The New York City Comptrollers Office will revamp its
Bureau of Asset Management this year to address a litany of
concerns at New York City Public Pension Funds after a
commissioned report found widespread operation failures.
Major changes will focus on modernizing the administration
and beefing up risk management and oversight, according to a
Feb. 15 presentation from the comptrollers office titled
A Roadmap for Reform. The office will be adding a
fund account manager to provide more oversight, and third party
services to support risk reporting and analysis.
The report commissioned last year by the comptrollers
office found the Bureau of Asset Management was
understaffed and under-resourced. The division was
only able to avoid serious failures with support from the
comptroller, investment consultants, and heroic efforts
by the staff, the report stated. Funston Advisory
Services, which conducted the review, warned that the $170.5
billion New York City pension system would not have the
capacity to implement its recommendations with the existing
resources and demands.
By the fourth quarter of this year, the bureau plans to
standardize risk reports and strengthen manager due diligence
to address compliance concerns, according to the presentation.
To bring its operations up to speed, the bureau last year added
support for investment operations and hired other key
A representative from the comptrollers press office
didnt immediately provide comment on the bureaus
progress this year.
Many of the new changes in 2016 were directed at middle
office investment operations support, with Lynne Fleischman
brought on as the new director. Seven positions in services and
two in asset management support were added in the department.
These positions will handle invoice tracking and reporting and
project management, according to the presentation.