Chief Investment Officer
About the Office of the Comptroller and the Bureau of Asset Management
The Comptroller serves as investment advisor and custodian for the New York City Retirement Systems and related funds, and specifically the New York City Employees’ Retirement System (“NYCERS”), the Teachers’ Retirement System of the City of New York (“TRS”), the New York City Police Pension Fund, Subchapter 2 (“Police”), the New York City Fire Department Pension Fund, Subchapter Two (“Fire”), and the New York City Board of Education Retirement System (“BERS”), collectively referred to as the “Systems”.
The Comptroller’s asset management functions reside in the Bureau of Asset Management (“BAM”) under the direction of the Chief Investment Officer. While each of the five New York City Retirement Systems has its own Board of Trustees, BAM invests with a unified asset allocation that accommodates each systems’ financial needs.
Internal investment staff oversees the investment of approximately $266bn (as of January 2022) in pension assets, constituting the fourth largest public pension plan in the U.S. All assets, except for short-term investments, are externally managed. The Systems’ investment programs include allocations to Domestic Equity ($74.3bn), International Equity ($26.4bn), Emerging Markets Equity ($17.8bn), International Fund of Funds ($1.8bn), Fixed Income ($72.6bn), Global Equity ($1.8bn), Alternative Credit ($23.1bn), Private Equity ($21.5bn), Private Real Estate ($14.9bn), Infrastructure ($3.86bn), Hedge Funds ($3.3bn) and Economically Targeted Investments. BAM also manages $5 billion in short-term cash investments for the City of New York. The Systems also have policies regarding Emerging and Minority and Women-Owned Business Enterprise (M/WBE) Managers and integration of Environmental, Social and Governance (ESG) factors in investment decision-making.
In addition to public and private market investment staff, BAM has middle and back office staff performing the following types of work: asset valuation and reporting, risk management, compliance, account management, contracting, expense management, and reconciliations, among other duties. Diversity and inclusion initiatives and engagement of public companies on their governance policies and practices through shareholder proposals and proxy voting are also important aspects of BAM’s work.
The CIO will be enhancing the investment office’s foundation that has been built over the past three-and-a-half-year transformation period. They will supervise BAM’s development of overall investment policies, standards and guidelines, and oversees the evaluation, selection and monitoring of external investment managers. BAM also works closely with the investment consultants to each of the Systems, including general supervision, and review of due diligence and related work performed on behalf of the respective System. Additionally, the CIO will be required to work closely and collaboratively with the trustees that comprise the Boards of the Retirement Systems and various City officials.
The Major Responsibilities of the CIO include the following:
- Oversee the Bureau of Asset Management (BAM) with a staff of 125 employees to ensure efficient coordination and execution of goals.
- Manage and provide leadership to a professional staff including attracting, motivating, developing, retaining exceptional talent and ensuring efficient coordination and execution of goals.
- Execute Charter-mandated and legal responsibilities of the Comptroller to serve as Custodian and Investment Advisor to NYCRS and Trustee to four of the pension funds, with all of the attendant fiduciary obligations and ethical commitments those roles entail.
- Advise and assist in developing the investment policies, asset allocation and selection of investment advisors and consultants for NYCRS to generate sufficient risk-adjusted returns that meet fund liabilities and manage risk and volatility.
- Ensure a rigorous and comprehensive risk management policy and approach for individual investments as well as the overall investment portfolios of the pension funds.
- Work collaboratively with the Trustees of NYCRS toward mutual fiduciary goals and fulfillment of the funds’ investment policies.
- Advise the Comptroller on the investment performance and developments of NYCRS and conditions and outlooks of relevant economic and financial environments.
- Facilitate engagement with, and utilization of, Minority and Women-owned Business Enterprises (M/WBE) and emerging manager firms.
- Ensure seamless coordination and communication among all divisions of BAM to ensure efficiency and soundness of operations and compliance with best institutional practices commensurate with an institutional investor of like size and scope.
- Promote the highest standards of integrity and professionalism within BAM, the investment process and the governance of the pension funds.
YEAR ONE CRITICAL SUCCESS FACTORS
- Develop a working relationship with the Comptroller.
- Fully integrate into the team, understanding the investment program and processes.
- Develop a working relationship with the Strategic Partners and advisors.
- Demonstrate the ability to stay informed of macro-level trends within the specified coverage areas.
- Demonstrate sourcing and rigorous diligence of investment opportunities, ability to work independently, and proficiency in updating and communicating key ideas with the CIO.
- Monitor existing managers and provide frequent and concise updates on their activities as well as performance.
Chief Investment Officer
||City of New York, Office of the Comptroller (NYC Bureau of Asset Management)
||New York, NY
|Posting Start Date:
The successful candidate will possess:
- Ten (10) or more years of significant and progressively responsible executive level management experience in asset allocation, investment strategy and portfolio management in large and complex organizations with exposure to public retirement systems.
- Education and experience that reveals a continuous pattern of distinction, accomplishment and integrity.
- Meaningful experience managing sizeable teams (50+), building consensus and contributing and carrying culture.
- Past success in developing emerging managers, divestment, and ESG-risk integrated programs.
- The skills to deal with governing boards and a demonstrated history of building relationships of trust, confidence, and respect with board members.
- Highly attuned interpersonal skills with the capacity to navigate, engage and collaborate with a diversity of stakeholder with different levels of sophistication.
- New York City residency may be required within ninety (90) days of appointment.
Bachelor’s degree is required. CAIA, CFA, and/or post-graduate degree or certification in finance, investment banking, economics, business or closely related fields is strongly preferred.
||This listing expires on: 7/9/2022