STATEMENT FROM BOROUGH PRESIDENT SCOTT STRINGER ON PASSAGE OF EMERGING MANAGERS RESOLUTION AT NYCERS

At yesterday’s NYCERS meeting, a resolution introduced by Manhattan Borough President Scott Stringer was passed that aims to strengthen the emerging managers program within New York City’s pension investment system. Emerging managers are small companies and companies owned by minorities or women. The resolution will mandate an analysis of the performance of emerging managers and redesign of investment policy based on the study with the goal of diversifying our pension investments.

March 27, 2012 – “In these times of economic uncertainty, we should be coming up with innovative and responsible ways of investing the hard-earned dollars of our city employees. Increasing opportunities to invest in high-performing emerging managers will benefit our City’s pension fund for years to come. This resolution is a critical step towards the further diversification of our pension investments and creating a more rigorous and systematic approach to achieving high returns on our investments. I want to thank the trustees of the New York City Employees Retirement System, and the Offices of the Mayor and Comptroller in particular for their careful review and support of this proposal.”