Scott Evans, chief investment officer of New York City’s $194 billion of pension funds, will step down at the end of the fiscal year, Comptroller Scott Stringer said Tuesday.
Evans, who asked to leave his role, has been CIO of the pension systems for the last four years and will leave on June 29. It was not disclosed what he would be doing next.
“I want to thank Comptroller Stringer for giving me this opportunity to serve my city and for his unwavering support for sound decision-making on behalf of our hard-working pension beneficiaries,” Evans said in a statement.
Stringer named Alex Doñé as interim CIO. Doñé is currently deputy chief investment officer for private markets in the Bureau of Asset Management. Stringer also announced his office will undertake a national search to replace Evans, a process expected to be wrapped up by the end of the year.
Doñé will work with Michael Haddad, who serves as the deputy chief investment officer in public and tradable markets, in managing the bureau throughout the search process.
The city comptroller is the custodian of the pension funds, which are the fourth largest in the U.S. and whose value is estimated at $194 billion. The five main funds are the New York City Employees' Retirement System (NYCERS); the Teachers' Retirement System of the City of New York (TRS); the New York City Police Pension Fund Subchapter 2; New York City Fire Department Pension Fund Subchapter Two; and the New York City Board of Education Retirement System (BERS).
“I am confident that Alex will work, in partnership with the comptroller and pension fund trustees, to continue the process of strengthening and improving the city’s pensions,” Evans said.
"Scott Evans is a consummate professional whose pension advice is sought after around the globe and I know I speak on behalf of all our trustees when I thank him and the rest of BAM staff for their superb management of the funds these last four years,” Stringer said.
During Evans’ tenure, the pension fund system and BAM have met its return goals while instituting financial reforms. Over the past four years, the pensions have produced an annual portfolio return of 7.4%, which exceeded the 7.0% actuarial assumed rate of return and the 6.4% return that would have been earned on a comparable index fund during the same period. The comptroller also began holding a common investment meeting with trustees from all five pension boards, cutting the number of separate meetings from 54 a year to one general meeting a month.
“I look forward to building upon the strong foundation that Scott Evans and the trustees have worked tirelessly to build under Comptroller Stringer’s leadership, and in partnership with Michael Haddad, to continuing to serve the men and women who make New York City the greatest city in the world,” Doñé said.