New York City Comptroller William C. Thompson, Jr. today announced the resignation of First Deputy Comptroller/Chief Financial Officer Adam M. Blumenthal effective January 28. Mr. Blumenthal has served in this role since June 2002, and will leave to form a private equity firm.

During his tenure, Blumenthal oversaw the Comptroller's financial operations, including Budget, Pensions and Investments, and Public Finance, and a detailed evaluation and reorganization of the Comptroller's Bureau of Asset Management (BAM).

“Adam Blumenthal has been an integral part of the Comptroller's Office and will be sorely missed,” Thompson said. “Over the last two and a half years, Adam brought a wealth of financial management experience to the table, and offered valuable guidance during a time when the City confronted formidable fiscal challenges.”

Thompson praised Blumenthal for his work to strengthen BAM and reallocate the assets of the city's five pension systems to permit long-term diversification .

“BAM now has the human and financial resources, the oversight, and the policy infrastructure to enable it to provide a superior level of investment advice and an enhanced level of investment services to the City's retirement systems and their boards,” Thompson said.

Thompson further noted that, under Blumenthal's stewardship of BAM, the office structured innovative investment vehicles such as the City Investment Fund, which has resulted in pension investment in real estate in the City, doubled the private equity program's size and pace with commitments of more than $2 billion, established a new emerging managers program, and put in place an organizational structure including a new master custodian for the city's pension assets, a risk management unit and substantial professional staffing to support the pension systems investment initiatives.

Mr. Blumenthal joined the Comptroller's office after serving as Vice Chairman of American Capital Strategies, Ltd., a publicly traded buyout and mezzanine fund.

“It has been a privilege serving Comptroller Thompson for the last two and a half years,” Blumenthal said. “I leave with great satisfaction that we have implemented innovations in asset management with much success. I am also proud to have been part of Comptroller Thompson's important work in analyzing the federal government's pledge to the City after the September 11 th terrorist attack, and in managing the City's budget crisis.”

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