New York State names interim CIO

The $146bn pension has named assistant controller of real estate Marjorie Tsang chief investment officer on an interim basis following the departure of its current CIO this week.

The New York State Common Retirement Fund has named assistant controller of real estate Marjorie Tsang as chief investment officer on an interim basis.

Tsang will start in her new position following the departure of current CIO Raudline Etienne on 15 September. Etienne is leaving to take a job as senior director at the Albright Stonebridge Group, a Washington, DC-based business consulting and strategy firm co-chaired by former US Secretary of State Madeleine Albright. Under Etienne’s direction, the $146 billion fund performed well “in a very difficult economic climate”, New York comptroller Thomas DiNapoli said in a statement.

Tsang has worked for the pension’s investment and cash management team since 1993 when she joined as assistant counsel for investment transactions. Tsang was promoted to assistant comptroller for real estate investments in June 1999. Prior to working at the fund, she was a real estate finance attorney at New York law firms Chadbourne & Parke and Sage Gray Todd & Sims.

Last year, Tsang was named one of the 10 most influential women in private real estate investing last year by sister publication PERE.

The Office of the New York State Comptroller has begun to form a search committee for a new chief investment officer, but it has not yet determined a timetable for making the appointment, a spokesman said.

Evelyn Lee contributed to this report.