New York City Comptroller Brad Lander announced the appointment of Steven Meier as Chief Investment Officer for the New York City Retirement System (NYCRS) and Deputy Comptroller for Asset Management. He will start on August 1, 2022.
Meier is a seasoned investment executive with over 30 years of experience in both the public and private sector. Meier served as Assistant Treasurer and Interim Chief Investment Officer for the Connecticut Office of the State Treasurer Shawn T. Wooden, overseeing the investments of Connecticut’s $40 billion public pension system and its ESG initiatives. Before joining the Connecticut state treasurer’s office, Meier spent more than a decade at State Street Global Advisors, where he rose to Executive Vice President and Chief Investment Officer for Global Fixed Income, Currency, and Cash Management, overseeing over $900 billion in assets.
“I am pleased to announce the appointment of Steven Meier as Chief Investment Officer and Deputy Comptroller for Asset Management,” said Comptroller Brad Lander. “New York City’s current and future retirees can rest easy knowing we have a CIO with a strong track record of success, deep experience in asset allocation and investment manager selection, and a sincere commitment to working collaboratively with our trustees and staff to ensure risk-adjusted market rate returns and strong, responsible, long-term performance for our funds. As we face challenging economic times ahead, Steven will be a strong asset for New York City.”
Meier served most recently as an independent board trustee at Six Circles Funds/JPM Access Multi-Strategy Funds, with $60 billion in assets under management. Prior to his time at State Street, he worked at Credit Suisse as Director, Global Head of Fixed Income & Money Market Electronic Trading and Senior Trader in the Global Financing Group at Credit Suisse. His experience also includes roles at Oppenheimer Capital, Merrill Lynch Capital Markets, and Irving Trust Company. Meier is a CFA Charter Holder and certified Financial Risk Manager. He holds an MBA from Indiana University’s Kelly School of Business and a BBA from Hofstra University’s Zarb School of Business.
“It is an honor to have been selected for this role and I am grateful to Comptroller Lander and trustees for this opportunity,” said Steven Meier. “I am excited to begin working with the trustees of the five New York City retirement systems and the Bureau of Asset Management’s talented investment professionals, who are central to ensuring strong returns for beneficiaries of the city’s public pension funds and long-term resilience.”
Comptroller Lander also thanked Interim Chief Investment Officer Michael Haddad. “New York City’s current and future retirees owe a huge debt of gratitude to Mike Haddad for his service as Interim CIO. Mike’s investment expertise and leadership have contributed greatly to the Bureau of Asset Management and the city’s pension funds, and have been of enormous value during this time of transition.”
“It has been my honor to serve in the New York City Comptroller’s Office since 2016, working alongside my fellow BAM staff, our trustees, consultants, and investment managers to protect and grow the retirement savings of NYC’s 715,000 public sector workers. As a proud New Yorker for over 35 years, I am forever grateful for the dedication and service of these essential workers.
“Additionally, I would like to thank Comptroller Lander for the opportunity to serve as Interim Chief Investment Officer for the past seven months. While financial markets have been volatile, I am proud of our steadfast efforts of maximizing risk-adjusted returns. I look forward to pursuing the next chapter in my career,” said Interim Chief Investment Officer Michael Haddad.
Today’s announcement marks the conclusion of a nationwide search led by the executive search firm Korn Ferry, following the departure of former Chief Investment Officer Alex Doñé in December 2021. Comptroller Lander assembled an Advisory Committee that included Charmel Maynard, Chief Investment Officer for the University of Miami; Josh Steiner, chairman of the board of Castleton Commodities International LLC and senior adviser to Bloomberg LP; Roy Swan, Director of Mission Investing at the Ford Foundation; and Monte Tarbox, Executive Director of Investments for the National Electrical Benefit Fund (organizations listed for identification purpose only, advisory committee members volunteered their time).
Candidates were also interviewed by NYCRS system trustees, the first time a broad set of NYCRS trustees have formally participated in the CIO selection process. Comptroller Lander thanked Executive Deputy Comptroller Francesco Brindisi and Assistant Comptroller for Pensions Alison Hirsh (who will continue to serve as the Comptroller’s Trustee to the Boards) for their work organizing the search process.
NYCRS is comprised of five funds, New York City Employees Retirement System (NYCERS), Teachers Retirement System of the City of New York (TRS), NYC Police Pension Fund, the NYC Fire Pension Fund, and the NYC Board of Education Retirement System (BERS). Collectively, the NYCRS funds are valued at more than $250 billion and serve 750,000 members, retirees, and beneficiaries.
As Chief Investment Officer and Deputy Comptroller for Asset Management, Meier will be responsible for overseeing the Comptroller’s Bureau of Asset Management, which manages New York City’s pension portfolio, and with spearheading the Comptroller’s responsibilities as investment advisor and custodian for NYCRS. He will lead a team of over 100 investment and operations professionals (including asset class teams in public equities, fixed income, private equity, alternative credit, opportunistic fixed income, hedge funds, and private real estate, as well as teams focused on risk, compliance, corporate governance, and ESG) tasked with maximizing risk-adjusted market returns through responsible fiduciary investing to secure sustainable long-term growth that will guarantee retirement security for New York City’s public sector workers and retirees.
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