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Move to strengthen Emerging Managers.

Manhattan Borough President Scott M. Stringer hailed passage by the New York City Employees Retirement System (NYCERS) of a reform proposal he authored, strengthening the City's commitment to hire investment firms run by women, people of color and other under-represented groups.

Stringer noted that these investment firms, known as Emerging Managers, can add value to the NYCERS Fund.

Studies have shown that hiring smaller asset managers--including women and minority-owned businesses (MWBEs)--creates greater investment portfolio diversity and improves investment returns.

But they are often not awarded contracts because of their smaller size, length of track record, or other factors leading to a lack of institutional access.

"The overriding goal of my proposal is to guarantee that NYCERS seek out these firms and give them a much bigger role in the City's investment strategy," said Stringer. "These firms offer special advantages in their ability to access innovative investment strategies, greater competition and a larger universe of talent--including expertise from changing demographics in New York City and around the nation. Moreover, substantial research shows that these firms can and often do outperform their larger counterparts."

Among other measures, NYCERS Bureau of Asset Management will identify qualified Emerging Managers and compile a comprehensive database of these firms and conduct an annual conference to promote emerging manager strategies.
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Publication:Real Estate Weekly
Date:Oct 3, 2012
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