New York City comptroller's office is searching for a firm to conduct a management and operation review of the Bureau of Asset Management, the unit responsible for assisting the boards of the five pension funds that make up the New York City Retirement Systems, said Eric Sumberg, a spokesman for city Comptroller Scott Stringer.
In addition, the comptroller will issue an RFP for three investment consultants next year for the pension funds, Mr. Sumberg said.
Mr. Stringer is the custodian and investment adviser to the boards of the five city pension funds, which have a total of $160 billion in assets.
The operation review RFP said the selected firm will conduct a “management and operation study of BAM's divisions; performance analysis report; and a best practice protocol … and will describe in detail recommended improvements.”
A final report with recommendations is expected to be completed four months after the contract is awarded.
“The best practices RFP is consistent with the comprehensive ethics and reform plan Comptroller Stringer introduced in January,” Mr. Sumberg said in an e-mail. “The last formal review of the Bureau of Asset Management was completed in 2002.”
Also, the comptroller's office is extending the contracts for three investment consultants — Callan Associates, NEPC and Strategic Investment Solutions — by one year through Dec. 31, 2015.
“This practice is consistent with existing … rules,” Mr. Sumberg wrote. “The current contracts will be extended and an RFP will be released in the coming year.”
The extensions affect investment consultants for the New York City Employees’ Retirement System, the New York City Police Pension Fund and New York City Fire Department Pension Fund.
Mr. Sumberg wrote that the Teachers’ Retirement System of the City of New York and the New York City Board of Education Retirement System have different consultants and conduct their own searches.
The operation review RFP is posted on the comptroller's website. Proposals are due by 2 p.m. EST on Dec. 22. Evaluations and interviews are scheduled for January and February. A hire will be made in February or March, and the contract will start in April.
