Mon, Sep 22, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

New York launches new program for emerging hedge fund managers

Monday, April 28, 2014

Bailey McCann, Opalesque New York for New Managers:

The New York City Retirement System (NYCERS) is launching a new emerging managers program targeted at alternative investments and Minority and Women-Owned Businesses Enterprises (MWBEs). The city's five pension funds - the largest municipal system in the world is adding $1bn to its emerging manger program, bringing the total invested in emerging managers to more than $14bn including nearly $10 billion committed to MWBEs.

"It bas been a struggle to get emerging managers in the door, but we want to bring more in," said City Comptroller Scott Stringer, during an event held for emerging managers and the media in New York City.

The $1bn will be spread among emerging managers in hedge funds, real estate and opportunistic fixed income. Networking events will be held over the coming year focused on getting emerging managers in front of investment officials.

"We're not setting aside $1bn with our eyes closed, you have to bring your A game, or we are going to send you back to the drawing board," Stringer said. NYCERs has been steadily adding to its alternatives allocation, bringing it up from 11% to 21%. Allocation to alternatives are limited by law to be no more than 25% of the total portfolio.

An emerging manager is defined as a hedge fund with $2bn or less in AUM. Investment officials are working through a plan to maintai......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Institutions - Adviser's faith in hedge funds unshaken by CalPERS' move Advisers weigh in on CalPERS’ decision, Gina Raimondo sees no reason to follow California’s lead, exit hedge funds, Danish pension funds step up 'alternative investments'[more]

    Adviser's faith in hedge funds unshaken by CalPERS' move From WSJ.com: Financial advisers who use hedge funds in their clients' portfolios say they aren't rethinking that approach after a huge California pension fund announced plans to exit the hedge-fund market. The decision by the Cali