Albany should force diverse asset management for its pension funds

The pandemic has exacerbated the great economic inequality in our society. Fortunately in New York, vaccination rates are up and infection rates continue to decline. But we cannot just return to life pre-pandemic. We must carry the momentum for change, spawn in the last 14 months, into all facets of life and address major inequities.

One of the more significant areas in need of dramatic reform is asset management. According to a study by the Knight Foundation, “firms owned by minorities and women manage only 1.1% of the industry’s total $71.4 trillion in assets under management.” Our bill, A05575/S063267 would apply to all those with significant investment

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