The New York City Comptroller serves as a member
of the Board of Trustees of four of the five
City Public Pension Funds and is investment advisor to, and
custodian of, the five Funds. As the investment advisor to the Funds,
the Comptroller has the fiduciary responsibility of investing and
protecting the Funds for more than 237,000 retirees and beneficiaries
and more than 344,000 City and City affiliated employees. Investing
in the City's pension funds is one of the Comptroller's most critical
tasks.
Through a rigorous procurement
process, the Bureau of Asset Management (BAM) assists
the Pension Funds in selecting investment advisors and consultants.
The Funds invest in a variety of asset classes, including U.S.
and foreign equities and U.S. fixed income products. The Funds
also make Economically
Targeted Investments.
As part of their asset allocations to U.S. equity
and fixed income, a number of the Funds maintain an emerging managers'
program in which a number of smaller investment advisory firms,
including many minority/women owned businesses, provide services
to the Funds. BAM maintains a list
of Minority-and Women-Owned Broker Dealers for the Funds' investment
advisors. Advisors are encouraged to use minority and women-owned
broker-dealers. To be added to this list, click
here.
BAM manages the Funds' cash, directs allocations
to the investment advisors and assures that investments recommended
by the advisors meet legal requirements. The bureau also analyzes
the performance of individual advisors, their investments and transactions
for compliance with investment guidelines.
In addition, BAM invests certain City funds for the short term and earns additional money for the City before the funds are distributed to pay for expenses.
Finally, BAM, on behalf of the Trustees of the
Pension Funds, votes the proxies for shares held by the Funds, and
coordinates Corporate
Governance and Shareholder Initiatives.
See the City of New York Comprehensive
Annual Financial Report of the Comptroller FY 2007 for more
information on the Pension Funds.
On these pages, the use of the term "Systems"
and "Funds" are used interchangeably.
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