New York Issues RFP For 'Green' Managers

The New York City Employees’ Retirement System and Teachers’ Retirement System have issued a request for proposals for investment advisors to manage environmental/sustainable investment strategies in U.S., international and global equity markets.

The comptroller’s office stated that it does not have a preference as to the types of managers--be it traditional or alternatives--but the strategies proposed must be for an environmental/sustainable product as defined in the RFP. Firms must have at least $100 million in institutional assets under management and at least $10 million of that total in environmental/sustainable equity products.

The individual portfolios awarded are expected to fall within the range of $20 million-$100 million. Contracts will be for a term of three years with renewal options totaling an additional six years at the discretion of the comptroller.

According to the RFP, environmental/sustainable investment strategies are defined as “strategies that target environmental technology solutions that are more efficient and less polluting than existing technologies, minimize the use of natural resources, and/or reduce emissions, refuse, and/or contamination to air, water or land.”

The deadline for the RFP, which can be accessed at http://comptroller.nyc.gov/, is March 29 at 4:00 P.M. (ET).