NYC Comptroller To Attend US-Northern Ireland Investment Conference

On the heels of announcing a $150 million investment in Northern Ireland, New York City Comptroller William C. Thompson, Jr. said last week that he and a delegation of trustees from the New York City Pension Funds will attend the US-Northern Ireland Investment Conference in Belfast from May 7th through May 9th.

"I am very excited to return to Northern Ireland and am optimistic about the opportunities for potential strong returns from investments in its expanding economy," said Comptroller Thompson. "The Pension Funds and I recently announced the largest ever public investment in Northern Ireland, which is sure to contribute to Northern Ireland's bright future. This was an historic step for us, and we expect that other public and private investment funds will increasingly make Northern Ireland a major focus of their investment decision making."

While in Belfast, Comptroller Thompson and the trustees plan to meet with political and business leaders from Northern Ireland, the United Kingdom, and the Republic of Ireland, as well as potential investors from the United States.

Comptroller Thompson serves as a member of the Board of Trustees of four of the five Pension Funds and is investment advisor to, and custodian of, the five Funds. Thompson has the fiduciary responsibility of investing and protecting the Funds for more than 237,000 retirees and beneficiaries and more than 344,000 City and City-affiliated employees. The five funds are the: New York City Employees Retirement System (NYCERS), Teacher Retirement System for the City of New York (TRS), New York City Police Pension Fund, New York City Fire Department Fund, and Board of Education Retirement System.

Public Advocate Betsy Gotbaum today said, "I'm truly proud to be traveling to Northern Ireland under the leadership of Comptroller Thompson. Our attendance at this conference along with other New York unions, governmental, and business leaders demonstrates a strong commitment to Northern Ireland's burgeoning economy. As a NYCERS Trustee, I was proud to cast a vote for the largest major investment in Northern Ireland by public funds to date. This infusion of capital is important in promoting peace, fairness, and inclusively in Northern Ireland. Following the historic power sharing agreement, Northern Ireland has emerged as an attractive place to invest, and I look forward to participating in this important event."

The Conference is being sponsored by Invest Northern Ireland and is endorsed by the governments of Northern Ireland, the United Kingdom, the United States, the Republic of Ireland, and the European Union. This conference will provide an opportunity for invited delegates to see the dramatic transformation that has taken place in Northern Ireland.

This will be Comptroller Thompson's second trip to Northern Ireland. In November 2006, Comptroller Thompson and Steve Cassidy, President of the Uniformed Firefighters Association, led a delegation to explore the potential for increased New York City investment in the region. The delegation met with representatives of all the major parties in Northern Ireland and urged them to work toward a resolution in achieving a power-sharing government in an effort to establish the long-term stability conducive to foreign investment. In May 2007, such an agreement was reached.

Two weeks ago, Thompson's announcement marked the largest ever public investment from the United States in Northern Ireland. The $150 million investment will be managed by the Emerald Development Managers LLC, and will primarily target projects in the alternative energy, waste management, property development and conventional energy sectors. Emerald has made a commitment to focus on new assets in order to create value and jobs in Northern Ireland.

Examples of these assets will include the following facilities: renewable and clean energy; waste management, re-use and handling; conventional energy and distribution; and healthcare. Other projects will involve public infrastructure, such as light rail, water, and seaports, and real estate ventures, including commercial, hospitality, and retail developments.

More than half of Emerald's total investments will be put towards projects that operate either exclusively in Northern Ireland or both parts of the island. The remainder are expected to be "green" investments in Northern America, predominantly in the renewable and clean energy, waste re-use, and environmental sectors.