NYC pension funds CIO resigns

Larry Schloss, deputy comptroller for pensions and chief investment officer of New York City’s pension funds, resigned on Wednesday to return to the private sector where he will serve as president at private investment firm Angelo, Gordon & Co, comptroller John C. Liu said in a statement.

Seema Hingorani, who is head of public equities at the New York City Retirement System (NYCRS), will be serving as interim chief investment officer when Schloss departs on October 18. She has overseen the funds’ $80 billion public equities assets since April 2010, according to the statement.

Schloss joined the comptroller’s office in early 2010 when NYCRS had $100 billion in assets under management. Nearly four years later, NYCRS now manages $145 billion in assets.

“During Larry’s tenure as Chief Investment Officer, the City’s pension funds grew by $45 billion […], the largest increase recorded by any NY CIO ever,” Liu said.

In addition to increasing the funds’ assets, Schloss also expanded asset allocations focusing on alternative assets.

In July, NYCRS made its first infrastructure allocation, committing $300 million to Brookfield Infrastructure Fund II (BIF II).

The five pension funds that comprise NYCRS are: 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).