NYS Common plans sharp staffing rise

New York State Common Retirement Fund is researching professional search firms, gearing up for an “aggressive” increase in investment staff, including an effort to hire a permanent chief investment officer.

The $207.4 billion retirement fund issued a request for information Aug. 24.

While it isn’t looking to hire a search firm right away, and doesn’t want bids and pricing from interested firms, the system said it wanted to explore the market as it prepares for new hiring.

One position that remains vacant is a permanent CIO, after Vicki Fuller announced her resignation in May. Anastasia Titarchuk, who was named deputy CIO in 2015, leads the retirement system’s investment division as interim CIO.

“The CRF is seeking information on services that are available from professional search firms with proven experience in conducting mid, senior and executive-level investment professional search assignments for a wide variety of clients, particularly public pension funds,” the RFI said.

“The CRF anticipates aggressive staffing growth and is interested in obtaining information about the recruitment services marketplace.”

A spokesman couldn’t immediately be reached for comment about how many people the system plans to hire and for which roles.

Fuller, who served as CIO for six years, left NYS Common this summer and joined the board of Williams Cos, which owns and operates midstream gathering and processing assets, and interstate natural gas pipelines.

NYS Common invests with Williams Cos. Fuller’s move drew complaints from environmental groups, like 350.org, that had unsuccessfully tried to persuade her and the fund to divest from fossil-fuel companies.

New York State Common Retirement Fund had $160 million invested in the stock of Williams Cos and Williams Partners among its pension-fund assets as of March 2017. The two companies said in May that they would merge.

Responses to the RFI are due by Sept. 20.

Action Item: Read the RFI here https://bit.ly/2oJi1FD