Gotham City Plans Hunt for Bond Firms

June 16, 2008

The City of New York Office of the Comptroller has issued an RFP for U.S. fixed-income managers on behalf of the New York City Retirement Systems (NYCRS)which covers the employees', teachers', police, fire and board of education plans. The search is being conducted because the system's sector-specific fixed-income manager contracts will expire June 30, 2009, the RFP indicates. This search will be used to select the next round of managers in the asset class in the following sub-sectors: U.S. government, investment grade credit and mortgage-backed pass-throughs. Each mandate is expected to be between $20 million and $2 billion. The systems plan to hire managers for a three-year term, with the option to renew for a further six years.

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