New York manages one of the largest public pension funds in the country. Joseph Hernandez believes those assets should be managed first and foremost to protect retirees and generate strong long-term returns.
But when competitive investment opportunities exist here at home, New York should not overlook them.
Strengthen the Pension Fund
The Comptroller serves as sole trustee of the New York State Common Retirement Fund. That responsibility requires disciplined investment management, strong risk controls, transparency, and a focus on long-term performance.
Hernandez will review investment performance, asset allocation, outside managers, and costs to ensure pension dollars are being managed efficiently and responsibly.
A stronger pension fund protects the retirement security of public employees while helping reduce contribution pressure on local governments and taxpayers.
Cut Excessive Wall Street Fees
Every unnecessary dollar paid in investment fees is a dollar that is not working for New York retirees.
Hernandez will demand greater transparency and accountability from outside investment managers and carefully evaluate whether the returns they generate justify the fees they charge.
Investment decisions will be driven by performance, risk, and long-term value—not politics, ideology, or relationships with Wall Street.
Create the Empire Opportunity Fund
Hernandez will pursue the creation of a $10 billion Empire Opportunity Fund to identify competitive investment opportunities connected to New York businesses, industries, infrastructure, and economic growth, while maintaining the Comptroller’s fiduciary responsibility to retirees.
Investments must stand on their own financial merits. There will be no political pet projects and no sacrificing pension returns to advance an ideological agenda.
When strong opportunities exist in New York, New York capital should have the opportunity to invest in them—from advanced manufacturing and technology to energy, life sciences, logistics, and other industries capable of creating jobs and long-term economic growth.