The New York City Economic Development Corp. said former banker Eric Clement has taken the helm of its strategic investments group.
“I am thrilled to lead EDC’s Strategic Investment Group and have the unique opportunity to make smart investments and create good-paying jobs on behalf of New Yorkers. I look forward to helping build a fairer, stronger city economy,” Clement said.
As head of the group, Clement will be responsible for providing discretionary tax incentives for strategic industries and businesses through the New York City Industrial Development Agency, they said in announcing the appointment on Tuesday. Clement took the job last month.
The group also issues tax-exempt and taxable bonds through the BuildNYC Resource Corp.; manages a portfolio of funds that can be invested into real estate, private equity, and venture capital transactions; and implements the New Markets Tax Credits program, which is dedicated to investing in low-income areas through the New York City Neighborhood Capital Corp.
Prior to his joining the NYCEDC, Clement was a partner at Blue Frontier Group, an emerging markets investment and advisory firm. He has also worked at SGI Global Holdings, Accenture and at Citigroup and JPMorgan Securities.
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Updated January 19, 2018 at 1:39PM: Adds quote from Clement.