Yesterday New York City took what it described as its “next major step” in its divestment plans, naming California based consultant Meketa Investment Group and BlackRock as advisors in the process.
But in that announcement the City also revealed that it has begun its search for investment managers to help double its investment in climate change solutions to $4bn by 2021 – fulfilling the commitment the City’s Comptroller Scott Stringer made in 2018.
Consultants will play a key role in here too.
In the ‘notice of search’ the Comptroller’s Office, on behalf of the City's five public pension pots, representing some $211bn in assets, announced it was looking to “identify and select” managers to run “Public Equity or Public Fixed Income portfolios that invest in climate change solutions”.
Five US-based investment consultants already used by the City’s pension funds will initially help by screening potential candidates against the City’s minimum…