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Manager SelectionFebruary 9, 2023

New York Common Promotes McClearn to Interim Director of Emerging Manager Program

The program’s previous manager, Anyori Hernandez, is moving on to the New America Alliance.

Sylvester McClearn

New York State Comptroller Thomas DiNapoli announced last week the promotion of Sylvester McClearn, better known as Sly, to interim director of the New York State Common Retirement Fund’s emerging manager program.

“We are extremely proud of our Emerging Managers Program, and Sly has already added to our work opening the doors for up-and-coming financial managers,” New York Common CIO Anastasia Titarchuk said in a statement. “I look forward to further working with Sly as our staff continues its dedication to performance and diversity.”

The previous director of the program, Anyori Hernandez, was appointed on January 17 as the CEO and president of the New America Alliance, a position he will begin later this month.

According to an emailed statement from the press secretary of the Office of the State Comptroller, “Further recruitment efforts are being reviewed and discussed,” in terms of a long-term appointment.

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The $233.2 billion New York State Common Retirement Fund’s emerging manager program invests with emerging managers directly, or with the assistance of other managers and program partners in separately managed accounts or commingled funds. Program partners assist in the timely deployment of capital, due diligence and recommendation of managers to participate in the program.

The program seeks to graduate emerging managers to be mature direct investment managers within the fund. Since it began, more than 20 emerging managers have graduated from the program. The fund holds an annual Emerging Manager & MWBE (minority- and women-owned business entities) conference to give investment managers the opportunity to gain a better understanding of the fund’s investment process and manager selection.

McClearn, who has been at New York Common since 2020, brings more than two decades of Wall Street service and more than 36 years of institutional investment management to his new role, having made career stops at Drexel Burnham Lambert, NatWest Markets, Salomon Brothers, Citi Bank, Topeka Capital Markets, Loop Capital Markets and CastleOak Securities.

McClearn earned a B.S. and an MBA from Fordham University, where he continues to serve as a trustee fellow.

NTAM Names BlackRock Exec as New President

Daniel Gamba replaces Shundrawn Thomas, who left last summer, at Northern Trust’s asset management arm.

By Larry Light

Daniel Gamba

The Northern Trust Corporation this morning announced a new president at its asset management division: BlackRock veteran Daniel Gamba. He replaces Shundrawn Thomas, who resigned from the top slot at Northern Trust Asset Management in June 2022 and founded his own investment firm.

Gamba, who will start at NTAM on April 3, spent 22 years at asset management giant BlackRock, where he served as the firm’s co-head of fundamental equities. He also was a member of BlackRock’s global operating, portfolio management group executive and human capital committees.

Thomas, who became NTAM’s president in 2017, has started his own diverse-owned business, the Copia Group, which is aimed at helping privately held U.S. companies gain debt and equity capital.

Gamba has led investment, distribution and product teams, which Northern Trust said in a release compiled “a track record of driving businesses through growth and change.” The company said Gamba is “committed to diversity and inclusion,” and was the founder and co-chair of Somos Latinx & Allies Network, a BlackRock employee affinity group.

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“Daniel has a unique set of experiences well-suited for the continued growth of Northern Trust Asset Management, with a track record of delivering strong results,” said Michael O’Grady, CEO of Northern Trust, in a statement. Gamba will report to him. O’Grady expressed confidence that, with Gamba’s leadership, “Our business will continue to grow and deliver best-in-class investment solutions and services to our clients.”

Gamba previously chaired the board of governors of the CFA Institute, the prominent association for investment management professionals. He also served as a board director for the Council of Urban Professionals, which aids the next generation of diverse business and civic leaders.

He earned a bachelor’s degree in industrial engineering from Pontificia Universidad Católica del Perú in Lima, Peru, and an MBA in finance and economics from Northwestern University’s Kellogg School of Management, where he served on the board of its alumni association for four years.

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