New York City Comptroller Scott Stringer announced three hires at the Bureau of Asset Management, which is responsible for investing the city's $163 billion pension funds.
Stringer added Miles Draycott, Shachi Bhatt and Khanim Babayeva as chief risk officer, chief compliance officer and internal auditor, respectively. All will report directly to Stringer.
"One of the lessons of the financial crisis was that risk and compliance functions must have a clear line to the top, which is why these three executives will have direct access to me," Stringer said in a Feb. 20 statement.
With these positions, Stringer said he has implemented substantial elements of his ethics and overhaul plan for the bureau, which he announced early last year.
Additional elements include banning placement agents across all asset classes; enhancing the investment disclosure policy for all bureau employees with investment decision-making authority; and implementing training on ethics, conflicts of interest and financial regulation.
