Newsmakers
NYC Pension Funds Sued for Divesting $4 Billion in Fossil-Fuel Assets
The complaint alleges breach of fiduciary duty in ‘misguided and ineffectual gesture to address climate change.’
Tag: NYCERS
Manager Selection
NYC Pension Funds Seek New CIO
The Comptroller’s Office has launched a nationwide search for an investment manager to oversee the city’s $274 billion pension portfolio.
Risk
New York Common, NYCERS, and Penn SERS to Divest Russian Investments
The public pension funds join a growing number of institutional investors pulling their money out of Russia.
Asset Management Culture
New York City Comptroller: Ax Rule Forcing Private Equity to Pay Legal Bills
Mandate now forces PE operators to cover their own litigation tabs in disputes, instead of passing along the costs to NYC pension fund investors.
Pensions
New York City Mulls Lowering Investment Return Targets to 6.8%
A reduction would help the pension system better match projected investment returns.
Index-Besotted Institutions Miss Out on Good Deal: Stock Pickers
Sure, passive beats active hollow overall, but ferreting out the market beaters is worth it. Some pension funds heartily agree, some really don’t.
Pensions
Conservative Think Tank Calls for NYC Pension Reform
Manhattan Institute recommends moving to defined contribution plans and consolidating funds.