NEWS
From the Office of the New York State Comptroller Thomas P.
DiNapoli
Contact: Matt Sweeney, 212-383-1388
For release: Immediately, Sept. 10, 2014
DiNAPOLI ANNOUNCES $2B STRATEGIC PARTNERSHIP WITH GOLDMAN SACHS
ASSET MANAGEMENT FOR GLOBAL EQUITY INVESTMENTS
New York State Comptroller Thomas P. DiNapoli today announced
that the New York State Common Retirement Fund (CRF or the Fund)
has created a $2 billion strategic partnership with Goldman Sachs
Asset Management (GSAM) to invest in a diverse group of global
equity strategies viewed as having strong potential to enhance the
Fund's return. The partnership is the first of its kind for the
Fund.
"This innovative partnership gives the New York State Common
Retirement Fund full access to world class global equity investment
opportunities and the nimbleness to take advantage of them on a
timely basis," DiNapoli said.
"Identifying new opportunities is key to the continued growth of
the Fund's long-term value. This partnership is designed to help
strengthen the Fund as it provides benefits to New York's current
and future public employee retirees."
The partnership between the $180.7 billion Fund and GSAM will
initially focus on dynamic manager selection opportunities in
global equities to enhance returns in the Fund's equity portfolio.
GSAM will also provide strategic advice across the entire equity
portfolio. Additionally, the partnership will provide the Fund with
improved analytics and reporting on its portfolio and enhanced
evaluation and due diligence on current and potential active
managers. GSAM's team of 300 professionals in its Alternative
Investments & Manager Selection (AIMS) Group will augment the
CRF Global Equity Team, which manages the Fund's nearly $100
billion equity portfolio.
"We have customized this strategic partnership to our specific
requirements to diversify our holdings given our notable jump in
value in recent years,"
said Vicki Fuller, Chief Investment Officer of the Fund.
"Working closely and creatively with GSAM's team and their
resources will extend the reach of the Fund's global investment
team."
"The Strategic Partnership with CRF is a landmark assignment for
GSAM and we appreciate the confidence CRF has placed in us," said
Timothy J. O'Neill and Eric S. Lane, global co-heads of the
Investment Management Division at Goldman Sachs. "We are excited to
provide customized access to our broad
open-architecture platform, due diligence expertise, and portfolio
construction capabilities."
About the New York State Common Retirement Fund The $180.7
billion New York State Common Retirement Fund is the third largest
public pension fund in the United States. The Fund holds and
invests the assets of the New York State and Local Retirement
System on behalf of more than one million state and local
government employees and retirees and their beneficiaries. The Fund
has a diversified portfolio of public and private equities, fixed
income, real estate and alternative instruments.
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