NY Common picks firm for CIO search

The $146.9 billion pension fund has chosen the Los Angeles-based Korn/Ferry to assist in identifying potential candidates to replace former CIO Raudline Etienne.

The New York State Common Retirement Fund, the third largest public pension plan in the US, has selected Korn/Ferry, one of the world’s largest executive search firms, to conduct a nationwide search for a new chief investment officer.

The Office of the State Comptroller issued an invitation for bid for a professional search firm in October, and after reviewing proposals, awarded the contract to Korn/Ferry, which “was deemed the most experienced,” according to a statement. The firm will be charged with identifying a pool of qualified candidates for review by a search committee.

Raudline Etienne, who had served as chief investment officer since March 2008, left her post on 15 September to take a new job as senior director at the Albright Stonebridge Group, a Washington, DC-based business consulting and strategy firm co-founded by former US Secretary of State Madeleine Albright. Marjorie Tsang, who previously was the fund’s assistant comptroller for real estate investments, has been acting as interim CIO since 16 September.

The Comptroller's office has not yet determined a specific timeline for identifying a new CIO. A spokesman declined to comment on Tsang's future role at the fund once a new CIO is named.