Key Takeaways
- • New York City Comptroller Mark Levine has appointed Monte Tarbox as Chief Investment Officer of the Bureau of Asset Management (BAM), making permanent a role Tarbox has held on an interim basis since the start of 2026.
- • The BAM serves as investment advisor and custodian to the five New York City public pension systems, which together are valued at $316.34 billion according to the Comptroller's office.
- • Tarbox previously served as president of the AFL-CIO Investment Trust Corporation until January 2024 and spent ten years as Executive Director, Investments, at the National Electrical Benefit Fund.
- • The appointment is framed by the Comptroller's office as a response to geopolitical pressures and market volatility, with a mandate to maximize risk-adjusted returns and advance sustainable long-term portfolio growth.
Summary
New York City Comptroller Mark Levine announced on March 31, 2026 the appointment of Monte Tarbox as Chief Investment Officer for the Office of the New York City Comptroller's Bureau of Asset Management. Tarbox has served as interim chief investment officer since the beginning of the year, and the permanent appointment formalizes his leadership of the Bureau.
The Comptroller's office described the appointment as timely given the size of the pension assets under management, which total $316.34 billion across the five New York City public pension systems. The office said mounting geopolitical pressures have raised the importance of a prudent investment strategy able to withstand persistent market volatility. In the role, Tarbox will ensure the Bureau carries out the Comptroller's responsibilities as investment advisor and custodian to the systems, drive a strategy aimed at maximizing risk-adjusted market returns, and pursue sustainable long-term portfolio growth. He will work closely with the systems' trustees and independent investment consultants.
Levine said Tarbox's judgment and investment management experience had already proven to be the leadership needed amid economic headwinds, and that the appointment would reassure trustees and pension members that safeguarding assets remains the top priority.
Tarbox has more than three decades of investment management experience, including work with several pension and retirement plans nationally. He was president of the AFL-CIO Investment Trust Corporation until January 2024, served ten years as Executive Director, Investments, for the National Electrical Benefit Fund, and was chief investment officer of the Machinists National Pension Fund. He also held senior roles at IFM Investors and investment consulting firms in Chicago, Washington, and Melbourne. In 2024, President Joseph R. Biden appointed him to the Advisory Committee of the Pension Benefit Guarantee Corporation. He sits on the investment committee of the Maryland State Retirement and Pension System and served 18 years as a trustee on the Board of Investments for the Montgomery County Public Schools Retirement System. He previously spent two years as Executive Director of the AFL-CIO Center for Working Capital, where he developed a trustee training program on fiduciary duty.
Tarbox holds a Bachelor of Arts from Carleton College and an MBA from the University of Chicago with a finance specialization.
The Comptroller's office described the appointment as timely given the size of the pension assets under management, which total $316.34 billion across the five New York City public pension systems. The office said mounting geopolitical pressures have raised the importance of a prudent investment strategy able to withstand persistent market volatility. In the role, Tarbox will ensure the Bureau carries out the Comptroller's responsibilities as investment advisor and custodian to the systems, drive a strategy aimed at maximizing risk-adjusted market returns, and pursue sustainable long-term portfolio growth. He will work closely with the systems' trustees and independent investment consultants.
Levine said Tarbox's judgment and investment management experience had already proven to be the leadership needed amid economic headwinds, and that the appointment would reassure trustees and pension members that safeguarding assets remains the top priority.
Tarbox has more than three decades of investment management experience, including work with several pension and retirement plans nationally. He was president of the AFL-CIO Investment Trust Corporation until January 2024, served ten years as Executive Director, Investments, for the National Electrical Benefit Fund, and was chief investment officer of the Machinists National Pension Fund. He also held senior roles at IFM Investors and investment consulting firms in Chicago, Washington, and Melbourne. In 2024, President Joseph R. Biden appointed him to the Advisory Committee of the Pension Benefit Guarantee Corporation. He sits on the investment committee of the Maryland State Retirement and Pension System and served 18 years as a trustee on the Board of Investments for the Montgomery County Public Schools Retirement System. He previously spent two years as Executive Director of the AFL-CIO Center for Working Capital, where he developed a trustee training program on fiduciary duty.
Tarbox holds a Bachelor of Arts from Carleton College and an MBA from the University of Chicago with a finance specialization.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.