New York City Retirement Systems is searching for fund-of-funds managers that focus on public equity and long-only management styles, and specialize in hiring emerging managers as subadvisers, according to an RFP.
The pension system issued the RFP because “contracts are expiring over the coming months,” Eric Sumberg, a spokesman for New York City Comptroller Scott Stringer, wrote in an e-mail. Incumbent managers were responsible for $1.9 billion in pension fund assets as of April 30, he added. All four incumbents are invited to rebid.
Mr. Stringer is the fiduciary for the five pension funds within the $154 billion New York City Retirement Systems. Details of the RFP are posted on the comptroller’s website. Registration is required.
The number of managers to be chosen and the allocations to each manager “will be determined through the search and evaluation process,” Mr. Sumberg wrote.
The incumbents are: Attucks Asset Management, Capital Prospects, Progress Investment Management and FIS Group.
Contracts are expected to be for an initial term of three years with renewal options up to an additional six years, the RFP said.
Applications must be submitted by July 21. Interviews will be conducted during the remainder of the year and a decision made in January or February. The new contracts will start in March or April 2017.