New York City Comptroller Scott Stringer announced plans to invest another $1 billion with Emerging Managers hoping to do business with New York City's five pension funds. This would bring the total amount invested with Emerging Managers to more than $14 billion, $10 billion of which is committed to Minority and Women-Owned Business Enterprises.

The new allocation is subject to the funds' trustees' approval. It would mean emerging managers would have oversight of investments in each major asset class.

In a press release from his office, Comptroller Stringer said New York City's pension funds are constantly on the lookout for the most talented investment managers in the world. "The plan to allocate $1 billion to Emerging Managers is a major investment in diversifying our roster of investment managers and improving the risk-adjusted returns on the pension funds," said Stringer. "Today we are saying that our doors are open to those firms that can demonstrate to us that they have what it takes to grow our pension funds."

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.