NYC Comptroller-Elect Lander Appoints Michael Haddad as Interim Chief Investment Officer, Announces Nationwide Search
NEW YORK, NY – Comptroller-Elect Brad Lander announced his intention to kick off a nationwide search for a new Chief Investment Officer to oversee the Bureau of Asset Management, which manages New York City’s $274 billion pension portfolio. Current Chief Investment Officer Alex Doñé has decided to step down at the end of this year to pursue new opportunities, and current Deputy CIO Michael Haddad will step into the role of Interim CIO.
“In this critical role, Alex Doñé has been an excellent steward for the New York City Retirement Systems, achieving historic returns for NYC’s 700,000 members, retirees, and pension beneficiaries. Under Alex’s leadership, the team at BAM achieved superior risk-adjusted returns – 25.8% in FY’21 and a 9.1% return since January 2014 when Comptroller Scott M. Stringer began his tenure, far exceeding the Systems’ 7% actuarial rate of return – diversified both the asset portfolio and asset management, and led the historic divestment from fossil fuels that will help secure a sustainable future for pensioners and their families,” said Comptroller-elect Brad Lander. “I’m grateful for his service to the City of New York, and for his work to safeguard the retirement security of New York City’s public employees and families.”
The Bureau of Asset Management spearheads the Comptroller’s responsibilities as investment advisor to the five New York City Retirement Systems, which make up the fourth largest public pension fund in the United States with over $270 billion in assets. Comptroller-Elect Lander is launching a national search for a permanent Chief Investment Officer to lead the office’s work to maximize risk-adjusted market returns through responsible fiduciary investing, bringing an equity and sustainability lens to the portfolio, and securing long-term sustainable growth that will guarantee retirement security and a better future for public sector workers and their families.
Effective January 1st, 2022 Lander will appoint Michael Haddad as Interim Chief Investment Officer to lead the Bureau of Asset Management. Haddad currently serves as Deputy Chief Investment Officer, overseeing all asset classes as well as Asset Allocation. Prior to joining the NYC Comptroller’s office in 2016, Haddad worked in financial markets for three decades, including Morgan Stanley, as a US Treasury trader and Head of Canadian Fixed Income, Caxton Associates, as Senior Managing Director, and Soros Fund Management, as Senior Portfolio Manager. Mr. Haddad served on the Treasury Borrowing Advisory Committee as well as the Treasury Market Practices Group. He received his Masters of Business Administration from the J.L. Kellogg School of Management at Northwestern University and his Bachelor of Science in Engineering Management from Southern Methodist University.
“The duty to secure a sustainable future for New York City’s teachers, fire fighters, nurses, and countless more public sector workers through responsible fiduciary investing is at the heart of the responsibilities of this office. I have strong confidence in Michael Haddad’s investment experience, financial acumen, and leadership abilities to help this office safeguard that future, and look forward to working closely with him to ensure city employees are able to retire with dignity and confidence,” said Lander.
“It has been an honor and a privilege to serve the City of New York over the last 10 years. I have had no greater responsibility in my career than protecting the retirement security of the beneficiaries of the New York City pension funds. I am proud of the team at Bureau of Asset Management and all that we have accomplished together. I am confident that under the leadership of Comptroller elect Brad Lander and Mike Haddad the New York City pension funds will continue to deliver strong risk-adjusted returns for hard-working New Yorkers,” said Doñé.
“I am excited and humbled by the opportunity from Comptroller Elect Lander to serve as Interim Chief Investment Officer. Protecting and growing the retirement savings of the beneficiaries is an immense challenge. I look forward to working with Comptroller Elect Lander and his incoming team. I look forward to continue to working with our trustees on maximizing the risk adjusted returns in each of their complex portfolios,” said Haddad.
Lander has proposed taking a strategic and integrated approach to maximizing risk-adjusted market returns, determining and adjusting asset allocations, managing risk, minimizing fees to outside investment managers, and investing for the long-term, while remaining attentive to the fund-level and systemic risks posed by dangers including climate change and inequality. He plans to create a strategic plan for responsible fiduciary investing, leveraging the role as one of the nation’s largest institutional investors to hold corporations and fund managers accountable for inequitable corporate governance practices; advance a just transition away from fossil fuels to clean energy; and invest in local communities, while securing strong returns to guarantee retirement security.