Big Apple Bites On Activist Strategies

Apr 26 2007 | 9:43am ET

Attention Bulldog Investors, Steel Partners and other activist shops looking for pension money! The New York City Employees’ Retirement System and the Teachers’ Retirement System for the City of New York are seeking exposure to activist investment products. The office of the comptroller is issuing a request for qualifications to identify qualified firms with experience and a successful track record in activist investing.

The RFQ defines activism as “investments in publicly-traded companies that are aimed at adding value or ‘alpha’ to a portfolio through proactive engagement of the management of each portfolio company. Goals of investing in activist funds include positive strategic, structural, operational, financial and/or governance improvements, which will be reflected positively over time in the company's share price.”

The RFQ is open to U.S., non-U.S. or global equity strategies and the benchmark will vary depending on the strategy of the individual products. Interested firms should have at least $50 million in institutional activist investments under management and a two-year return composite for the proposed product; firms with longer records must provide that record since inception.

The deadline for the RFQ, which is available at www.comptroller.nyc.gov, is May 30.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of