New York City has inked a $16.5 million contract with Al Gore’s environment-focused investment firm to help manage the city’s pension funds, according to the
New York Post.
The city Comptroller’s Office awarded the contract to the former vice president’s Generation Investment Management, which he co-founded and co-chairs with former Goldman Sachs executive David Blood. The firm, which has offices in London and New York, will help manage hundreds of millions of dollars in city pension funds, the Post said. The city had previously awarded Generation a $12.8 million contract for similar work.
“There’s a lot of pressure on pension funds to be environmentally sensitive. Gore’s name and stature in the pension-fund community is invaluable — particularly for Democrats. He’s Al Gore!” Bill Sannwald, a corporate governance and ethics professor at San Diego State University, told the Post.
Generation investments have earned a 22 percent return for the city and a 32.7 percent return on state pension-fund investments since New York State hired the firm in 2009, the Post reported.
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