New York City Comptroller William C. Thompson, Jr. today announced that he will explore options to improve the operations of the Bureau of Asset Management (BAM) to reduce costs, expand compliance monitoring and enhance the delivery of services to the trustees and retirees of the New York City Pension Systems.

"The Bureau of Asset Management provides vital services to the retirement systems of the City of New York," Comptroller Thompson said. "With the increasing volatility of our financial markets and the complexity of new financial instruments, the retirement systems have increased their use of active management and alternative investments. In the current markets, I expect this trend to continue. "

"In order to meet increasing demands, BAM should make use of the best possible technology and resources available in the marketplace," Thompson continued. "This may include the use of consultants for the implementation and design of investment strategy, where they can deliver improved service with lower cost and risk. In the coming months, my staff will work closely with trustees to implement concrete initiatives."

The Comptroller's initiative comes after reviewing the results of a preliminary, independent, third-party review of BAM operations, which Thompson commissioned last June. It also follows an initial review and recommendation by former Chief Investment Officer Desmond MacIntyre, who has offered to assist with the re-examination.

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