July 27, 2012
DiNapoli Names Chief Investment Officer for $150.3 Billion State Pension Fund
New York State Comptroller Thomas P. DiNapoli today announced the appointment of Vicki Fuller as the new chief investment officer (CIO) for the $150.3 billion New York State Common Retirement Fund (Fund).
"I am thrilled to have an executive of Vicki's caliber lead our team of investment professionals," DiNapoli said. "Her 30 years of investment experience will be extremely beneficial in these volatile economic times. She has an impeccable reputation and understands my commitment to operating the Fund with the utmost ethics and transparency."
Fuller is a veteran of AllianceBernstein in New York, where her career included designing investment processes, building and managing investment teams, and generating investment returns. Most recently, she was responsible for developing investment solutions for some of the largest institutional investors in the public sector. As a senior portfolio manager, she devised fixed income strategies for the firm's Global Wealth channel.
Previously, she was a co-head of the Global High Yield Group and managed a team of investment professionals and a portfolio in excess of $10 billion in bank loans, high yield, emerging debt and global high yield assets.
Fuller earned her MBA from the University of Chicago and her BSBA from Roosevelt University in Chicago. She is also a Certified Public Accountant. She has been named one of the most powerful African Americans on Wall Street by Black Enterprise on numerous occasions.
She will start August 30 and earn $300,000.
During the transition period, Marjorie Tsang, a long-time investment professional with the Fund, has been serving as interim CIO.
"Under Marjorie's leadership, the Fund had solid investment returns and implemented aggressive investment strategies to remain strong in a very difficult economic climate," DiNapoli said. "She is a valued leader on our pension investment and cash management team."
The Office of the State Comptroller retained the services of Korn/Ferry International to conduct the nationwide search for the CIO. The search was led by Michael Kennedy.
The Fund, the third-largest public pension fund in the nation, remains among the highest funded plans in the country according to the Pew Center on the States. It earned an estimated 5.96 percent rate of return for the state's 2011-2012 fiscal year. The Fund holds assets in trust for more than one million employees and retirees from state and local governments as well as public authorities.