During his first four years in office, Frerichs said, the treasurer’s office not only increased diversity among its investment managers but also increased investment returns to the state. But his office has been less successful during the past year, primarily because the Federal Reserve has kept interest rates paid on Treasury notes at record low levels.
The committee also heard Thursday from the Chicago Teachers Pension Fund, which had about $10.7 billion in assets under management at the end of June, according to its most recent report.
Angela Miller-May, chief investment officer for the fund, noted that CTPF has exceeded its goal of investing at least 20 percent of its total assets through “MWBE” investment managers, which stands for minority, women or disabled business enterprises.
But the largest share of that, just under $2.9 billion, was invested through women-led firms, which Harris argued was actually of little benefit to Black and brown communities.
“But we all know that of women, white women are probably a large percentage of those numbers, so when you really get down to it, the diversity still isn’t there,” he said.
The committee is scheduled to continue its hearings on Friday, when it will hear from the state’s largest pension fund, the Teachers Retirement System. The hearings will wrap up next week when the committee hears from the state’s two new consolidated downstate municipal police and firefighter pension funds.
via The Southern
December 5, 2020 at 08:25PM