The New York City comptroller’s office has issued an RFP for passive U.S. Treasury/agency fixed-income investment managers and other general passive fixed-income strategies, according to the RFP posted on the website of Brad Lander, the city comptroller.
Lander is the investment adviser and custodian for the $274.4 billion New York City Retirement Systems for which the fixed-income managers are being sought.
“New York City is issuing this RFP because the government contracts are due, and it is part of our strategic asset allocation,” a spokeswoman for Lander wrote in an email.
“Our incumbent managers are BlackRock and State Street Global Advisors, and they are welcome to rebid as part of our public market procurement process,” she added.
About $26.7 billion of the pension system’s fixed-income assets are managed through government programs, the RFP said.
“The actual amount invested in such strategies may increase or may decrease after this search,” the RFP said. “Current manager allocations ranged from $980 million to over $12 billion. The total dollar amount to be allocated to managers selected through this search has not been determined.”
Managers must manage portfolios as separate accounts, the RFP said. Contracts are expected to run three years with a maximum of three one-year extensions.
The RFP is available on the city comptroller's website. Registration is required. Proposals are due by Oct. 4. Evaluations, interviews and selections will take place from June to December 2025. Contract funding will be made between Nov. 1, 2026, and April 30, 2027.
