2 NYC plans seek activist equity manager

New York City Employees’ Retirement System and the New York City Teachers’ Retirement System are looking to invest with an activist manager, according to the New York City Retirement Systems’ website. Joseph Haslip, assistant comptroller, did not return calls seeking additional information. Officials of the $38 billion employees fund and the $33.9 billion teachers fund will consider U.S., international and global equity strategies from firms with at least $50 million in institutional activist investments under management. Activist strategies often purchase a substantial equity position in each company in a portfolio and then work with directors and management teams to improve performance. A selection is expected by December.