US - The $85bn New York City Retirement Systems (NYCRS) will increase its allocations to its emerging managers programme by $2bn, according to the chief investment officer.
The $2bn will be drawn from all five of the city-wide pension plans and will be invested across all asset classes, said Deborah Gallegos (pictured), CIO. The boards of the five pension funds approved the move to increase its allocations from $2bn. The emerging managers programme targets newer, smaller boutique and minority-owned asset managers with shorter track record.
“We are capitalising on the performances of emerging managers, as well as improving the diversification of pension funds and offering opportunities to emerging managers,” Gallegos explained.
The boards of the five pension funds have also recently approved a move to expand NYCRS’ economically targeted initiative programme from its current 1% of assets under management to 2% across the funds’ private equity, real estate and fixed income allocations, Gallegos confirmed.
NYCRS co-ordinates the investments of the Employees’ Retirement System, the Teachers’ Retirement System, the Police Pension Fund, the Fire Department Pension fund and the Board of Education Retirement System.
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