The $32.7 billion Maryland State Retirement and Pension System, Baltimore, has received the National Association of Securities Professionals' 2009 Pacesetter Award for the system's vigorous support and promotion of minorities and women in the securities industry, according to a news release from the system.
The award recognizes the system's Terra Maria Fund, which was launched last September to recruit developing money management firms, the news release said.
The award was given because the state significantly revised, expanded and transformed its emerging manager program, said Orim Graves, NASP's executive director, in an interview.
The Terra Maria Fund is another in the system's set of investment strategies designed to produce high, risk-adjusted returns for our members, said Nancy Kopp, Maryland state treasurer and chairman of the fund's board of trustees, in the release. At the same time, given the fact that so many of this country's smaller asset management firms are minority and women owned, the diversity of our asset managers is increased as well, Ms. Kopp added.
The Terra Maria Fund had 80 submanagers and assets of $1.8 billion as of May 31. Doug Halonen