A news release from the New America Alliance (NAA) said it would be working with Christopher Ailman, chief investment officer of the California State Teachers’ Retirement System (CalSTRS), and New York City Comptroller William Thompson, Jr. to increase the presence of emerging managers in the pension fund system.
Through this new partnership, the NAA and participant institutions that will join the organization under a new membership category, will build stronger relationships with public and corporate pension funds, and assist them in expanding their pool of top performing managers, the news release said. The NAA said it will also assist in establishing initiatives to increase the participation of Latinos in all areas of the pension fund system.
“Board members and legislators have been urging pension funds for more diversity representation in the handling of fund portfolios,” said NAA Chair Marilou Martinez Stevens, in the release. “Broader inclusion of emerging managers, many of whom are minorities and women, is not only the right thing to do; it is also the path towards continued economic growth for our nation.”
CalSTRS is the second-largest public pension fund in the United States. It provides retirement, disability and survivor benefits to California’s 776,000 public school educators. As custodian and investment adviser to all five of New York City’s pension funds, Thompson manages a combined portfolio of almost $95 billion.