New York pension funds are looking for a new CIO
New York City Comptroller Brad Lander has launched a nationwide search to hire a new chief investment officer for the New York City retirement system. Former deputy CIO Michael Haddad has served as interim CIO since former CIO Alex Doñé stepped down at the end of 2021 to pursue new opportunities.
Lander’s office said this will be the first time the comptroller’s search for a CIO will be a collaborative effort with independent investment experts and pension system administrators.
“I am delighted to announce the launch of our search for a permanent Chief Investment Officer for the New York Retirement System,” Lander said in a statement. “The process to find the right person for the investment management job for New York City’s 750,000 current and future retirees will be a partnership with trustees who represent them on pension funds and will include an advisory board of industry experts.”
The CIO oversees the Bureau of Asset Management, which manages the city’s $274 billion retirement portfolio and directs the comptroller’s responsibilities as investment advisor for the city’s five pension funds: the New York City Employees ‘ Retirement System, the Teachers’ Retirement System, the New York City Police Pension Fund, New York City Fire Pension Fund and Board of Education Retirement System.
According to the Comptroller’s Office, the CIO will lead the office’s work to maximize risk-adjusted market returns through responsible fiduciary investing, “bringing an equity and sustainability lens to the portfolio and ensuring long-term sustainable growth.” term that will guarantee retirement security and a brighter future for public sector workers and their families.
The search is intended to be a consultative process that will include the participation of independent investment experts and system trustees, who will be involved during key stages of the process, such as contributing to the job description, recruiting candidates and evaluation of the finalists. The research will be managed by consultancy firm Korn Ferry, which was chosen based on an evaluation of the proposals conducted by the Comptroller’s Office.
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Tags: Alex Doñé, Brad Lander, Bureau of Asset Management, Chief Investment Officer, cio, Michael Haddad, New York City Retirement System, NYCERS