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New York City Retirement Systems' returns plunge 8.65%

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New York City Retirement Systems announced a preliminary net return of -8.65% for the fiscal year ended June 30, outperforming its benchmark.

Brad Lander, New York City comptroller and fiduciary for the five pension funds in the $240 billion retirement systems, announced the preliminary return in a news release Friday.

The systems had posted a net return of 25.8% for the fiscal year ended June 30, 2021.

“Despite market declines on a scale that haven’t been seen in decades, the New York City Retirement Systems outperformed our benchmarks and are well-positioned to weather market volatility over the long term. I am grateful for the hard work of Interim Chief Investment Officer Michael Haddad and the entire Bureau of Asset Management, for navigating the Systems through a challenging market environment,” Mr. Lander said in the news release.

The benchmark returns were not provided.

Steven Meier, the systems’ new CIO and deputy comptroller for asset management, will begin Aug. 1. He succeeds Alex Done, who resigned Dec. 31 and has since joined private equity firm Platinum Equity as a managing director.

Mr. Meier was most recently an independent board trustee at Six Circles Funds/J.P. Morgan Access Multi-Strategy Funds, and has also served in the past as assistant treasurer and senior principal investment officer for Connecticut Treasurer Shawn T. Wooden, the principal fiduciary of the $43 billion Connecticut Retirement Plans & Trust Funds, Hartford.

The news release said that audited returns, which will include asset class returns along with relevant benchmarks, will be available in September.