For the First Time, the Comptroller’s Search Will Be a Collaborative Effort with Independent Investment Experts and the Retirement System’s Trustees
New York City Comptroller Brad Lander announced the official launch of a nationwide search to hire a new Chief Investment Officer (CIO) for the New York City Retirement System (NYCRS). Former CIO Alex Doñé stepped down at the end of 2021 to pursue new opportunities, and then-Deputy CIO Michael Haddad is currently serving as Interim CIO.
The Chief Investment Officer is responsible for overseeing the Bureau of Asset Management (BAM), which manages New York City’s $274 billion pension portfolio and spearheads the Comptroller’s responsibilities as investment advisor to the five New York City Retirement Systems. The CIO will be tasked with leading the office’s work to maximize risk-adjusted market returns through responsible fiduciary investing, bringing an equity and sustainability lens to the portfolio, and securing long-term sustainable growth that will guarantee retirement security and a better future for public sector workers and their families.
“I am excited to announce the launch of our search for a permanent Chief Investment Officer for the New York City retirement system today,” said Comptroller Brad Lander. “For the first time, the process to find the right person for the job of stewarding investments for New York City’s 750,000 current and future retirees will be a partnership with the trustees who represent them on the pension funds and will include an advisory committee of industry experts with deep experience in investment and asset management. This consultative process will ensure that we meet strong and diverse candidates and choose the right leader for the Bureau of Asset Management’s critical work to safeguard the futures of public sector workers. I’m grateful to Michael Haddad for stepping into the role of Interim CIO to continue strong leadership at BAM as we conduct this process.”
The search has been designed as a consultative process that will include the participation of independent investment experts and the system’s trustees to ensure broad and far-reaching recruitment, diligent background research, and a thoughtful and effective interview process. Trustees will be involved during many key points of the process including by contributing to the job description, recruiting candidates, and evaluating finalists. The search will be managed by consulting firm Korn Ferry, which was selected based on an evaluation of proposals conducted by the Comptroller’s Office. Senior staff of the Comptroller’s office will also be involved in the search process.
Today’s announcement follows Comptroller Lander’s December 2021 announcement of the appointment of Michael Haddad as Interim CIO. The goal is to have a permanent CIO in place by Fall 2022.
Advisory Committee Members
- Charmel Maynard, Chief Investment Officer and University Treasurer, University of Miami
- Josh Steiner, Chairman of the Board, Castleton Commodities International and Senior Advisor, Bloomberg LP
- Roy Swan, Director, Mission Investments, Ford Foundation
- Monte Tarbox, Executive Director for Investments, National Electrical Benefit Fund
New York City Retirement System Trustees
New York City Employees’ Retirement System (NYCERS): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative, Cynthia Collins (Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Donovan Richards (Queens), Antonio Reynoso (Brooklyn), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Tony Utano, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.
Teachers’ Retirement System (TRS): New York City Comptroller Brad Lander; Mayor Eric Adams’ Appointee, Cynthia Collins; Chancellor’s Representative, Lindsey Oates, New York City Department of Education; and Debra Penny (Chair), Thomas Brown and David Kazansky, all of the United Federation of Teachers.
New York City Police Pension Fund (PPF): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative, Cynthia Collins; New York City Finance Commissioner Preston Niblack; New York City Police Commissioner Keechant Sewell (Chair); Chris Monahan, Captains Endowment Association; Louis Turco, Lieutenants Benevolent Association; Vincent Vallelong, Sergeants Benevolent Association; Paul DiGiacomo, Detectives Endowment Association; and Patrick Lynch, John Puglissi, Joseph Alejandro, and Thomas Gilmore, all of the Patrolmen’s Benevolent Association.
New York City Fire Pension Fund (Fire): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative, Cynthia Collins; Acting New York City Fire Commissioner Laura Kavanagh (Chair); New York City Finance Commissioner Preston Niblack; Andrew Ansbro, President, Robert Eustace, Vice President, Edward Brown, Treasurer, and Eric Bischoff, Staten Island Representative and Chair, Uniformed Firefighters Association of Greater New York; Liam Guilfoyle, Captains’ Rep.; Paul Mannix, Chiefs’ Rep., and Christopher Jensen, Lieutenants’ Rep., Uniformed Fire Officers Association; and Peter Devita, Marine Engineers Association.
Board of Education Retirement System (BERS): Schools Chancellor David C. Banks; Mayoral: Isaac Carmignani, Tom Allon, Rev. Dr. Kathlyn Barrett-Layne, Gregory Faulkner, Dr. Angela Green, Anthony Lopez, Alan Ong, Gladys Ward, Karina Taveras, Kathy Park Price; Thomas Sheppard (CEC); Deborah Dillingham (Queens BP), Geneal Chacon (Bronx BP) and Jaclyn Tacoronte (Staten Island BP); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.
Comptroller’s Office Senior Staff
- Francesco Brindisi, Executive Deputy Comptroller for Budget and Finance
- Marjorie Henning, Deputy Comptroller for Public Finance
- Alison Hirsh, Assistant Comptroller for Pensions and Senior Advisor
- Rachel Goodman, Chief of Staff*
- Justina Rivera, General Counsel*
*ex-officio members will participate in the final round interviews
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