The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The retirement trust doubled its allocation to a recently hired real estate manager at its board meeting this week.
The nearly $600 billion plan will eliminate its asset class targets in pursuit of greater flexibility in its investment portfolio.
The plan will invest 2.5% each into value and growth strategies.
The search is to potentially augment or replace existing portfolio allocations.
The ceo of a California county retirement association will retire at the end of March.
The plan tapped a senior member of sister plan CalSTRS for the role.
The plan opted to hire a new general investment consultant after 10 years with its incumbent.
The plan previously had the portfolio in a Standard & Poor’s 500 Index fund.