Another public allocator has gone over to the private sector: Steven Meier, former chief investment officer for New York City’s $309 billion pension funds, has joined Neuberger Berman in an advisory role.
In the newly created role of vice chair, institutional, Meier will advise the asset manager on how to advance its global allocator clients’ long-term investment objectives. He will also serve on the firm’s asset allocation committee, which shapes market outlooks to support better risk-adjusted outcomes.
“I’m incredibly excited to bring the knowledge and experience I’ve gathered over my career to this new chapter,” Meier said in a statement.”
Neuberger Berman manages more than $380 billion in global institutional assets. Its head of the global institutional client group and EMEA Matt Malloy said that Meier’s expertise and experience will enable Neuberger to deepen its partnership with clients “and help them navigate both public and private markets.”
Meier brings over 40 years of investment experience. Before leading New York City’s five pension funds, he served as interim investment chief for the Connecticut Retirement Plans and Trust Fund. In the private sector, Meier was CIO for global fixed income, currency, and cash at State Street Global Advisors. He also held senior investment roles at Merrill Lynch, Oppenheimer, and Credit Suisse.
George Walker, Neuberger’s chairman and CEO, noted that Meier joining the firm “demonstrates our ongoing commitment to deliver compelling investment capabilities and solutions to our most sophisticated clients.”
City Comptroller Brad Lander announced in October that Meier would leave his position at the city’s public pension plans, noting that “he has delivered great returns.” Since Meier became investment chief in August 2022, the city’s public pension funds have delivered a 9.4 percent return, beating the state mandated target of 7 percent.
Under Meier, the city reviewed the pensions’ strategic asset allocation to increase alternative investments, diversify the portfolio, and modernize internal operations for the long-term benefit of the city’s retirees.
Meier’s resignation was disclosed before the newly elected comptroller Mark Levine (a Democrat) replaces Lander in January. Executive deputy comptroller Francesco Brindisi will be interim CIO until Levine hires a new permanent investment chief in 2026.
Meier’s move to the private sector follows CalPERS deputy CIO Dan Bienvenue leaving the $503 billion plan for a managing director role at private equity firm General Atlantic, and Andreas Danzer departing as CIO of Switzerland’s Pension Fund of Credit Suisse to join U.K.-based currency and asset manager Record Plc as group CIO. Meier’s predecessor, Alex Doñé, also left for PE firm Platinum Equity.
