New York City Retirement Systems will expand by $500 million its commitment to minority and women investment managers, New York City Comptroller John Liu announced Tuesday.
Mr. Liu expects funds to add the $500 million in commitments this year, Stephanie Hoo, a spokeswoman for Mr. Liu confirmed in an e-mail.
The five city pension funds, with a combined $115.2 billion in assets, already have invested a total of $6 billion with firms owned by minorities and women.
Mr. Liu is the chief investment adviser, custodian, and trustee to the pension funds. He announced the additional commitments in remarks prepared for delivery at a minority and women broker symposium held in New York sponsored by the comptroller's office and the city pension system.