Big Apple Funds Seek Activist Investments
April 25, 2007
The City of New York Office of the Comptroller has issued an RFQ for activist investments on behalf of the $44 billion Employees' Retirement System and the $36 billion Teachers' Retirement System .
The plans are looking for U.S., non-U.S. or global equity securities.
"The funds believe they can add value through proactive engagement of portfolio companies," explained Jeff Simmons, spokesman for the comptroller's office. "The goals of investing in activist funds include positive strategic, structural, operational, financial, and/or governance improvements which will be reflected positively over time in the company's share price."
Potential portfolio sizes have not been determined, Simmons said.
Interested firms must have at least $50 million in institutional activist investments under management as well as a two-year return composite and track record for the product.
Simmons said that the comptroller's staff will review and evaluate the proposals.
Bids for the account are due May 30. The selected managers are expected to start by January.
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