Mr. Carey is the Portfolio Manager for the Absolute Return Strategies (ARS) Program, Hedge Fund business, for the New York State Common Retirement Fund. He is responsible for the risk, return and overall management of the ARS Portfolio. The portfolio consists of approximately 50 direct investments in hedge funds across various hedge fund strategies. He is also responsible for the welfare, morale and overall conduct of the ARS staff. Prior to joining the NYSCRF, Mr. Carey worked at Bear Stearns as an Institutional Fixed Income Salesman. He received his BS from the US Military Academy and a MBA in Finance from the University of Southern California. He is also a former Infantry Officer in the US Army.
NYSCRF has approximately $109 billion in assets (FY09), the third largest pension plan in the United States. The pension system has 1.1 million members, retirees and beneficiaries. The hedge fund program was launched in 2005 with a target portfolio allocation of 5%. The portfolio significantly outperformed the HFRI hedge fund index in 2008 after undergoing a significant restructuring that had been launched in late 2007. The hedge fund program utilizes a third-party risk aggregator and independent administrator. New capital investments have exceeded $600 million thus far in 2009, primarily in Global Macro, CTA, and Long/Short Equity strategies.