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Illustration: Sarah Grillo/Axios

Alex Doñé is stepping down as chief investment officer for New York City, Axios has learned.

Why it matters: Doñé oversees investments for pension systems that hold more than $250 billion, and cover around 700,000 current and former NYC employees and retirees.

Behind the scenes: Doñé was asked to remain in his position by Brad Lander, the city's incoming comptroller, but declined the request. He will leave at the end of the year.

  • Doñé will be succeeded on an interim basis by deputy CIO Michael Haddad, with a nationwide search for a permanent replacement to be launched shortly.
  • Staffers in the Comptroller Office's asset management unit were informed of the changes in a meeting on Tuesday.

Lander, a progressive Democrat, tells Axios: "The results over the past four years, during Alex's leadership, have been very strong... he's been a very good fiduciary and shown real leadership on fossil fuel divestment and corporate governance... I wish him well, and have full confidence in Mike Haddad."

Go deeper

Supreme Court agrees to hear challenge to affirmative action at Harvard, UNC

Photo: Al Drago/Getty Images

The Supreme Court on Monday agreed to hear a pair of cases challenging the consideration of race in the college admissions processes.

Why it matters: The conservative high court's ruling could determine the future of affirmative action in higher education.

Europe's energy reliance on Russia is a crucial shield for Putin

Photo: Pavel Bednyakov/Sputnik/AFP via Getty Images

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.