New York City Retirement Systems has honored four financial services companies for their diversity in employment, governing boards, policies and practices a first-time award from Scott M. Stringer, city comptroller and fiduciary for the five pension funds in the $163.1 billion pension system.
A commitment to diversity not only widens the circle of opportunity, it is important to long-term value creation, Mr. Stringer said in a news release.
The business strategies of the "Mad Men' era simply won't work today, he added. Diversity is our fiduciary duty, and these four companies are showing how firms that embrace this concept benefit in more ways than one.
Tyrone Stevens, a spokesman for Mr. Stringer, said the award will be announced annually.
Starting last year, the city's bureau of asset management began using diversity as a factor in evaluating and selecting investment managers, the news release said. The comptroller's office now has a formal survey in which investment managers describe their diversity efforts.