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

Broeders develops risk-sharing formula

Senior economist, supervisory strategy at De Nederlandsche Bank, Dirk Broeders, has completed research which calculates an explicit formula for risk sharing by pension funds.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Navy fund outsourcing a first for Towers Watson in CIO role

The $4.75 billion (£3 billion) UK Merchant Navy Officers Pension Fund has upgraded its relationship with consultant Towers Watson, having appointed the firm as its “delegated chief investment officer”, which is the first such arrangement for the consultant.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Currency: a zero-sum game fiduciaries are forced to play

The biggest decision facing pension fund investment committees this year could well be their position on currencies, particularly the greenback and the euro. The currency decision is never an easy one to make and at the moment it seems particularly difficult as politics is overlaid onto market fundamentals.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

New governance guidelines for fiduciary investors

The International Corporate Governance Network has published an updated set of guidelines for fiduciary investors to help assess and control corporate risk in their portfolios.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

US corporate funds lead on DAA, says Hewitt EnnisKnupp

Corporate US pension funds are more advanced than their public fund counterparts in using dynamic asset allocation to effect in managing asset liability matching, says Russell Ivinjack, principal at Hewitt EnnisKnupp.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Investors fail in long-term market

Our obsession with quarterly corporate earnings is a market failure, according to Colin Melvin, CEO of Hermes Equity Ownership Services, and can only be corrected by action from institutional asset owners. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Previous