Steven Meier, CIO of the New York City Bureau of Asset Management, which oversees the city’s five public pension funds, will leave his role on November 7, the Office of the New York City Comptroller announced Monday.

Meier, hired into the pension system under New York City Comptroller Brad Lander in August 2022, is leaving for a new, but unidentified, investment management opportunity, according to the comptroller’s office.

“It has been a privilege, and the honor of a lifetime, to serve in this role—my most rewarding yet,” Meier said in a statement. “For more than three years, alongside the talented and mission-driven investment staff of the Bureau of Asset Management, and in lock step with our trustees, we have worked tirelessly to enhance the value of our full investment portfolio. I am proud of the progress we have made in these efforts, and I am grateful to Comptroller Lander for the opportunity to serve New York City in this role at such a pivotal moment.”

In the interim, Francesco Brindisi, the city’s executive deputy comptroller for budget and finance, will oversee the Bureau of Asset Management. Brindisi led the search that resulted in Meier’s hire.

Lander, who was unsuccessful in seeking the Democratic nomination for New York City mayor earlier this year, will leave the comptroller’s office at the end of 2025. The comptroller elected on November 4 will appoint a new CIO.

The city’s five pension funds—the Teachers’ Retirement System of the City of New York, the New York City Employees’ Retirement System, the New York City Police Pension Fund, the New York City Fire Pension Fund, and the City of New York Board of Education Retirement System—collectively managed $301.74 billion as of the end of August. The plans provide retirement benefits for 800,000 members.

“New York City’s pension funds have provided retirement security to teachers, cops, firefighters, sanitation workers, nurses, secretaries, social workers, and many more dedicated municipal employees for generations,” Lander said in a statement. “It has been an honor for us to steward these critical funds for the past four years. Together, we have laid the groundwork for a smooth and efficient transition, which will put the newly elected Comptroller, their team, and our world-class pension funds in a strong position for the years to come.”

Related Stories:
– Steven Meier Named CIO of New York City Pension System
– NYC Retirement System’s Steven Meier on Rates, Risks and Opportunities in 2024
– New York City Pension System Returns 10.3% in Fiscal 2025
https://www.ai-cio.com/news/steven-meier-to-depart-as-cio-of-nyc-pensions/?utm_source=rss-feed&utm_medium=news&utm_campaign=feed