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Former MF Global Exec Lands New Job
December 1, 2011
Kevin Davis, a former MF Global Exec has been hired by NYC Comptroller John Liu to help manage the city's pension investments. The Wall Street Journal reports that Davis was quietly hired in September as head of commodities in the comptroller's Bureau of Asset Management.
Davis left MF Global in 2008 after the firm lost more than 90 % of its market value.
His hiring has drawn criticism from stakeholders in the city's pension system. MF Global was sued by four public pension systems outside New York that claimed the firm misrepresented its risk-management practices to investors.
A Manhattan federal judge approved a $90 million settlement in that case last month.
The comptroller's office said Davis was the best applicant for the job. [cnbc 12/1/11]
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