Passive Equity
The retirement system hired five managers as part of a newly approved asset allocation yesterday.
The retirement system also added two private credit commitments in the third quarter.
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
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 fund terminated the manager due to underperformance.
The retirement system will conduct searches for domestic and global fixed-income and domestic and emerging markets equity managers.
The plans had issued an RFP for the services in the first quarter.
The plan’s general investment consultant will search for a new active international equity manager in the near future.
The plan is searching for domestic and international equity, core fixed-income and core real estate managers.
The plan consolidated its passive management to a single firm in August.