
New York City Comptroller: Ax Rule Forcing Private Equity to Pay Legal Bills
Mandate now forces PE operators to cover their own litigation tabs in disputes, instead of passing along the costs to NYC pension fund investors.
The asset manager and former consultant is the sixth investment chief to head the fund in about 13 years. He starts Jan. 16.
Right now, the investment head can’t earn a salary above the governor’s $167,000, half what the chief could make elsewhere.
Andrew Junkin will lead the state pension system’s investment operations after 15 years at the consulting firm.