New York City Comptroller John Liu last week announced major appointments to his office, including a new chief investment officer.
Liu, who was sworn in on Jan. 1, chose Lawrence M. Schloss, a seasoned investment professional, to manage assets in the city’s pension funds.
The comptroller’s office oversees five pension funds with assets valued at $100 million.
“Larry Schloss is the seasoned professional whom the people of New York will be able to count on to improve the investment performance of our pension funds and to burnish the public image of our city’s pension investments, the organization of which has been characterized as a 'cluster$&*$,’ ” according to a press release from Liu.
As CIO, Schloss will develop investment policies and standards, supervise the comptroller’s Bureau of Asset Management, which assists in the selection of investment advisers for the pension funds, and be responsible for risk management, compliance, financial reporting, and shareholder activism.
Schloss comes to office with decades of investment experience. He is the co-founder, chairman, and chief executive officer of the private-equity firm Diamond Castle Holdings, served as global head of CSFB Private Equity and as chairman of DLJ Merchant Banking, and was an investment banker at Donaldson, Lufkin & Jenrette. Schloss is replacing Rita Sallis, who held the position under former Comptroller William Thompson Jr.
Other appointments announced last week include Eric Eve as first deputy comptroller, Ricardo Morales as deputy comptroller for legal affairs, Simcha Felder as deputy comptroller for accounting and budget, Geneith Turnbull as deputy comptroller for contracts, and H. Tina Kim as deputy comptroller for audit.