New York’s budget, how would you spend it?

The city of New York spent $472.5 million on asset manager fees in 2012/13. The allocation of these funds is part of the $68 billion annual budget the City Comptroller has to run the city of New York.

The bureau of asset management that oversees the $137.4 billion in pensions fits within that budget, but the money it spent on asset manager fees has increased more than the returns it generated. How it reins in those fees will be one of many challenges for the new Comptroller Scott Springer.

What would you do with a $68 billion annual budget?

For the full New York city financial report click here

Sponsored Content

Leave a Comment

Sort content by

US state funds all dire despite allocations: Wilshire

There is no connection between asset allocation and the funding level of US state retirement systems, according to Wilshire’s 16th annual survey of the funds, which reported a dire funding situation for 99 per cent of plans.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Chinese landing could be hard … or soft

One of the more interesting numbers behind the last Chinese GDP growth headline figure is the proportion of that growth which is due to domestic demand. Fiduciary investors have been getting set for the domestic demand theme in China for some time, of course. Well, it’s here in a big way.mrec4inarticleinline Sponsored Content scnative1 scnative2

Rotman school launches governance program…

Enhancing board effectiveness and governance of pension funds and other “long-horizon investment institutions” is the focus of a new program at the University of Toronto’s Rotman School of Management.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

… while CFA Institute publishes trustee guide book

The CFA Institute has published “A Primer for Investment Trustees”, a free publication to educate trustees on governance, investment policy, investment objectives and risk tolerance using simple laymen’s terms.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Private equity moves to centre-stage

Tomas Hricko, product manager at global private equity fund-of-funds manager, Adveq, tells Amanda White why private equity should be the core of an institutional investor’s portfolio, not a satellite.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Gaddafi SWF investees revolt and freeze funds

As tensions in Libya increase, a leading authority on sovereign wealth funds has urged investee entities of the Libyan Investment Authority (LIA) to freeze its holdings, until such time as they are needed to rebuild an independent Libya.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Previous