(Corrects job title to chief investment adviser in first paragraph of article published Sept. 5.)
Ranji H. Nagaswami, who was appointed by New York Mayor Michael Bloomberg two years ago as his first chief investment adviser for pensions, has left to join Bridgewater Associates LP, the world’s biggest hedge fund.
Nagaswami, 48, whose last day was Aug. 21, has been replaced by Janice Emery, 51, the former chief investment officer at Pinnacle West Capital Corp. (PNW:US), said Lauren Passalacqua, spokeswoman for the mayor.
Nagaswami was hired by the city in 2010 to make changes backed by the mayor and Comptroller John Liu that would have consolidated management and investment practices among five pension funds run for police, firefighters, teachers, school administrators and civil-service workers. The plans were stymied by union opposition. The funds hold $123 billion in assets.
“It was an amazing two years, and I’m just ready to move on,” Nagaswami said in a telephone interview.
Bridgewater, the Westport, Connecticut-based fund founded by Ray Dalio, manages about $130 billion in assets. Nagaswami said she will have a “senior strategist role,” declining further comment.
“Her work has improved our investment practices and her impact will continue beyond her time with the city,” Bloomberg said in a statement. “While it’s tough to see anyone go, it is not surprising that there is a lot of demand for the innovative minds we have been able to attract.”
The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.
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