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September 12, 2011


Transition at New York State Common Retirement Fund

Marjorie Tsang named Interim Chief Investment Officer

New York State Comptroller Thomas P. DiNapoli announced today that Raudline Etienne, Chief Investment Officer (CIO) of the New York State Common Retirement Fund since March 2008, will leave her position effective September 15, 2011.  Ms. Etienne will be taking a position as Senior Director at Albright Stonebridge Group.  DiNapoli also announced that Marjorie Tsang, currently the Assistant Comptroller for Real Estate Investments, will serve as interim CIO of the Fund.

“Raudline Etienne has been an outstanding Chief Investment Officer for the Fund and we will greatly miss her expertise, character and acumen,” DiNapoli said.  “The Fund has done well in a very difficult economic climate under her watch. She has helped to implement major structural changes to how the Fund does business, modernized the Fund’s operations and has been my partner in making the Fund among the most transparent and ethical in the country.  I wish her all the best in her new position.”

Marjorie Tsang will begin serving as Interim CIO on September 16, 2011.

“Marjorie Tsang has been an integral part of our pension investment and cash management team for nearly two decades and I have full confidence that she will capably guide the Fund during this time of transition,” DiNapoli said.

Tsang, a graduate of Yale University, holds a Juris Doctorate from Columbia Law School.  Before joining the Office of the State Comptroller in 1993, she worked as a real estate finance attorney at Chadbourne & Parke as well as Sage Gray Todd & Sims.  She has served as Assistant Counsel for investment transactions and was promoted in June 1999 to Assistant Comptroller for Real Estate Investments.

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