The New York City comptroller’s office is searching for developing managers to run core-plus fixed-income portfolios for one or more of the five pension funds that make up the New York City Retirement Systems, said an RFP on the website of city Comptroller Scott Stringer, the fiduciary for the pension funds, which have a total of $150 billion in assets.
The retirement system is seeking managers of long-only strategies to run a total of about $300 million.
The RFP did not say how many managers would be selected. It also did not identify current developing managers of core-plus fixed income, although it said they are welcome to rebid as long as they meet the minimum requirements set forth in the RFP.
The existing managers’ contracts expire March 31, 2015.
Minority-owned and women-owned firms and firms that have partnership arrangements with minority-owned and women-owned investment firms and New York-city based firms are encouraged to bid, according to the RFP. Firms must have between $1 billion and $5 billion in assets under management to qualify.
The RFP is available on the comptroller’s website.
Interested firms must submit their information to investment consultant Callan Associates’ database and eVestment’s database by Oct. 7. Evaluations and interviews will take place between October and December. The contracts are scheduled to start in March 2015.
The five pension funds in the New York City Retirement Systems are the New York City Employees’ Retirement System, Teachers’ Retirement System, Police Pension Fund, Fire Department Pension Fund and the Board of Education Retirement System.
Eric Sumberg, spokesman for Mr. Stringer, declined to comment.
Evelyn Dresler, director of asset management contracting, did not return a telephone call seeking additional information by press time.
