Equity
The plan conducted a search to replace an emerging markets equity mandate.
The plan’s emerging markets large-cap core equity manager had been on watch due to underperformance.
The firm recently closed its seventh fund at its hard cap after attracting a diverse mix of institutional investors.
The firm appointed the director of research within its equity capital markets to lead its research strategy, oversee research operations and further strengthen collaboration across investment banking, sales and trading.
The retirement fund placed three underperforming investment managers on watch in September.
The fund’s general investment consultant recommended the search for a core manager to complement its existing international equity managers.
The foundation added public equity and real assets managers to its approximately $1.1 billion investment portfolio over the course of the last fiscal year.
The plan voted to add a passive option for the asset class that can be funded at a later date if they choose.
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The trust initially received an education on the strategy in August.