The New York State Insurance Fund announced Eric Madoff joined NYSIF as executive director on Monday, Jan. 6. Madoff was elected to the executive director role by NYSIF’s Board of Commissioners at its regular monthly meeting on Dec. 18, 2013.
Madoff joins NYSIF from the New York State Department of Financial Services (DFS), where he served as chief of staff from 2011 to 2013.
At DFS, Madoff had operational responsibility for an agency of 1,400 employees, overseeing administration, finance, technology and other support areas, while implementing initiatives to improve efficiency and customer service. During that time, he oversaw the successful merger of the New York State Insurance and Banking departments to create DFS, negotiating labor issues with employee unions and helping to execute the transition under budget.
From 2009 to 2010, Madoff was chief investment and strategy officer for the New York Liquidation Bureau. He was responsible for $2 billion in investment assets for the bureau, which manages insurance companies placed into receivership by DFS. Working with actuaries and portfolio managers, he developed benchmarking strategies, investment guidelines and cash flow projection tools.
Madoff served as a captain in the United States Army from 1987 to 1992. Subsequent to his military service he entered the financial services sector, joining Goldman, Sachs & Co. in 1994, where he worked in several positions, including vice president of Equity Capital Markets. In 2000, he left to become a U.S. equity analyst and principal of Aeneas Capital Management, LP. From 2002 to 2008, he was a portfolio manager and partner of JD Capital Management, LLC.