The city created a new position to deal with increasing pension costs, appointing Ranji H. Nagaswami to be the first chief investment adviser of New York City.
In an announcement made on Monday, Mayor Michael Bloomberg said the city needs this post because “the pension systems is growing at an astronomical rate, from $1.1 billion in 2001 to an expected $7.6 billion this year, which is more than 10 percent of the entire city budget.”
Nagaswami, who has 23 years experience working with asset management, will work to advise the city’s five pension funds.
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