NYC Mayor Bill de Blasio on Monday appointed John Adler to the post of chief pension investment adviser.
Adler will preside over the city’s five public retirement funds, conducting investment research and providing advice to the trustees who sit on the boards of the funds.
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Mr. Adler most recently had been director of the retirement security campaign for the Service Employees International Union. “He managed all aspects of SEIU’s retirement security program, including public pension funds, Taft-Hartley pensions, Social Security, and private-sector plans,” the news release said.
The office of pensions and investments serves as full-time adviser to mayoral appointees to the boards of each of the five public pension funds that make up the $158.7 billion New York City Retirement Systems and on the board of the $14.9 billion New York City Deferred Compensation Plan.
Mr. Adler’s duties include conducting research “on all relevant investment issues that impact the portfolios,” the news release said. He will provide the mayor’s representatives on the five boards and the deferred compensation plan board “with timely investment reviews, reports and presentations, so that they may make recommendations on asset allocation and investment strategy,” the news release said.
NYC’s five public pension funds collectively manage $158.7 billion in assets.
Photo by Tim (Timothy) Pearce via Flickr CC License
The United States’ public pension funds have tens of billions of dollars invested with PIMCO. But dozens of funds have put PIMCO on their “watch” lists – if they haven’t exited PIMCO already. From Bloomberg:
Illinois’s teacher retirement system, with $3 billion invested with Newport Beach, California-based Pimco, has had the money manager on its watch list since February, when former Chief Executive Officer Mohamed El-Erian left, according to an article published today. Texas Municipal Retirement System put Pimco on watch after Gross’s departure.
Managers of New York City’s retirement systems are reviewing $7.08 billion in Pimco investments, while those overseeing plans in Michigan, Indiana and North Dakota are monitoring the situation, according to the article.
A San Francisco city and county plan’s committee this week will hear from a consultant about $82 million invested in Pimco’s Total Return Fund. (PTTRX) A termination would mark the first time it has eliminated an offering, according to the interview with Jay Huish, the system’s executive director.
Gross, 70, who co-founded Pimco more than four decades ago, left last month for Janus Capital Group Inc. (JNS) after deputies threatened to quit and management debated his ouster. His departure prompted investors to review their Pimco holdings and triggered $23.5 billion in redemptions in September from the $201.6 billion Total Return Fund, which he previously ran.
Gross’s new Janus Global Unconstrained Bond Fund received $66.4 million in subscriptions last month, according to Morningstar Inc.
The Florida Retirement Systems, one of the largest public funds in the country, announced last week it would cut its investments with PIMCO.