International / Global / Emerging Markets
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The university also liquidated fixed-income and equity strategies to fund endowment spending and university advancement payouts.
The plan is also expected to reduce positions in U.S. small-cap and explore enhanced indexing as parts of an overall global equity portfolio roadmap discussed last week.
The retirement fund also approved an Africa-focused private equity commitment earlier this month.
The retirement fund terminated the manager due to underperformance.
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 plan’s general investment consultant will search for a new active international equity manager in the near future.
The plan was scheduled to vote on an international equity manager termination this week.