14th Annual Emerging Manager & MWBE Conference
Succeeding in a Challenging Environment
Wednesday, February 10, 2021
About the Conference
The Emerging Manager & MWBE Conference is an opportunity for attendees to connect with New York State Common Retirement Fund (Fund) investment staff and partners. In a new virtual environment, this year’s Conference continued to offer investment managers the opportunity to gain a better understanding of the Fund's investment process and manager selection.
Small breakout sessions, while virtual, allowed our staff and partners to establish new relationships with highly qualified MWBEs in the investment arena, and continue to build a pipeline of investments and service providers that enable the Fund to reap the benefits of diversity for members, retirees and beneficiaries of the New York State & Local Retirement System.
At the conference, attendees learned about:
- The Fund’s selection and onboarding process of investment managers;
- Current areas of the Fund’s investment focus; and
- Common attributes of successfully on-boarded asset management operations.
Download the Conference Book (PDF)
Watch a Recording of the Conference
You're welcome to watch recorded sessions of the day's events. Note: Recordings are not available for the panel discussions or breakout sessions.
Recorded Sessions
- Welcome from Comptroller DiNapoli
Play VideoNew York State Thomas P. DiNapoli welcomes attendees to the 14th Annual Emerging Manager & MWBE Conference.
Speaker
Thomas P. DiNapoli
New York State ComptrollerThomas P. DiNapoli is the 54th Comptroller of the State of New York. Since he became State Comptroller in 2007, his record has reflected an unwavering commitment to protect the people’s money, hold government accountable and build a better future for New Yorkers.
DiNapoli is the sole fiduciary of the New York State Common Retirement Fund, the third largest public pension fund in the nation. His prudent management and focus on long-term, diversified investments steered the pension fund through difficult times and led to it being consistently ranked as one of the best funded retirement systems in the nation.
He has received widespread praise for his efforts to ensure corporations are accountable to shareholders and improve their performance by following sound Environmental, Social and Governance policies. His robust Corporate Governance program has helped increase diversity on corporate boards, ensured workplace protections against discrimination, addressed racial inequality and won greater inclusion of people with disabilities. He is a global leader among investors in addressing climate-related investment risks and has set 2040 as the pension fund’s target for achieving net zero carbon emissions.
Under his leadership, the pension fund has significantly expanded its Emerging Mangers Program from $2.6 billion to more than $7 billion in assets with more than 175 managers. It is one of the only public pension funds to cover every major asset class in its program. The pension fund has approximately $20 billion invested or committed to MWBE firms, which represents approximately one-quarter of externally managed active mandates.
- Opening Remarks / CIO Welcome Message / Guest Speaker
Play VideoSpeakers
Grisel C. Davis
Conference Coordinator, New York State Common Retirement FundGrisel C. Davis has worked with Comptroller DiNapoli since 2001, both in the New York State Assembly and the New York State Comptroller’s Office, since 2007. She has coordinated the Emerging Manager Conference since its inception, and currently works in the Division of Pension Investments and Cash Management as a Senior Program Officer for the 529 College Savings and NY ABLE Programs.
Anastasia Titarchuk
Chief Investment Officer, New York State Common Retirement FundAnastasia Titarchuk is the Chief Investment Officer for the New York State Common Retirement Fund. As of December 31, 2020, the value of the Fund was $247.7 billion. Under the direction of State Comptroller Thomas P. DiNapoli, Ms. Titarchuk is responsible for developing and implementing investment strategies to ensure that the Fund remains one of the best-funded and best-managed public pension plans in the country. The Fund holds assets in trust for more than one million State and local government employees and pensioners.
Prior to Ms. Titarchuk’s appointment in August 2019, she had been Deputy CIO since February 2015. She joined the Fund in 2011. She started her career on Wall Street in 1998, working in a variety of leadership roles at Bank of America, Barclays Capital, Lehman Brothers and JP Morgan. Ms. Titarchuk has an extensive background in derivatives. Her experience spans both liquid and structured products across a variety of markets including equities and emerging markets.
Ms. Titarchuk was named as a 2015 Hedge Fund Rising Star by Institutional Investor Magazine. She graduated summa cum laude from Yale University with a B.S. in Applied Mathematics.
André Rice
President, Muller & Monroe Asset ManagementAs President of Muller & Monroe Asset Management (Muller), André sets the investment strategy and oversees the growth and operations of Muller. He founded the firm in 1999.
Prior to Muller, André led the Rice Group Ltd. (RGL), a firm he launched in 1986 to identify and organize special investment opportunities for wealthy individuals. RGL created several successful investment partnerships and provided select investment banking services to the world’s largest commodities firm.
André began his career in 1978 as an Auditor at Peat, Marwick, Mitchell & Co. (now KPMG). He worked in securities sales for the Private Client Group at Goldman Sachs & Co. Immediately prior to founding RGL, André was a Senior Project Manager in the Mergers and Acquisitions Department at Kraft, Inc.
André is a member of NASP (National Association of Securities Professionals). Appointed by Chicago Mayor Rahm Emanuel, he serves on the Chicago Cook Workforce Investment Board. André was previously appointed by Former Mayor Daley to serve on the Regional Transportation Authority (RTA) Board (June 2010 – September 2012), the Chicago Metropolitan Agency for Planning (May 2006 – April 2010), and the interim board of the Metropolitan Pier & Exposition Authority (April 2010 – June 2010).
André received a B.S. in Accounting, with honors, from South Carolina State University and an MBA from the University of Chicago.
- Fireside Chat with NYS Comptroller
Play VideoSpeakers
Thomas P. DiNapoli
New York State ComptrollerThomas P. DiNapoli is the 54th Comptroller of the State of New York. Since he became State Comptroller in 2007, his record has reflected an unwavering commitment to protect the people’s money, hold government accountable and build a better future for New Yorkers.
DiNapoli is the sole fiduciary of the New York State Common Retirement Fund, the third largest public pension fund in the nation. His prudent management and focus on long-term, diversified investments steered the pension fund through difficult times and led to it being consistently ranked as one of the best funded retirement systems in the nation.
He has received widespread praise for his efforts to ensure corporations are accountable to shareholders and improve their performance by following sound Environmental, Social and Governance policies. His robust Corporate Governance program has helped increase diversity on corporate boards, ensured workplace protections against discrimination, addressed racial inequality and won greater inclusion of people with disabilities. He is a global leader among investors in addressing climate-related investment risks and has set 2040 as the pension fund’s target for achieving net zero carbon emissions.
Under his leadership, the pension fund has significantly expanded its Emerging Mangers Program from $2.6 billion to more than $7 billion in assets with more than 175 managers. It is one of the only public pension funds to cover every major asset class in its program. The pension fund has approximately $20 billion invested or committed to MWBE firms, which represents approximately one-quarter of externally managed active mandates.
Anyori (AJ) Hernandez
Director of Emerging ManagersAnyori Hernandez is the Director of Emerging Managers for New York State Common Retirement Fund. Under the direction of State Comptroller Thomas P. DiNapoli and Anastasia Titarchuk, CIO and Deputy Comptroller, the emerging manager team manages in excess of $7 billion in commitments to over 176 emerging firms across all asset classes. The program’s goal is to generate attractive risk-adjusted returns and participate in the growth of next generation talent, reflecting a preference for firms that aspire to strong governance standards as well as diverse and inclusive practices.
Previously, Mr. Hernandez was the Co-Founder and Managing Partner of Yorkstone Management PR LLC, a boutique capital financing firm based in New York and Puerto Rico and focused on helping the Economic Development Bank for Puerto Rico use financial technology to fund working capital to small and medium-sized businesses affected by hurricanes Maria and Irene. Prior to founding Yorkstone, Mr. Hernandez was a Director at Barclays Wealth & Investment Management, Americas; he specialized in client development and provided his clients with new investments that achieved high risk-adjusted investment returns for individual securities, investment funds and portfolios.
Mr. Hernandez had been a Senior Investment Officer with the Common Retirement Fund before joining Barclays. At that time, he directed several core investment portfolios, restructured and reorganized asset classes and managed a large Emerging Manager multi-asset investment portfolio with a value of over $4.5 billion in equity. Additionally, Mr. Hernandez created several seeding programs that included a real estate fund-of-funds, a private equity fund-of-one and an absolute hedge fund seed platform.
Mr. Hernandez holds a Masters in Real Estate Finance and Investment and a Bachelor of Arts from New York University.
- A Conversation with the Nation's Top Women CIOs (Session A)
Play VideoDiscussion on how the nation’s top women CIOs have managed to succeed in this challenging environment.
Speakers
Anyori (AJ) Hernandez
Director of Emerging ManagersAnyori Hernandez is the Director of Emerging Managers for New York State Common Retirement Fund. Under the direction of State Comptroller Thomas P. DiNapoli and Anastasia Titarchuk, CIO and Deputy Comptroller, the emerging manager team manages in excess of $7 billion in commitments to over 176 emerging firms across all asset classes. The program’s goal is to generate attractive risk-adjusted returns and participate in the growth of next generation talent, reflecting a preference for firms that aspire to strong governance standards as well as diverse and inclusive practices.
Previously, Mr. Hernandez was the Co-Founder and Managing Partner of Yorkstone Management PR LLC, a boutique capital financing firm based in New York and Puerto Rico and focused on helping the Economic Development Bank for Puerto Rico use financial technology to fund working capital to small and medium-sized businesses affected by hurricanes Maria and Irene. Prior to founding Yorkstone, Mr. Hernandez was a Director at Barclays Wealth & Investment Management, Americas; he specialized in client development and provided his clients with new investments that achieved high risk-adjusted investment returns for individual securities, investment funds and portfolios.
Mr. Hernandez had been a Senior Investment Officer with the Common Retirement Fund before joining Barclays. At that time, he directed several core investment portfolios, restructured and reorganized asset classes and managed a large Emerging Manager multi-asset investment portfolio with a value of over $4.5 billion in equity. Additionally, Mr. Hernandez created several seeding programs that included a real estate fund-of-funds, a private equity fund-of-one and an absolute hedge fund seed platform.
Mr. Hernandez holds a Masters in Real Estate Finance and Investment and a Bachelor of Arts from New York University.
Johara Farhadieh
Executive Director and Chief Investment Officer, Illinois State Board of InvestmentJohara Farhadieh serves as the Executive Director and Chief Investment Officer, dedicating over 13 years of her career to the Illinois State Board of Investment (ISBI). She oversees a $20.0 billion-dollar defined benefit fund and a $5.0 billiondollar defined contribution plan on behalf of 156,000 beneficiaries. In this position, Mrs. Farhadieh is responsible for leading ISBI, including all investment operations, managing and executing ISBI’s investment policies and assisting the Trustees in the strategic direction of ISBI.In addition, Mrs. Farhadieh also leads the continued effort of promoting diversity, equity and inclusion within ISBI.
Under Mrs. Farhadieh’s leadership, ISBI developed into one of the nation’s leading pension funds with key accomplishments including the restructuring of the defined benefit fund, as well as a full re‐enrollment of the defined contribution plan. Most recently, the American Investment Council ranked ISBI’s private equity portfolio performance #1 amongst public pension funds for the ten years ending June 30, 2019.
Mrs. Farhadieh continues to be recognized as a thought leader on institutional investing as well as a strong advocate for diversity, equity, and inclusion within the financial industry. Most recently she was recognized by Trusted Insight as a 2020 All-Star Chief Investment Officer. In addition, she was named in Crain’s Chicago Business 2018, 40 Under 40 list. Mrs. Farhadieh serves on the foundation board for La Rabida Children’s Hospital and is a member of the Economic Club of Chicago, New America Alliance, Women Investment Professionals, the National Association of Securities Professionals, and the National Association of Government Defined Contribution.
Mrs. Farhadieh received her Master of Business Administration with honors from the Kellstadt Graduate School of Business at DePaul University and a Bachelor of Science in Finance from the DePaul University College of Commerce.
Cheryl D. Alston
Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of DallasCheryl D. Alston is the Executive Director and Chief Investment Officer of the Employees’ Retirement Fund of the City of Dallas, Texas (“ERF”), a $3.6+ billion pension plan for the City’s civilian employees. Cheryl began her term in October 2004 and provides leadership for the Fund’s staff in implementing the programs necessary to achieve the mission, goals and objectives established by the Board of Trustees.
Cheryl was appointed by President Barack Obama to the Pension Benefit Guaranty Corporation (PBGC) Advisory Committee and served two terms from 2011-2016. The PBGC protects the retirement incomes of more than 37 million American workers in private sector defined benefit plans and has $100+ billion in assets. She also served on several non-profit boards and foundations including the Texas Women’s Foundation, TIDES Foundation, and The Arts Community Alliance (TACA). In 2018, Women Inc. Magazine selected Cheryl as one of the most influential corporate directors.
Cheryl has over twenty-five years of expertise in the financial services industry. She served as an Executive with CIGNA Retirement & Investment Services. Prior to CIGNA, Cheryl has served as a Corporate Banking Officer at Chase Global Services, providing investment banking services for Fortune 500 clients. Cheryl has an M.B.A. in Finance from the Leonard N. Stern School at New York University and a B.S. in Economics from the University of Pennsylvania. She is a former President of the Dallas Assembly, and a member of the Dallas Summit and the International Women’s Forum Dallas. Ms. Alston was recognized by the D CEO Power 500, Institutional Investor magazine and the Dallas Power 50 award.
- A Conversation with the Nation's Top Women CIOs (Session B)
Play VideoDiscussion on how the nation’s top women CIOs have managed to succeed in this challenging environment.
Speakers
Anastasia Titarchuk
Chief Investment Officer, New York State Common Retirement FundAnastasia Titarchuk is the Chief Investment Officer for the New York State Common Retirement Fund. As of March 31, 2019, the value of the Fund was $210.2 billion. Under the direction of State Comptroller Thomas P. DiNapoli, Ms. Titarchuk is responsible for developing and implementing investment strategies to ensure that the Fund remains one of the best-funded and best-managed public pension plans in the country. The Fund holds assets in trust for more than one million State and local government employees and pensioners.
Prior to Ms. Titarchuk’s appointment in August 2019, she had been Deputy CIO since February 2015. She joined the Fund in 2011. She started her career on Wall Street in 1998, working in a variety of leadership roles at Bank of America, Barclays Capital, Lehman Brothers and JP Morgan. Ms. Titarchuk has an extensive background in derivatives. Her experience spans both liquid and structured products across a variety of markets including equities and emerging markets.
Ms. Titarchuk was named as a 2015 Hedge Fund Rising Star by Institutional Investor Magazine. She graduated summa cum laude from Yale University with a B.S. in Applied Mathematics.
Anyori (AJ) Hernandez
Director of Emerging ManagersAnyori Hernandez is the Director of Emerging Managers for New York State Common Retirement Fund. Under the direction of State Comptroller Thomas P. DiNapoli and Anastasia Titarchuk, CIO and Deputy Comptroller, the emerging manager team manages in excess of $7 billion in commitments to over 176 emerging firms across all asset classes. The program’s goal is to generate attractive risk-adjusted returns and participate in the growth of next generation talent, reflecting a preference for firms that aspire to strong governance standards as well as diverse and inclusive practices.
Previously, Mr. Hernandez was the Co-Founder and Managing Partner of Yorkstone Management PR LLC, a boutique capital financing firm based in New York and Puerto Rico and focused on helping the Economic Development Bank for Puerto Rico use financial technology to fund working capital to small and medium-sized businesses affected by hurricanes Maria and Irene. Prior to founding Yorkstone, Mr. Hernandez was a Director at Barclays Wealth & Investment Management, Americas; he specialized in client development and provided his clients with new investments that achieved high risk-adjusted investment returns for individual securities, investment funds and portfolios.
Mr. Hernandez had been a Senior Investment Officer with the Common Retirement Fund before joining Barclays. At that time, he directed several core investment portfolios, restructured and reorganized asset classes and managed a large Emerging Manager multi-asset investment portfolio with a value of over $4.5 billion in equity. Additionally, Mr. Hernandez created several seeding programs that included a real estate fund-of-funds, a private equity fund-of-one and an absolute hedge fund seed platform.
Mr. Hernandez holds a Masters in Real Estate Finance and Investment and a Bachelor of Arts from New York University.
Angela Miller-May
Chief Investment Officer, Chicago Teachers’ Pension FundAngela Miller-May currently serves as the Chief Investment Officer for the Chicago Teachers’ Pension Fund, an $11.2 billion pension fund that services a membership of over 88,000 active and retired Chicago Public School teachers. She focuses on providing strategic portfolio construction, excellent manager selection and rigorous due diligence and provides leadership to a staff of nine in meeting CTPF’s investment goals. Ms. Miller-May joined the Chicago Teachers’ Pension Fund in 2010. Prior to serving as the Chief Investment Officer, she served in several progressively responsible positions at CTPF, including Director of Investments, Portfolio Manager-Alternatives, and Investment Operations Analyst-Risk Management.
Ms. Miller-May serves as a member of the NASP Africa Institutional Investors Advisory Council, a member of SEO’s Limited Partner Advisory Council, a member of the NCPERS CIO Summit Advisory Faculty, a member of Women Investment Professionals and engages with many other organizations.
Ms. Miller-May was recently honored with the Women Investment Professional (WIP) 2020 Trailblazer Award “Distinguished Woman Investment Professional of the Year”, named as one of Institutional Investor’s 2020 Industry Voice Innovators, Crain’s 2019 most Notable Women in Finance, 2019 Trusted Insights Top 30 Chief Investment Officers, Institutional Investor’s 2019 Change Maker of the Year and has had the honor of testifying at a 2019 Congressional Hearing on the topic of Diversity and Inclusion.
Ms. Miller-May earned her M.B.A in Accounting from Kellstadt Graduate School of Business at DePaul University and her B.A. in Economics from Northwestern University.
- Closing Remarks
Play VideoSpeaker
Thomas P. DiNapoli
New York State ComptrollerThomas P. DiNapoli is the 54th Comptroller of the State of New York. Since he became State Comptroller in 2007, his record has reflected an unwavering commitment to protect the people’s money, hold government accountable and build a better future for New Yorkers.
DiNapoli is the sole fiduciary of the New York State Common Retirement Fund, the third largest public pension fund in the nation. His prudent management and focus on long-term, diversified investments steered the pension fund through difficult times and led to it being consistently ranked as one of the best funded retirement systems in the nation.
He has received widespread praise for his efforts to ensure corporations are accountable to shareholders and improve their performance by following sound Environmental, Social and Governance policies. His robust Corporate Governance program has helped increase diversity on corporate boards, ensured workplace protections against discrimination, addressed racial inequality and won greater inclusion of people with disabilities. He is a global leader among investors in addressing climate-related investment risks and has set 2040 as the pension fund’s target for achieving net zero carbon emissions.
Under his leadership, the pension fund has significantly expanded its Emerging Mangers Program from $2.6 billion to more than $7 billion in assets with more than 175 managers. It is one of the only public pension funds to cover every major asset class in its program. The pension fund has approximately $20 billion invested or committed to MWBE firms, which represents approximately one-quarter of externally managed active mandates.
Contact
For conference inquiries, email [email protected].