Domestic Equity
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The university also liquidated fixed-income and equity strategies to fund endowment spending and university advancement payouts.
The university has added to its investments with a domestic large-cap equity and multi-strategy hedge fund manager since September.
The plan is also expected to reduce positions in U.S. small-cap and explore enhanced indexing as parts of an overall global equity portfolio roadmap discussed last week.
The retirement system replaced one of its domestic large-cap value equity managers due to concerns about succession planning.
The plan’s investment committee and general investment consultant recommended a manager change following a search presentation earlier in the year.
The plan terminated a domestic large-cap growth equity manager last month.
The retirement system will conduct searches for domestic and global fixed-income and domestic and emerging markets equity managers.
The plan will invest 2.5% each into value and growth strategies.
The retirement system also eliminated its target allocation to multi-asset class solutions last month.