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New Managers May 2014

Emerging Manager Bulletin: Latest developments within the emerging manager community

 

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%. Allocations 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 maintain relationships with managers that transition out of the emerging threshold. Currently, those managers graduate out of the program and the city must terminate its relationship...

You can read Bailey McCann's full article here. Northern Lights buys stake in Buick Capital, which will be renamed Northern Lights Alternative Advisors, LLP

Northern Lights Capital Group, LLC, a provider of strategic capital and resources to boutique asset management firms, has made an investment in Buick Capital Partners, LLP......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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