Equity
The retirement fund placed three underperforming investment managers on watch in September.
The fund’s general investment consultant recommended the search for a core manager to complement its existing international equity managers.
The foundation added public equity and real assets managers to its approximately $1.1 billion investment portfolio over the course of the last fiscal year.
The plan voted to add a passive option for the asset class that can be funded at a later date if they choose.
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The trust initially received an education on the strategy in August.
The retirement system will also receive private markets pacing schedules this week.
The retirement system will conduct searches for domestic and global fixed-income and domestic and emerging markets equity managers.
The termination stems from underperformance and an asset allocation change.
The firm placed its investment in a domestic-large cap fund on watch in the third quarter due to performance concerns, while also removing two funds from watch status.