New York State Common Retirement Fund Hires Hedge Fund Consultant
DiNapoli Selects Aksia for a Three-Year Advisory Contract
New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (Fund) has signed New York City-based Aksia LLC to a three-year contract as a consultant focusing on the pension fund’s absolute return strategy portfolio. Aksia will provide investment and operational due diligence as well as forward looking strategy research.
“Aksia is a solid fit with our strategic vision to help the Common Retirement Fund remain one of the strongest public pension funds in the United States. In today’s challenging investment environment, it is vital to be proactive in seeking strong risk-adjusted returns,” DiNapoli said. “Aksia will play a key role in helping us continue to build and strengthen our absolute return portfolio while saving the Fund millions of dollars a year in fees.”
Aksia LLC is an SEC registered research and advisory firm dedicated to serving the evolving and ongoing needs of institutions investing in hedge funds. Aksia advises pensions, endowments, foundations and other institutional investors on a global basis.
“Aksia offers a unique blend of market expertise and research depth, and it is the right choice to help execute our evolving strategy,” said Raudline Etienne, the Fund’s Chief Investment Officer. “A new paradigm is emerging and we believe Aksia is best positioned to provide the services you’d expect to find in the space between a traditional consultant and an investment management organization.”
As State Comptroller, DiNapoli is sole trustee of the $154.5 billion retirement Fund. More than one million members, retirees and beneficiaries rely upon the Fund for post-employment security. While the majority of Fund assets are invested in indexed equity funds and fixed income securities, up to 5 percent of assets can be allocated to the absolute return portfolio, which totals about $5 billion.