The five New York City pension funds have put a $1bn US real estate equity securities mandate up for tender.
The mandate, put out to tender by the City Comptroller's office on the pension funds' behalf, will be benchmarked to the Wilshire Real Estate Securities Index. The deadline for submissions of interest from asset managers has been provisionally set for September 10, 2001.
The criteria for interested managers is, as of June 31, 2001, as follows: Managers must have at least $750m under management in US real estate equity securities product(s); at least $75m under management for at least one non-affiliated client in the proposed product; and interested managers should have a five-year AIMR-compliant track record managing the proposed product.
The City's five pension funds are the $41.9bn NYC Employees' Retirement System; the $35.4bn Teachers' Retirement System; the $17.3bn NYC Police Pension Fund; the $6.6bn NYC Fire Department Pension Fund; and the $1.74bn NYC Board of Education Retirement System. Each pension fund is financially independent and has its own board of trustees.
The New York City Comptroller is a member of the board of trustees of four of the five City pension funds, and also serves as investment advisor to and custodian of the five funds. As the investment advisor to the funds, the Comptroller has the responsibility of investing and protecting the funds for approximately 233,000 retirees and beneficiaries and about 332,000 City employees.
By Geoffrey Ho
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