Desmond Mac Intyre resigned as chief investment officer of the $67.5 billion New York City Retirement Systems after just one month on the job. Sources say he left because he couldn't get complete control of the Bureau of Asset Management.
Mr. Mac Intyre declined to comment.
Jeff Simmons, spokesman for New York City Comptroller William Thompson, said Mr. Mac Intyre quit because he couldn't get a residency waiver, which would have allowed him to live in Connecticut. Sources said the waiver was an issue, but the main reason Mr. Mac Intyre quit was because he didn't realize how big a role politics played in the operation of the city funds.
They also said he was distressed about the lack of governance and resources at the bureau.
Mr. Simmons said Mr. Mac Intyre will be replaced, but no decision has been made on whether to use a search firm. No information was available on qualifications or salary. Mr. Mac Intyre was to be paid $154,000 a year.
Prior to accepting the job, Mr. Mac Intyre headed the European pension strategies group at Deutsche Asset Management's London office. Before that, he was chief financial officer at General Motors Asset Management, New York, which manages the $67 billion GM pension plan.
Adam Blumenthal, first deputy comptroller, is handling the job in the interim.
Also at the fund, Joyce Miller, director of targeted investments, has been given the additional title of chief of staff, a new position. She will continue to oversee targeted investments, Mr. Simmons said.