New York City Retirement Systems are searching for managers of emerging fixed-income managers.
The boards of the five pension funds that make up the retirement systems, which have $228.7 billion in combined assets, are seeking either emerging managers or emerging manager pools for fixed income, confirmed Skye Ernst, spokeswoman for New York City Comptroller Scott M. Stringer, the pension funds' fiduciary.
As of Dec. 31, about $350 million of the pension funds' fixed-income assets were in emerging manager portfolios. While the portfolio sizes of new hires going forward have yet to be determined, current portfolio sizes range from $33 million to $135 million, according to the notice Mr. Stringer's website.
Ms. Ernst said Progress Investment Management was the incumbent manager until that firm announced its closing earlier this year.
According to the comptroller's website, the emerging manager program "seeks to foster the growth and development of successful managers with whom the Systems invest, including minority- and women-owned business enterprise fund managers that typically do not have access to large institutional investors."
As of Aug. 31, the actual allocation to fixed income was 24.8%.
Further information on the search is available on Mr. Stringer's website. Registration is required. Interested managers must submit information to the pension funds' respective investment consultants by 11:59 p.m. EST on Nov. 25. Interviews and selection dates will take from December to April 2021.
