Steven Meier Named CIO of New York City Pension System

He succeeds Michael Haddad to become the first permanent CIO of NYCRS since Alex Doñé left in December.


Steven Meier has been named CIO of the $250 billion New York City Retirement System, as well as NYC’s deputy comptroller for asset management, effective August 1. He succeeds Interim CIO Michael Haddad.

Meier was previously interim CIO of the Connecticut Office of the State Treasurer, overseeing the investments of Connecticut’s $40 billion public pension system, and before that was the assistant treasurer for the state, working under Shawn T. Wooden.   

NYCRS is comprised of five pension funds: the New York City Employees’ Retirement System, the Teachers Retirement System of the City of New York, the NYC Police Pension Fund, the NYC Fire Pension Fund and the NYC Board of Education Retirement System.

In his new roles, Meier will lead a team of more than 100 and oversee the Comptroller’s Bureau of Asset Management, which manages New York City’s pension portfolio, and become the investment adviser and custodian for NYCRS. His responsibilities will include maximizing risk-adjusted market returns through responsible fiduciary investing to attain sustainable long-term growth.

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Prior to joining Connecticut’s treasurer’s office, Meier worked for State Street Global Advisors for nearly 14 years; for four years, he was CIO of global fixed income, currency and cash, and for just under 10 years he served as CIO of global cash management, according to his LinkedIn profile. Meier is also an independent board trustee at JPMorgan’s Six Circles Funds, which has $60 billion in assets under management.

“New York City’s current and future retirees can rest easy knowing we have a CIO with a strong track record of success, deep experience in asset allocation and investment manager selection,” New York City Comptroller Brad Lander said in a statement. “As we face challenging economic times ahead, Steven will be a strong asset for New York City.” 

Before his stint at State Street, Meier spent six years with Credit Suisse, where he was first director, senior trader, global financing group and then director, global head of fixed income and money market electronic trading. He also held positions at Oppenheimer Capital, Merrill Lynch Capital Markets and Irving Trust Company.

Meier is a CFA charter holder and certified financial risk manager. He earned an MBA from Indiana University’s Kelly School of Business and a BBA from Hofstra University’s Zarb School of Business.

“It is an honor to have been selected for this role and I am grateful to Comptroller Lander and trustees for this opportunity,” said Steven Meier in a statement. “I am excited to begin working with the trustees of the five New York City retirement systems.”

The nationwide search for a new CIO was led by the executive search firm Korn Ferry, following the departure of former CIO Alex Doñé in December.

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Latest Sign of Crypto Decline: Scaramucci Bars Fund Redemptions

Despite a small bitcoin rally recently, several notable financial firms are retreating from digital currencies or running into trouble.



Amid the carnage tearing through capital markets this year, with the S&P 500 in a bear market, the headlong plunge of cryptocurrency is breathtaking. Sending the latest high-profile signal of crypto’s tough times, Anthony Scaramucci is barring investor redemptions in one of his hedge funds.

 

His Skybridge Capital prohibited the exit, at least temporarily, of investors from Legion Strategies (estimated assets under management: $250 million) after the dramatic fall of digital assets. Some one-fifth of Legion’s assets is in private companies, which are difficult to sell when quick cash is needed to pay off fleeing investors. To Scaramucci, who won fame for his brief (11-day) tenure in the Trump White House, the step is necessary for Legacy to make it through a temporary rough patch.

 

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Bitcoin, the largest crypto, is down by two-thirds from its November peak, although it has managed a small rally lately, up 17% from last week.

Skybridge is the most recent financial firm to run into problems with digital money. Babel Finance, a Hong Kong cryptocurrency lender, announced Friday that it is suspending withdrawals due to “unusual liquidity pressures.”

Crypto lender Celsius filed for bankruptcy last week after prohibiting redemptions. The company has said it has $11.7 billion in assets and 1.7 million customers. Terra’s stablecoin collapsed in May, leaving thousands of investors with worthless currencies.

 

Another recent failure is crypto hedge fund Three Arrows Capital, which filed for insolvency in June; it’s unclear how much of its assets, if any, the fund’s investors will recoup.

 

Circumstances are hardly as dire at Skybridge, which has several other crypto funds. Indeed, Legion Strategies is its smallest offering. Appearing on CNBC Tuesday, Scaramucci, a fervent crypto fan, insisted that blocking redemptions would allow Skybridge to raise more capital and that better days lie ahead for crypto and Legion.  The fund is down 30% this year, but has risen 5% this week, Scaramucci said. “We’re catching the bounce back.”

 

Legion is not totally invested in crypto, which Scaramucci said makes up just 18% of its assets. Plus, he went on, 27-year-old Legion has no leverage, which gives it more room to maneuver.

 

Investors have “zero risk” of asset liquidation, a person familiar with Skybridge says. “The gate is a collective protection for our investors,” the person asserts. “The suspension will be in place until SkyBridge can ensure the fund is not forced to exit positions to the detriment of investors who want to stay in, while allowing an orderly exit for those who want one.” The majority of Legion investors agree, the person adds.

 

The world’s largest digital asset manager, Grayscale Investments, just issued a report that estimates the current crypto swoon will last another eight months. But then, the report contends, crypto will turn around and end up stronger than ever.

 

“Despite price declines, liquidations and volatility, the crypto industry continues to build and innovate, pushing the boundaries of what is possible,” the firm said.

 

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