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Dear John,
Last weekend, I was excited to announce some good news at the National Action Network [[link removed]] alongside Rev. Al Sharpton in Harlem:
Since my tenure as Comptroller began, the five NYC pension systems have increased investments with Minority- and Women-owned Business Enterprises (MWBE) asset managers by over $6 billion.
That’s a 37% increase—from $16.8 billion at the end of FY22 to $23.08 billion at the end of FY24. Read the full report with more numbers here [[link removed]] .
This helped the NYC pension funds achieve a 10% return in FY24 that saved taxpayers $1.8 billion. That’s money we can use to invest instead in affordable housing, schools, and public safety.
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What do these numbers tell us?
Investing in diverse asset managers delivers strong returns for our nearly 800,000 current and future NYC retirees. Investment firms owned by people of color and women are among the pension funds’ best performing managers.
That isn’t “woke." It’s just the truth. Diversified investments reduce financial risk, boost returns, and help close the racial wealth gap for Black and brown New Yorkers.
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Rev. Al Sharpton and Comptroller Brad Lander at the National Action Network headquarters.
As the Rev. said, you can’t have political power without economic power. Our work with MWBEs is financial evidence we’ll use to fight against those who are trying to push America backwards.
I’m so proud of this work within the Bureau of Asset Management [[link removed]] , led by our Chief Investment Officer, Steven Meier, and the Head of our Diverse and Emerging Manager program, Taffi Ayodele. Read our 2024 MWBE report here [[link removed]] .
With hope for a more equitable New York,
Brad
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Office of the New York City Comptroller
Our mailing address is:
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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