New York State Common Retirement Fund, Albany, will issue a survey in a couple of weeks to identify firms interested in providing trade execution for $80.8 billion in internally managed index funds, said Robert Whalen, spokesman for the $154.5 billion system. The funds comprise $49 billion in equities, $24 billion in fixed income and $7.8 billion in short-term investments or cash.
Its a routine procurement review. Every three to four years, we go through a new competitive process and look at opportunities that we dont currently have. It has been four years since we have done this; its time to take a fresh look, Mr. Whalen said.
About one-third of all trading will continue to be done via qualified minority- and women-owned brokers. All firms interested in doing business with the fund, including the 25 brokers with which the fund currently has relationships, must return the questionnaire to the state comptrollers office by Jan. 29, 2008.
Staff for Comptroller Thomas DiNapoli, sole trustee of the fund, will evaluate the responses and then invite qualified firms to participate in a more in-depth selection process.