Key Takeaways
- • New York City public pension funds appointed Massachusetts-based consultant Meketa Investment Group and BlackRock in January 2020 to advise on divesting holdings in fossil fuel companies.
- • Three NYC pension funds (NYCERS, BERS and TRS) hired advisers to analyze, evaluate and recommend fossil fuel divestment plans for the city's largest pension assets.
- • The city is also seeking investment managers for climate solutions investments, according to the publisher summary.
- • Reporting by multiple outlets describes the move as a major step by the city, which cited federal inaction on climate change as a motivation.
Summary
New York City public pension funds have appointed Meketa Investment Group and BlackRock to advise on a fossil fuel divestment strategy, according to Responsible Investor. The mandate covers three city pension plans, the New York City Employees' Retirement System (NYCERS), the Board of Education Retirement System (BERS) and the Teachers' Retirement System (TRS), which were reported as making their appointments in January 2020.
The advisers have been selected to analyze, evaluate and recommend divestment plans for the city's largest pension funds. Coverage from AI-CIO described the city's move as a major next step on fossil fuel divestment, with Meketa expected to develop a divestment plan by the end of the year. The city cited federal inaction on climate change as part of its rationale.
Alongside the adviser appointments, New York City has put out a call for investment managers for climate solutions investments, according to the publisher summary. Reporting also indicates the pension fund trustees' vote followed earlier action to hire consultants to advise the city on divestment.
The primary source available for this report is a summary with a registration wall, so the specific fee terms, asset values and divestment timelines beyond the year-end target are not detailed here.
The advisers have been selected to analyze, evaluate and recommend divestment plans for the city's largest pension funds. Coverage from AI-CIO described the city's move as a major next step on fossil fuel divestment, with Meketa expected to develop a divestment plan by the end of the year. The city cited federal inaction on climate change as part of its rationale.
Alongside the adviser appointments, New York City has put out a call for investment managers for climate solutions investments, according to the publisher summary. Reporting also indicates the pension fund trustees' vote followed earlier action to hire consultants to advise the city on divestment.
The primary source available for this report is a summary with a registration wall, so the specific fee terms, asset values and divestment timelines beyond the year-end target are not detailed here.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.