Searches and Hires

New York City Retirement Systems issues call for credit, fixed income managers

New York City Retirement Systems issued an RFP for investment firms to manage one or more investment-grade credit or investment-grade corporate fixed-income portfolios, according to a notice posted on the website of Scott M. Stringer, city comptroller and fiduciary to the five pension funds within the $200.8 billion pension system.

As of Sept. 30, the pension system had a total of $7.5 billion in investment-grade fixed-income investments.

"The total dollar amount to be allocated to managers selected through this search has not been determined," the RFP said. "Individual portfolios currently range in value from approximately $100 million to $1.2 billion. Most portfolios awarded as a result of this search are expected to fall within this range, but may be smaller or larger."

The RFP is considered routine, a spokeswoman for Mr. Stringer wrote in an email, adding that incumbent managers are invited to bid.

The incumbents are BlackRock (BLK); PGIM; Fidelity Institutional Asset Management Trust; Taplin, Canida & Habacht; and T. Rowe Price Group.

Proposals are due Jan. 23 and must be submitted to the respective consultants for each of the five pension funds. Evaluations, interviews and selections will take place between March and September. Contracts will take effect in December.

The contracts will be for an initial term of three years with one or more renewal options up to an aggregate of an additional six years, the RFP said.