Tuesday, 30 August 2016
Last updated 5 hours ago
Apr 28 2014 | 9:40am ET
New York City’s public pension funds will add $1 billion to bolster their rosters of emerging alternative investments managers.
The New York City Retirement System plans to increase its emerging managers program to $14 billion. Some $10 billion of that is already committed to minority- and women-owned firms, and others are likely to be beneficiaries of the new allocation.
“It’s been a struggle to get emerging managers in the door, but we want to bring more in,” Comptroller Scott Stringer said. Among the issues may be the city’s policy of terminating mandates once an emerging manager’s assets top $2 billion; the city is working on a plan to continue its relationship with successful emerging managers who grow out of the program.
“We want to get at a broader range of managers and servicers, and we want to see diversity on the investment teams,” Stringer said.