Mumbai native named New York’s first investment adviser
August 13, 2010
SUMAN GUHA MOZUMDER
Ranji H Nagaswami
Ranji H Nagaswami, a veteran asset management expert, was named the New York City administration’s chief
investment advisor by Mayor Michael R
Bloomberg last week. This new position has
been created for the administration to have
a full-time, central advisor to the mayor’s
trustees on the five New York City retirement system boards and the New York City
Deferred Compensation Plan Board.
Nagaswami has over 20 years of experience in investment management at large
asset management firms, focusing on the
needs of institutional and individual investors, and has
served as an investment advisor for public pension systems
across the country.
‘We are extremely fortunate to have someone of Ranji’s
deep experience, talent and record of success in managing
major investments across assets classes agree to be our
chief investment advisor,’ Bloomberg said in a statement.
‘The cost to city taxpayers of the pension systems is grow-
ing at an astronomical rate, from $1.1 billion in 2001 to an
expected $7.6 billion this year, which is more than 10 per-
cent of the entire city budget. We will continue to pursue
the reforms desperately needed in Albany to reduce the
unmanageable costs of pension benefits, while
at the same time working to ensure we are get-
ting best possible returns on pension fund
investments and looking at every option.’
Robert K Steel, deputy mayor for economic
development, said Nagaswami’s experience
with large-scale asset management and under-
standing of global capital markets make her
perfectly-suited for the new role.
Impeccable track record
Ranji Nagaswami, who was born and raised in India, earned a bachelor of commerce degree from Mumbai University, and a masters of business administration from Yale University.
She serves on Yale’s investment committee and the
advisory board of the Yale School of Management. She is
a Henry Crown Fellow and serves on the Henry Crown
Board of Overseers at the Aspen Institute.
She previously served as a board member of Covenant
House of New York, an adolescent care agency serving
homeless, runaway and at-risk youth.
Most recently she worked at Alliance Bernstein, a global investment firm with more than $450 billion in client
assets. She last served within the firm’s Blend Strategies
Group as chief investment officer with responsibility for
the firm’s multi-asset and blend equity portfolios.
the week that was
Blackberry faces trouble in India
Indian economy to hit $2 trillion
The Indian economy will grow to $1.72 trillion in 2011-
2012, moving closer towards the $2 trillion mark, accord-
ing to an assessment by the prime minister’s economic
advisory council. The country’s gross domestic product at
the market and current prices was measured at $1.31 tril-
lion in 2009 to 2010 and is estimated to be $1.52 trillion
in the current fiscal year.
The Indian government has warned that it will block BlackBerry-to-BlackBerry messenger service if the maker of
BlackBerry — Research In Motion — does not offer a solution to monitor messages within a week. India had raised
security concerns over BlackBerry messages since 2008. While India wants BlackBerry to allow monitoring of e-mails
and SMS, RIM has said the security architecture for its customers is based on a symmetric key system whereby the customers create their own key and only they possess the copy of the encryption. There are over 1 million BlackBerry users
India has more rich than poor
India has 46.7 million high income households as com-
pared to 41 million in the low income category, the
Capgemini to hire 17,000 in India
Capgemini, the Paris-headquartered information tech-
nology services and consultancy firm, plans to hire
17,000 people in India this year. Its headcount in India at
present is 26,000. Corporate India’s hiring activity is
likely to increase around 30 per cent this year, with bank-
ing, information technology and fast moving consumer
goods sectors leading the industry, global workforce solu-
tions provider Kelly Services has said.
National Council of Applied Economic Research has said.
Households earning less than Rs 40,000 (about $900)
per annum (at 2001-2002 prices) are dubbed as low
income, whereas those with earnings over Rs 180,000
($3,900) fall in the high-income category.
Women speak on their BlackBerry phones in Riyadh, August 5. While Saudi Arabia blocked BlackBerry services, August 6, RIM is facing mounting demands from governments around the world — including the UAE, Indonesia and Bahrain — for access to its vaunted encryption system on national security grounds.
FAHAD SHADEED/ REUTERS