management, which oversees the $80 billion New York City Retirement Systems, recommended that each of the city's five pension plans focus more strongly on risk management when evaluating and monitoring money managers. The bureau is considering sending letters to all of the system's money managers, asking for details on their portfolio risk management, according to minutes of the system's Feb. 1 board meeting. It is concerned about risks such as the possibility of leverage in portfolios managed by outside money managers and securities that are especially sensitive to interest rate changes. The bureau will also request documents from the managers, such as audit reports. Yvette Jackson, city spokeswoman, said the letters will take some time to prepare; the city is seeking to hire several risk management and compliance officers over the next year, and once hired, the risk management experts will oversee issuing the letters. Calls to Deborah Gallegos, CIO, were not returned.