Alex Done, the chief investment officer of the New York City Retirement Systems, will depart Dec. 31 and be succeeded on an interim basis by Michael Haddad, the deputy CIO.
The personnel changes were announced by Brad Lander, who on Jan. 1 will become the New York City comptroller and fiduciary for the five pension funds in the $266.7 billion city pension system.
In an interview Monday, Mr. Done said Mr. Lander had asked him to remain in the CIO job, but he said he wanted to explore new opportunities.
"Under Alex's leadership, the team at the Bureau of Asset Management achieved superior risk-adjusted returns," Mr. Lander said in a Dec. 10 news release. The bureau manages the investments for the pension system.
For the fiscal year ended June 30, the five pension funds in the city system had net returns ranging from 24.86% to 27.97%
Mr. Lander will succeed Scott Stringer as city comptroller. Mr. Stringer leaves office Dec. 31 because term limits restricted him to a pair of four-year terms. He unsuccessfully ran for the Democratic nomination for mayor of New York City.
Mr. Done, deputy comptroller for asset management, became interim CIO in June 2018 following the departure of Scott Evans.
Mr. Stringer conducted a search for a permanent CIO and Mr. Done was chosen in December 2018. Previously, he had been deputy CIO for private markets for the bureau of asset management.
Representatives for Messrs. Stringer and Lander could not be reached for comment.
