NYSIF tops MWBE participation goal in fiscal year 2020-21

NYSIF — the New York State Insurance Fund — says it “far exceeded” its established annual MWBE participation goal of 35 percent in state fiscal year 2020-21. 

It also plans to continue recruiting MWBE financial firms to “further increase their participation in 2022 and beyond.”

NYSIF describes itself as New York’s largest workers’-compensation carrier. It made the MWBE announcement during its 12th annual Minority- and Women-Owned Business Enterprises (MWBE) Investment Symposium held March 1 in New York City. 

The symposium “strengthened its commitment to expanding opportunities for participation in all areas of its investment portfolio,” NYSIF contends. 

“NYSIF continues to be a leader in meeting and surpassing the goals of the state’s MWBE initiative” Kenneth Theobalds, chairman of the NYSIF board of commissioners, said. “But we must reaffirm our commitment and strive to do even better so that our values of encouraging diversity and inclusion continue to reflect in the pursuit of our core mission, delivering superior financial returns and value to NYSIF’s customers.”

For state fiscal year 2020-21, NYSIF allocated nearly 44 percent of dollars paid to asset-management firms and financial institutions to MWBE-certified firms. In all, 54 percent ($1.9 billion) of the $3.6 billion in NYSIF’s externally managed assets were under the management of MWBE firms, including 100 percent of NYSIF’s equities portfolio, per its news release. 

Now in its 12th year, NYSIF’s MWBE Investment Symposium is a forum to further spark statewide job growth and expand investment opportunities to a diverse group of financial firms. 

This year’s event was held in a hybrid format to accommodate both virtual and in-person attendees. It featured programs and panel discussions that addressed topics that included conversations on increasing diversity in capital markets; the pros and cons of being a woman-owned firm; and transforming environmental, social and governance impact in the financial sector.

The MWBE Investment Symposium is one of several events that NYSIF participates in to attract MWBE vendors in all categories and helps to advance the organization’s commitment to hire MWBE asset managers to invest a portion of NYSIF funds. 

NYSIF was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF insures about 139,000 policyholders, with more than $1.8 billion in annual earned premium and more than $22 billion in assets. Described as a “self-supporting” insurance carrier, NYSIF operates without taxpayer funding, it said.