Job Location : New York,NY, USA
OFFICE OF THE COMPTROLLER
Full-Time
Location: MANHATTAN
No Exam Required
Department: Asset Management
Salary Range: $300,000.00 – $334,000.00
Job DescriptionThe New York City Comptroller's Office works to promote the financial health, integrity, and effectiveness of New York City government, in order to strengthen trust, secure a thriving future for all New Yorkers, and build a more just, equitable, and resilient city. Led by an independently elected citywide official, the comptroller's office provides checks and balances needed to hold City government accountable for budgeting wisely, investing responsibly, operating efficiently, acting fairly, living up to its obligations and promises, and paying attention to the long-term challenges we face together.
WHAT MATTERS TO US: As a workplace driven by our values, we are: Principled, Collaborative, Communicative, Equitable, Transformative, and Innovative.
The Bureau of Asset Management (BAM) is responsible for oversight of the investment portfolios of the five New York City pension systems. Through a culture of collaboration, individual development, and teamwork that leverages diverse talent and strives for continuous improvement, the goal of the Bureau of Asset Management is to achieve exceptional investment outcomes for all stakeholders; to deliver outstanding support to plan Trustees; and to serve as a responsible steward of the resources of plan beneficiaries and the City of New York.
Reporting directly to the Chief Investment Officer, the Deputy Chief Investment Officer (DCIO) will be a member of the BAM senior leadership team and a voting member of the Investment Committee. The DCIO will lead the Economically Targeted Investment (ETI) program and will have oversight over the Diverse and Emerging Manager and Brokerage programs and the broader ESG program, including Corporate Governance and ESG Due Diligence.
Economically Targeted InvestmentsThe Systems are authorized to deploy 2% of the total portfolio (up to $5.4 billion in 2024) towards Economically Targeted Investments (ETIs) – investments that return an appropriate risk-adjusted rate of return while also creating collateral benefits for the residents of New York City and its surrounding counties. The Systems have operated an ETI program, focused largely on affordable housing, for many years. They now seek to invigorate and expand this work through targeted investments in affordable housing, green investments, small business lending, and more.
The DCIO will provide visionary leadership to architect and implement this reinvigorated program. In partnership with the BAM senior leadership including the Asset Class Heads, the Systems' trustees, and the Systems' consultants the DCIO will further develop the Systems' ETI thesis and investment priorities to establish a comprehensive approach to ETIs. The DCIO will build a staff of ETI professionals who will work with the System's trustees and their consultants, as well as the asset class teams, to identify and recommend investments as well as monitor the portfolio.
Diverse and Emerging Manager ProgramThe Systems are at the forefront of growing investment in diverse and emerging investment management firms. The value of diversity in a thriving and inclusive economy is well-documented – and that holds particularly true in the investment industry. A diverse range of expertise and perspectives enhances performance and drives excess returns for investment portfolios. Despite this, minority- and women-owned (MWBE) investment firms and smaller asset managers have been significantly underrepresented in investment management for many years, a trend that must change. In 2023, Comptroller Lander announced a strategic effort to expand the Systems' investments in diverse and emerging firms. It is anticipated that through this strategic expansion, 20% of the pension funds' US-based, actively managed assets will be invested with high quality MWBE investment management firms by 2029. The DCIO will oversee this effort led by our Director of Diverse and Emerging Manager Strategy and will collaborate with each Asset Class Head to identify diverse and emerging managers that are well-fit for the Systems' portfolios. This initiative supports us in fulfilling our fiduciary duty to the pensioners, ensuring strong risk-adjusted returns while promoting diversity and inclusion in the investment industry.
Environmental, Social, and Governance (ESG) ProgramOur Environmental, Social, and Governance program, known as ESG, is a critical area of our work and an essential part of the investment process. The DCIO will oversee this effort led by our Chief ESG Officer. We have an obligation to pay benefits to NYC public servants for decades to come, and this means that we are singularly focused on generating sustainable long-term risk-adjusted returns for our beneficiaries. Our ESG work is central to our ability to deliver on that mandate by enabling us to address systemic investment risks including climate change, poor labor conditions, mistreatment of tenants, etc. within our portfolio. Due to the collective AUM of the five pension systems, they are nearly universal owners. This means that the Systems can't just invest with those that are the strongest on these issues – instead, we must work with the asset managers that invest our money and their underlying portfolio companies on the Systems' behalf to ensure that they're focused on these critical long-term risks.
As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education's website at
Residency Requirement:New York City residency is generally required within 90 days of appointment. However, City Employees in certain titles who have worked for the City for 2 continuous years may also be eligible to reside in Nassau, Suffolk, Putnam, Westchester, Rockland, or Orange County. To determine if the residency requirement applies to you, please discuss with the agency representative at the time of interview.
Additional Information:The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.
Job ID: 648273
Title code: 95612
Civil service title: DIRECTOR OF INVESTMENTS (COMP)
Title classification: Non-Competitive-5
Business title: Deputy Chief Investment Officer And Head Of The ETI Portfolio
Posted until: 11/20/2024
Experience Level: Manager
Job level: MY
Number of positions: 1
Work location: 1 Centre St., N.Y.
Category: Finance, Accounting, & Procurement
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