Big Apple Pensions Seek Hedge Fund Help

Jul 23 2010 | 1:26pm ET

Three of New York City’s five public pension funds are mulling their first allocations to hedge funds.

The city’s Comptroller issued a request for proposals for the New York City Employees’ Retirement System and the pension funds for the city’s police department and fire department, seeking a hedge fund investment consultant. The move comes after the pensions fired six managers due to poor performance this year.

The winners will get a three-year contract with the pension funds, which have a combined $64.5 billion in assets. The consultant or consultants will be charged with setting up an investment strategy and vetting managers, as well as educating the pensions about the unfamiliar asset class.

Proposals are due Aug. 9.; interested firms must have at least $1 billion in assets under management and be in the employ of at least three other public pension funds. Firms must also be registered with the Securities and Exchange Commission.

The city’s comptroller, John Liu, could make his selection by October.


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