New York City Retirement Systems announced it is seeking the services of CEM Benchmarking to provide investment cost benchmarking, analysis and research, according to a posting on the website of Scott Stringer, the city comptroller and fiduciary for the five pension funds in the $194.7 billion pension system.
"CEM is the only vendor capable of providing comprehensive investment cost benchmarking services that utilize actual cost and performance data collected from large U.S. pension funds," the notice said.
Other firms may apply because city regulations "require sole source procurements to be advertised on a public website," Tyrone Stevens, a spokesman for Mr. Stringer, wrote in an email. "Should there be other qualified firms, they may be considered." Applications must be sent via email to Gilbert Turenne by March 26.
Mr. Stevens explained that the city pension system has used the services of CEM Benchmarking periodically since 1999 to write analytical reports about the system's practices. CEM will be asked to deliver a report that offers "a continuing analysis" based on one calendar year, plus "returns and the value added over the trailing five years," Mr. Stevens wrote.
