FOR IMMEDIATE RELEASE
August 2, 2010
MAYOR BLOOMBERG APPOINTS RANJI NAGASWAMI AS ADMINISTRATION'S CHIEF INVESTMENT ADVISOR
New Position Created to be Administration’s Central Advisor on Pension Investments
Mayor Michael R. Bloomberg today appointed Ranji H. Nagaswami as the Administration’s Chief Investment Advisor, a new position created to be the Administration’s full-time, central advisor to the Mayor’s trustees on the five New York City retirement system boards and the New York City Deferred Compensation Plan Board. Ms. Nagaswami has more than 20 years of experience in investment management at large asset management firms, focusing on the needs of institutional and individual investors, and has served as an investment advisor for public pension systems across the country. On behalf of the Mayor, Ms. Nagaswami will work closely with the Office of the New York City Comptroller to monitor and advise on the performance of investments and investment managers for all asset classes held by the pension systems and Deferred Compensation Plan, which hold combined assets valued at more than $100 billion and cover more than 350,000 active employees and 275,000 retirees and beneficiaries.
“We are extremely fortunate to have someone of Ranji’s deep experience, talent and record of success in managing major investments across assets classes agree to be our Chief Investment Advisor,” said Mayor Bloomberg. “The cost to City taxpayers of the pension systems is growing at an astronomical rate, from $1.1 billion in 2001 to an expected $7.6 billion this year, which is more than 10 percent of the entire City budget. We will continue to pursue the reforms desperately needed in Albany to reduce the unmanageable costs of pension benefits, while at the same time working to ensure we are getting best possible returns on pension fund investments and looking at every option.”
“As Chief Investment Advisor, Ranji will have the responsibility to help guide the more than $100 billion in New York City’s retirement systems, and her experience with large-scale asset management and understanding of global capital markets make her perfectly-suited for the new role,” said Deputy Mayor for Economic Development Robert K. Steel. “As pension costs continue to swallow a disproportionally large amount of the City’s budget, Ranji will lead our efforts to try to increase investment returns and think about new ways to manage the funds’ portfolios.”
“First, I want to thank Mayor Bloomberg for giving me the opportunity to serve,” said Ms. Nagaswami. “As an investor and fiduciary, I have spent more than 20 years consistently delivering results for my clients, and now I hope to be able to the same for City taxpayers. I look forward to working with the dedicated professionals in the Comptroller’s Office to deliver research-based investment advice and strategy to the trustees of the pension boards and deferred compensation plan board.”
The five primary pension funds for New York City employees are: the New York City Employees’ Retirement System; the Teachers’ Retirement System of the City of New York; the New York City Police Pension Fund; New York City Fire Department Pension Fund; and the New York City Board of Education Retirement System. The New York City Comptroller is the custodian and chief investment advisor to the Boards of the five Pension Funds.
As the Administration’s Chief Investment Advisor, Ms. Nagaswami will conduct research on all relevant investment issues that impact the portfolios; provide the Administration’s trustees with timely investment reviews, reports and presentations; make recommendations on asset allocation and investment strategy; meet and report on meetings with consultants and potential investment partners in connection with prospective investment opportunities; work with the Comptroller’s Bureau of Asset Management to ensure that all appropriate information is analyzed and integrated into the selection, termination and performance reviews of investment managers, as well as the analysis and development of investment strategies, and provided accurately to all trustees; assist in negotiating the terms and conditions of investment contracts with investment managers and banks; and consult regularly with the Office of Management and Budget and the Corporation Counsel regarding the potential fiscal impacts and legal liabilities of investment and policy matters coming before the Boards.
Ms. Nagaswami has worked in asset management for 23 years. She most recently worked at AllianceBernstein, a global investment firm with more than $450 billion in client assets, where she last served within the firm’s Blend Strategies Group as Chief Investment Officer with responsibility for the firm’s Multi-Asset and Blend Equity Portfolios. Ms. Nagaswami has extensive experience in asset allocation, investment analysis and portfolio management in both Equities and Fixed Income. She previously was Co-Head of US Fixed Income at UBS Asset Management.
Ms. Nagaswami serves on Yale University’s Investment Committee and on the Advisory Board of the Yale School of Management. She is a Henry Crown Fellow and serves on the Henry Crown Board of Overseers at the Aspen Institute. She previously served as a board member of Covenant House of New York, an adolescent care agency serving homeless, runaway and at-risk youth.
Ms. Nagaswami earned a Bachelor of Commerce degree from Mumbai University in Mumbai, India and a Masters of Business Administration from Yale University. She was born and raised in India, and moved to the United States to attend business school. She currently lives in Greenwich, Connecticut with her husband and two children.
The appointment search was led by now former Deputy Mayor for Economic Development Robert C. Lieber, Counselor to the Mayor Anthony W. Crowell, Department of Finance Commissioner David M. Frankel and Special Advisor to the Mayor Andrea Shapiro Davis.
Stu Loeser/Marc La Vorgna (212) 788-2958