Investment Managers

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Tuesday, September 10, 2013
Download Copy of Proposed Rule (.pdf): 

 

 

Statement of Basis and Purpose

 

This rule is proposed pursuant to the authority of the Procurement Policy Board under sections 311 and 1043 of the New York City Charter.

 

The proposed amendments to the Procurement Policy Board Rules (“Rules”) seek to establish an alternative method of procuring investment management services for the assets of the New York City Retirement Systems and related funds (collectively the “Systems”). The proposed process was tested and arises from a pilot program, established under Section 3-12 of the Rules for Innovative Procurement Methods.

 

The goals of the proposed amendments to the Rules are to:

 

1)    leverage existing financial databases and the analytical resources of the Systems investment consultants to increase competition and expand the universe of managers that may be considered for retention by the Systems;

 

2)    increase the pool of top tier investment management firms to invest the System’s assets by establishing a process whereby all qualified investment managers are considered for possible contract award;

 

3)    reduce the time it takes to complete the procurement process by eliminating the need to review and evaluate large numbers of proposals regardless of performance ranking and instead allow the investment staff working on behalf of the Systems to concentrate its evaluation on the highest performers, as determined through industry wide assessments and sophisticated analytics performed by the Systems’ consultants; and

 

4)    allow the Systems to react more quickly to market opportunities, which should improve performance and reduce market impact on the Systems’ portfolios.

 

 

Public Hearing
Subject: 

Opportunity to comment on proposed amendments relating to a proposed new process for the procurement of investment management services for New York City’s pension systems and related funds.

Public Hearing Date: 
Tuesday, September 10, 2013 -
11:00am to 1:00pm
Contact: 

Andrea Glick
Director
Mayor’s Office of Contract Services
New York, New York 10007

Location: 
Mayor’s Office of Contract Services
253 Broadway, 14th Floor
New York, NY 10007