Notice of Search for Systematic Public Equity Investment Products
October 24, 2025
The Comptroller of the City of New York (the “Comptroller”), acting on behalf of the New York City Retirement Systems, and specifically the Teachers’ Retirement System of the City of New York (“TRS”), the New York City Employees’ Retirement System (“NYCERS”), the New York City Police Pension Fund, Subchapter Two (“Police”), the New York City Fire Pension Fund, Subchapter Two (“Fire”) (note: the New York City Board of Education Retirement System (“BERS”) may choose to participate at a later date) (collectively “NYCRS” or the “Systems”[1]), is conducting this search (this “Search”) to identify and select Systematic Public Equity Investment Products, or a pool of Systematic Public Equity Investment Products, to potentially augment or replace existing portfolio allocations. Systematic Public Equity Investment Products for this search are defined as:
Products that use a stock selection and portfolio construction approach that primarily relies on quantitative signals derived from traditional and alternative data sources (often using significant amounts and types of data and sophisticated, proprietary analytics) where human judgement with quantitative testing is used to test, build and maintain the signal, factor and portfolio models, but where human judgment is not used to evaluate individual stocks or to weight stocks in a portfolio.
The Board of Trustees of each of the Systems (each, a “Board” and collectively, the “Boards”), subject to applicable law, have exclusive control of all assets of its respective System. Each Board has full power to hold, purchase, sell, assign, transfer, or dispose of the respective System’s assets, including securities and other investments in which its funds have been invested, as well as the proceeds of such investments. Each Board has retained a general investment consultant (“Investment Consultant”)[2] to assist the respective Board in fulfilling its fiduciary duties with respect to the investment of the Systems’ assets.
As investment advisor and custodian for the Systems, the Comptroller’s asset management and custodian functions are executed by the Bureau of Asset Management (“BAM”) under the Comptroller’s Chief Investment Officer (“CIO”). The CIO supervises BAM’s development of investment policies, standards and investment guidelines (“Investment Guidelines”), and oversees BAM’s evaluation, selection and monitoring of investment managers.
The word “Comptroller” when used herein, shall also refer to the Comptroller’s Office and staff.
[1] There are ten (10) New York City Retirement Systems and related Funds that are government plans under IRC Section 414(d), consisting of NYCERS, TRS, Police, Fire, BERS, and five (5) Variable Supplements Funds. The Comptroller is one of the Trustees for each System except BERS. Any of these aforementioned Systems may select one or more investment management firms as a result of this Notice of Search.
[2] The Systems’ Investment Consultants are Callan LLC (NYCERS), Goldman Sachs/Rocaton Investment Advisors (TRS), Wilshire Associates (Police), NEPC (Fire) and Segal Marco Advisors (BERS).
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