Comptroller Lander Announces Departure of Chief Investment Officer and Deputy Comptroller for Asset Management Steven Meier

New York, NY - Today, New York City Comptroller Brad Lander announced that Steven Meier, CFA, FRM, Chief Investment Officer for the Bureau of Asset Management and Deputy Comptroller, will depart from his role effective November 7 for a new investment management opportunity.

As Chief Investment Officer, Meier has been instrumental in safeguarding and growing the long-term financial security of the five New York City public pension funds which provide retirement security for nearly 800,000 current and retired public sector workers. In his role as CIO, Meier has led the Bureau of Asset Management, which oversees the investment portfolios of each of the City's five public pension funds, under the leadership of Comptroller Brad Lander.

"I am grateful to Steven Meier for his strong and steady leadership during a time of economic volatility. He has been a trusted partner during my tenure as Comptroller, provided invaluable counsel to our trustees and investment partners, and served as a mentor and leader for our investment staff. Most importantly, he has delivered great returns for our funds and put our funds in strong shape for the future," said New York City Comptroller Brad Lander.

Meier has served as CIO since August 2022, a time when the funds faced significant headwinds and uncertainty due to the impact of the COVID pandemic. Over the past three years of Meier's tenure the funds have posted a 9.4% return (exceeding the target of 7% set by the State Legislature), growing to over $300 billion and becoming the third-largest public pension fund in the United States. Through his leadership and disciplined investment oversight, the funds remain well-positioned to meet their long-term obligations.

Under Meier's leadership, the Bureau of Asset Management has:

• Conducted a Strategic Asset Allocation review leading to a diversified investment portfolio that balances both risk and return across the funds' asset classes, leveraging increased flexibility following the passage of new basket clause legislation.
• Incorporated non-siloed thinking and total portfolio analytics throughout the funds' investment strategy, increasing collaboration across public asset classes to improve long-term performance.
• Strengthened the Office's responsible investment work, including ESG integration, corporate governance, and diverse and emerging manager strategy, in alignment with each fund's investment policies.
• Instituted best-practice procedures and protocols for cash management to ensure an institutional investor-quality due diligence and credit review process for our short-term trading desk.
• Developed new quantitative tools to increase analytical rigor in public market portfolio construction.
• Restructured the funds' private equity holdings and partnerships, completing a landmark $5 billion private equity secondary sale across the funds.
• Reduced fees paid to external asset managers, including through increased co-investment.
• Deepened engagement with the funds' general and specialty consultants.
• Improved the Office's ability to retain top talent and positioned the Office as a great place to work for current and prospective financial services professionals who value public service.
• Increased engagement with funds' trustees through an enhanced service and support model including weekly thought leadership programming.
• Ensured that the portfolios are well-positioned to achieve long-term performance objectives.

"It has been a privilege, and the honor of a lifetime, to serve in this role - my most rewarding yet," said Chief Investment Officer Steven Meier, CFA, FRM. "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."

Upon Meier's departure, the Bureau of Asset Management will be led by Executive Deputy Comptroller for Budget and Finance Francesco Brindisi, Ph.D. Dr. Brindisi oversees the Bureaus of Budget, Public Finance and Accountancy. Before joining the Office of the New York City Comptroller, he served as Senior Deputy Director at the New York City Mayor's Office of Management & Budget, and Chief Economist at the New York City Economic Development Corporation. He holds a Ph.D. in Economics from Columbia University. Dr. Brindisi led the Chief Investment Officer search process that hired Meier in 2022.

Dr. Brindisi will work with the Bureau of Asset Management's Office of the Chief Investment Officer and pension trustees to ensure smooth continuity of operations, until a new permanent Chief Investment Officer is hired by the next New York City Comptroller, who will be elected on November 4.

Lander concluded, "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. 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."

###