Sunday, 24 July 2016
Last updated 1 day ago
Oct 10 2013 | 8:05am ET
The head of New York City's public pension funds is leaving the $145 billion system to join hedge fund Angelo Gordon & Co.
Larry Schloss was named president of the New York-based hedge fund, which counts the New York City Retirement Systems as a client. He'll also serve on the firm's executive committee.
Schloss' move was cleared by the city's Conflicts of Interest Board, which barred him from contacting municipal employees for a year and from sharing any fees Angelo Gordon earns from investments the system made with the firm during his four years leading the pensions. Angelo Gordon manages about $460 million for the system.
"We are pleased Larry is joining us as president," Angelo Gordon co-founder John Angelo said. "He is a seasoned investment professional who has provided leadership and insight to both public and private institutions."
Prior to joining NYCRS, Schloss was global head of private equity at Credit Suisse First Boston. He formally leaves the pension on Oct. 18, and will be succeeded on an interim basis by Seema Hingorani, who oversees hedge funds at the Bureau of Asset Management.
"We were fortunate that Larry Schloss chose to enter public service after building a sterling reputation in the private sector," New York City Comptroller John Liu said. "He has worked tirelessly to improve the funds' performance," increasing its investments in hedge funds while also leading a push to manage more money internally.