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

Follow Apple lead and keep complexity hidden: Ruppert

The pension industry should heed the lead of former Apple chief executive Steve Jobs and present products in a simple, bundled package, keeping the complexity on the inside, Todd Ruppert, president of T Rowe Price, told delegates at the European Policy Forum in early November.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Cambridge releases internal databases

The growth in internal management is changing how asset consultants interact with clients, and the current market volatility means timely information can be vital to performance, Cambridge Associates chief executive officer Sandy Urie tells Top1000funds.com’s Sam Riley.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Global union leader calls for sustainable wealth creation

Sharan Burrow, the general secretary of the International Trade Union Confederation (ITUC), delivered the closing address to the recent Fiduciary Investors Symposium held in Beijing. Here is the full transcript of her speech to delegates.

CIC lukewarm on Euro bail-out

The head of China’s $400 billion sovereign wealth fund has offered in principle support for injecting money into the struggling Eurozone but notes any commitment of funds must be an investment rather than a political decision.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Venturing from home comes with risks: Hermes

Chris Taylor, the boss of Hermes Real Estate, part of the Hermes boutique manager suite and owned by the BT Pension Scheme, says pension funds looking to diversify into real estate away from their home markets should be aware of implementation risks.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

UK pension battle heats up

On Wednesday last week (November 2) the UK Government set out an offer – widely regarded as generous – to workers on public service pensions. However, unions still plan to go ahead with a “day of action” on November 30 – considered to be the widest industrial action in the country since the 1920s.mrec4inarticleinline Sponsored

Previous