In the News

  • The New York Observer: "The Quotable John Liu" - 01/07/2010

    EXCERPT - John Liu can make almost anything quotable, even the announcement that he's hired Larry Schloss as a Chief Investment Officer.

    From the press release:

    "Larry Schloss is the seasoned professional whom the people of New York will be able to count on to improve the investment performance of our pension funds and to burnish the public image of our City's pension investments, the organization of which has been characterized as a 'cluster$&*$'. "

  • New York Daily News: "What the @$!? »" - 01/07/2010

    EXCERPT - When John Liu says he's going to shake things up and bring a new approach to the city comptroller's office, he's not kidding.

    Here's Liu's quote from an otherwise mundane press release announcing the hiring of Larry Schloss to be his chief investment officer:

    "Once again, my transition team has come through."

    "Larry Schloss is the seasoned professional whom the people of New York will be able to count on to improve the investment performance of our pension funds and to burnish the public image of our City's pension investments, the organization of which has been characterized as a 'cluster$&*$'."

    "I am thrilled that Larry will join my leadership team. This is fantastic for our taxpayers and pensioners alike."

    (Bold added by yours truly for emphasis. Not that you were likely to miss that one. But just in case).

  • Pensions & Investments: P&I Daily: "Schloss Appointed as New York City Plans' CIO" - 01/07/2010

    EXCERPT - Larry Schloss was named chief investment officer of the five New York City pension funds, overseeing about $100 billion, confirmed spokeswoman Sharon Lee.

    He will take over the post on Jan. 19.

    Mr. Schloss is chairman, chief executive and co-founder of private equity firm Diamond Castle, which has $1.85 billion under management, according to the firm’s website.

    Prior to helping found the firm in 2004, he was global head of CSFB Private Equity, a $32 billion alternative asset management business.

    Mr. Schloss replaces Rita Sallis as CIO of the New York City Employees’ Retirement System; Teachers’ Retirement System; Police Pension Fund; Fire Department Pension Fund; and Board of Education Retirement System.

    Ms. Sallis worked for former city comptroller William Thompson, who unsuccessfully ran against incumbent Mayor Michael Bloomberg in November.

    John C. Liu was elected comptroller and appointed Mr. Schloss.

    Information about Mr. Schloss’ replacement at Diamond Capital could not be learned by press time.

  • Reuters: "NYC Names Private Equity Chief for Pension Funds" - 01/07/2010

    EXCERPT - New York City's $100 billion pension fund investments will be overseen by the chairman of private equity firm Diamond Castle Holdings, Comptroller John Liu said on Thursday.

    The appointment of Larry Schloss, who will become the city's top pension investment officer, prompted speculation that the five funds will put more dollars to work in private equity. Liu's choice was reported on Tuesday by Thomson Reuters' private equity Website peHUB.

    The Democratic comptroller, in a statement, made it clear he believed the current system needed an overhaul.

    New Yorkers can count on Schloss to improve the pension funds and "to burnish the public image of our City's pension fund investments," Liu said.

    Before co-founding Diamond Castle Holdings, Schloss ran global private equity for Credit Suisse First Boston (CSGN.VX). He joined the Swiss bank after it acquired Donaldson, Lufken & Jenrette; the merchant banking team he led included alternative assets. (Reporting by Joan Gralla; Editing by James Dalgleish)

  • Business Week: "Diamond Castle's Schloss May Join New York Pension" - 01/07/2010

    EXCERPT - Lawrence Schloss, the chairman of Diamond Castle Holdings LLC, is in talks to take a job advising New York City’s $96.4 billion pension funds and leave the buyout firm he founded in 2004, according to two people familiar with the matter.

    In his new role, Schloss would work with the five boards that make investment decisions for funds covering civil service employees, teachers, firefighters, police officers and school administrators, said the people, who declined to be identified because the information hasn’t been disclosed.

  • WNYW-TV: "Bloomberg's 3rd Inauguration" - 01/06/2010

    EXCERPT - And John Liu as City Comptroller, the first Asian American elected to citywide office in New York City history.

    "Government must be more resilient – and creative – to rise to the challenge of doing much more with so much less."

  • NBC New York: "Bloomberg: "The Future Starts Now... It Starts with Us"" - 01/06/2010

    EXCERPT - Liu noted in his speech that "economic misery cuts ever deeper into families across the city."

    The first Asian-American in citywide office also thanked his parents, who he said "could have had a lot in Taiwan but they gave everything up so their kids could grow up American."

    "I'm honored, I'm proud, I'm humbled," a jubilant Liu, who took the oath flanked by his wife and son, said. "I'll work every day to live up to the confidence and expectations that you have placed upon me."

  • The New York Times: "Schloss Said to Take N.Y. Investment Post" - 01/06/2010

    EXCERPT - Lawrence Schloss, the chairman and chief executive of private equity firm Diamond Castle, has agreed to become the next chief investment officer for New York City, the Web site peHUB reported.

    The reported appointment follows the arrival of the city’s new comptroller, John Liu, who took office earlier this month.

  • Crain's New York Business: "Comptroller Hires a Diverse Mix of Deputies" - 01/05/2010

    EXCERPT - "City Comptroller John Liu unveiled a diverse lineup of six deputy comptrollers Tuesday, his fifth day on the job. Mr. Liu, the highest ranking Asian elected official east of California, hired a veritable rainbow coalition of direct reports, including black, Latino and Orthodox Jewish men and three women, including a Korean-American.

    Mr. Liu's top staff reflects the diversity of his electoral victory last September, when strong support from Asian-Americans, blacks and Latinos powered him to an impressive victory over three other City Council members."

  • Courier Life: "Simcha Felder Steps Down to Work for Comptroller" - 01/05/2010

    EXCERPT - Felder comes to his new position well qualified, as he previously worked for the New York State Assembly, the City Comptroller’s Office, and as a tax auditor for the New York City Department of Finance.

    He is also a Certified Public Accountant (CPA) and holds a Masters of Business Administration (MBA) in Management from theZicklin School of Business at CUNY’s Baruch College.

    The Deputy Comptroller for Budget and Accounting leads a staff of about 120 employees.

    The position is responsible for putting together the Comptroller’s Comprehensive Annual Financial Report, it oversees the payment of the City’s bills, and leads the design and management of the accounting functions of the City’s central accounting and budgeting system, Financial Management Systems.
    “I am excited to have Councilman Felder joining my staff. He has shown exceptional leadership and financial acumen, and impeccable integrity through his work in the Council, and I am confident that he will help my office perform at the highest level,” said Liu.”