Wanted - VPs Who Make $500,000-a-Year

Wall Street

New York City’s $140bn retirement system pays Wall Street money managers about $360m a year, the only one of the 11 biggest U.S. public-worker pensions that refuses to manage any assets internally. Larry Schloss, the city’s Chief Investment Officer, says the practice must end.

Bloomberg reports that Schloss, 58, points to Ontario’s C$130bn ($126bn) teachers’ pension fund, which has returned an average 9.6% annually on its investments since 2003 - 1.6% better than New York’s funds.

The Canadian system reaped those gains mostly without paying outside asset managers. Schloss says the same in-house approach could work in New York.

'I’m not looking for John Paulson', said Schloss, who earns $224,000 a year, referring to the billionaire hedge-fund manager. 'I’m just looking for a VP at MetLife who makes 500,000 bucks'.

Hit the link below to access the complete Bloomberg article:

NYC Pension Chief Seeks $500,000 Managers to Cut Out Wall Street

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image: © Emmanuel Huybrechts

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