New York City Retirement Systems is searching for passive domestic fixed-income managers and passive emerging markets debt managers, said an RFP posted on the website of city Comptroller Scott Stringer, fiduciary for the five pension funds in the $163.4 billion system.
The search is to establish for the first time a pool of passive managers that will be available “on an as-needed basis to enable the systems to quickly and efficiently reallocate assets and/or to maintain or increase exposure to a particular market space.”
Domestic managers should offer strategies that replicate numerous broad-based domestic fixed-income index categories, including investment grade, government, mortgage, high yield and leverage loan; emerging markets firms should offer strategies benchmarked to the JPM EMBI-sovereign index or a similar broad-based emerging markets debt index.
The retirement systems have limited exposure to passive fixed income currently, and no direct exposure to emerging markets debt, said Eric Sumberg, spokesman for Mr. Stringer, in an e-mail.
Interested firms must submit their data to approved databases by Aug. 19. Interviews will take place sometime between September and November; contracts are to be awarded in December.
The RFP is available on the comptroller’s website. Registration is required.
