Wednesday, 29 June 2016
Last updated 18 min ago
Sep 6 2012 | 10:55am ET
New York City's first pensions chief investment officer is leaving the public sector for the world's largest hedge fund.
Ranji Nagaswami worked at AllianceBernstein and UBS Asset Management, where she was co-head of U.S. fixed-income, before accepting the city post two years ago. She left that role, created in 2010 to coordinate the city's five public pension funds, on Aug. 21.
Nagaswami will have a "senior strategist role" at Bridgewater, she told Bloomberg News.
Despite the difficulties she faced while on the city payroll—unions fought her efforts to consolidate management and investment practices among the pensions for their members, which total $123 billion, almost as much as Bridgewater manages—Nagaswami said, "it was an amazing two years." But, she added, "I'm just ready to move on."
"Her work has improved our investment practices and her impact will continue beyond her time with the city," Mayor Michael Bloomberg said. "While it's tough to see anyone go, it is not surprising that there is a lot of demand for the innovative minds we have been able to attract."