NYSIF Hosts MWBE Investment Forum

February 24, 2015

The New York State Insurance Fund (NYSIF) today hosts its Fifth Annual Minority- and Women-Owned Business Enterprise (M/WBE) Investment Symposium at its headquarters in New York City. The event brings together nearly 100 M/WBE asset managers and brokers in a forum designed to further spark statewide job growth and expand investment opportunities to a diverse group of financial firms.

The forum, one of several events that NYSIF organizes throughout the year to attract M/WBE vendors in all categories, also advances NYSIF’s existing Emerging Managers program, which hires M/WBE asset managers to invest a portion of NYSIF’s investment portfolio. Beginning with an initial allocation of $150 million in 2010, NYSIF assets under management by emerging manager firms now total approximately $354 million as of December 31, 2014.

“New York has made significant progress in reducing barriers and expanding opportunities for M/WBEs,” Executive Director Eric Madoff said. “NYSIF is firmly committed to Governor Cuomo’s goal of increasing opportunities for New York State M/WBE businesses. I am proud to say NYSIF has consistently exceeded the Governor’s goals and leads the way in financial services participation.”

Last October, Governor Cuomo increased the state’s goal for M/WBE state contracting utilization to 30 percent, the highest such target in the nation for any state government. Through the first three quarters of state fiscal year 2014-15, NYSIF’s overall agency-wide M/WBE utilization was 49.17 percent.

Over the past several years, NYSIF has worked diligently with M/WBE financial firms to increase their participation in its investment activities. From July 2010 through June 2014, NYSIF has increased the total dollars paid to M/WBE-certified asset management, financial institution and professional service providers by 166 percent.

Not only has NYSIF been successful in attracting M/WBE firms, but these firms have performed well and have enhanced the investment performance of NYSIF. In state fiscal year 2013-14, more than 55 percent of dollars paid went to M/WBE certified asset management firms and financial institutions, up from 27.55 percent in 2012-13. M/WBE asset managers currently invest 77 percent of NYSIF’s externally managed assets.

NYSIF Board of Commissioners Chairman Kenneth Theobalds said: “NYSIF continues to utilize a variety of outreach programs to expand opportunities for M/WBE businesses in all areas of procurement. NYSIF’s commitment to opportunities for diverse M/WBE firms is consistent with our strong support of New York businesses, and this event is a great way for M/WBE firms in the financial sector to pursue new opportunities for growth and job creation in New York.”

NYSIF Commissioner and Investment Committee Chairman David Ourlicht said: “NYSIF’s Board of Commissioners has established an M/WBE Asset Management and Financial Institution Strategy aimed at increasing utilization of M/WBE investment and financial services firms. Our M/WBE strategy helps us not only find potential M/WBE investment firms, but also allows us to work with some of the most talented assets managers and brokers in the business while delivering superior financial returns to benefit NYSIF’s customers.”

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