MF Global Executive Lands New Job — Pension Manager
New York City Comptroller John Liu has hired the former chief executive of MF Global Holdings to help manage the city's pension investments.
The Wall Street Journal reports that Kevin 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 percent 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.