The New York City Retirement Systems is searching for public equity and public fixed-income investment managers specializing in climate change, according to an RFP posted on the website of Scott Stringer, the city comptroller and fiduciary for the five pensions funds in the $215.5 billion system.
The hiring of these specialists is a new approach for the pension system. "No specific amount is currently allocated to climate change solutions," the RFP said.
"The number of managers awarded a contract will depend on the number of responses and the outcome of the evaluation of those responses," Hazel Crampton-Hays, a spokeswoman for Mr. Stringer, wrote in an email.
The pension system is seeking candidates who offer actively managed long-only public equity or fixed-income portfolios. "Products should offer a strategy that includes a focus on climate change solutions as a material driver of performance and shareholder value and as a potential source of opportunity and risk mitigation," the RFP said.
"Products may include environmental, social and governance themes in their strategy so long as climate change solutions is also a strategic focus," the RFP said. The climate change portfolios will be managed as separate accounts.
Ms. Crampton-Hays wrote that initial contracts will be for three years with one or more renewal options up to an aggregate of an additional six years.
The application deadline is Feb. 21. Evaluations, interviews and selections will take place from May through September. Contracts commence Feb. 1, 2021. For additional RFP information, registration is necessary.
