NYC Comptroller Levine and Pension Boards Announce Search for Asset Managers to Provide Passive Indexing Investment Services

NYC Comptroller Levine and Pension Boards Announce Search for Asset Managers to Provide Passive Indexing Investment Services

New York, NY - New York City Comptroller Mark Levine and trustees of the City's five public pension systems (the Systems) today announced the launch of a search for asset management firms to provide public equity passive indexing services. This includes capitalization weighted indexes, smart beta/alternatively weighted indexes, or any other type of indexed portfolio (consistent with each System's investment guidelines), such as those based on ESG factors and limits on carbon. As of March 31, 2026 the Systems held $127.11 billion in public equity investments, with the majority invested in passive index products. The amount allocated to managers selected through this search will be determined based on the needs of each System.

The Comptroller's Office will manage the search according to the City's Procurement Policy Board Rules on behalf of the Systems. Each of the Systems' board of trustees, in partnership with their general investment consultants and the Bureau of Asset Management, will engage in a rigorous review process to make the final selection of one or more firms that best serve their individual investment needs.

"Fulfilling our mandate of delivering strong returns for our public sector workforce and retirees requires ongoing review of our contractual relationships with each of our asset managers. We cannot keep these relationships on autopilot. I look forward to working with my fellow trustees to ensure we select the managers that meet our highest standards of performance," said New York City Comptroller Mark Levine.

Details on minimum requirements for firms interested in participating in the search, the evaluation process, contract award procedures, and proposal evaluation criteria are provided in the full Notice of Search. Investment managers that are small, New York City-based or MWBEs are encouraged to participate in this search.

Interested firms must submit information to the appropriate databases by Wednesday, July 15th. The contract will have an initial term of three years and options for renewal.

The full notice of search can be read online at: https://comptroller.nyc.gov/rfp/notice-of-search-for-equity-index-investment-management-products-and-services/. Interested firms may reach out to [email protected] with any questions.

In addition to Comptroller Levine, trustees of the New York City public pension systems are as follows:

Teachers' Retirement System of the City of New York (TRS): Mayor Zohran Mamdani's appointees: Ahmer Qadeer, Director and Chief Pension Administrator, Mayor's Office of Pensions and Investments, and Joseph Borelli; Greg Faulkner, Chair, New York City Public Schools Panel for Educational Policy; and Thomas Brown (Board Chair), Victoria Lee, and Christina McGrath, all of the United Federation of Teachers.

New York City Employees' Retirement System (NYCERS): Mayor Zohran Mamdani's representative Ahmer Qadeer, Director and Chief Pension Administrator, Mayor's Office of Pensions and Investments (Board Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Donovan Richards Jr. (Queens), Antonio Reynoso (Brooklyn), Vanessa L. Gibson (Bronx), Brad Hoylman-Sigal (Manhattan), and Vito Fossella (Staten Island); Henry Garrido, Executive Director, District Council 37, AFSCME; John Chiarello, President, Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

New York City Police Pension Fund (Police): Mayor Zohran Mamdani's representative Ahmer Qadeer, Director and Chief Pension Administrator, Mayor's Office of Pensions and Investments; New York City Police Commissioner Jessica Tisch (Board Chair); New York City Finance Commissioner Richard Lee; Patrick Hendry, President, Albert Alcierno, First Vice President, Arthur Egner, Second Vice President and Michael Freeman, Chair, all of the NYC Police Benevolent Association; Chris Monahan, President, Captains Endowment Association; Louis Turco, President, Lieutenants Benevolent Association; Vincent Vallelong, President, Sergeants Benevolent Association; and Scott Munro, President, Detectives Endowment Association.

New York City Fire Pension Fund (Fire): Mayor Zohran Mamdani's representative Ahmer Qadeer, Director and Chief Pension Administrator, Mayor's Office of Pensions and Investments; New York City Fire Commissioner Lillian Bonsignore (Board Chair); New York City Finance Commissioner Richard Lee; Andrew Ansbro, President, Robert Eustace, Vice President, Christopher Viola, Treasurer, and Dennis Tveter, Chair, Uniformed Firefighters Association of Greater New York; Sean Michael, Chief's Rep., Liam Guilfoyle, Captain's Rep., and Joseph Camastro, Lieutenants' Rep., all of the Uniformed Fire Officers Association; and John Young, President, Marine Engineers Association.

Board of Education Retirement System of the City of New York (BERS): Members of the New York City Public Schools Panel for Educational Policy, including: Borough President Appointees Shirley Aubin (Queens), Camille Casaretti (Brooklyn), Jonathan Collins (Manhattan), Rima Izquierdo (Bronx), and Aaron Bogad (Staten Island); Elected CEC Members Adriana Alecia (Queens), Faraji Hannah-Jones (Brooklyn), Naveed Hasan (Manhattan), Brenida Parsons (Bronx), and Debra Altman (Staten Island); Mayoral appointees Joseph Borelli, Marjorie Dienstag, Amy Fair, Gregory Faulkner, Dr. Madeline Fox, Anita Garcia, Anthony Giordano, Dr. Angela Green, Alice Ho, Yadira Jimenez, Jessamyn Lee, Sharon Odwin, Alan Ong, and Maisha Sapp; New York City Public Schools Chancellor Kamar Samuels, represented by Karine Apollon (Board Co-Chair); as well as two elected employee members: Donald Nesbit, District Council 37, Local 372 (Board Co-Chair) and Frank Sirabella, IUOE Local 891.

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