New Jersey Gov. Phil Murphy signed into law Thursday a requirement that the state's Division of Investment increase opportunities for qualified minority- and women-owned firms to provide investment management and brokerage services to the state.
The division, part of the state Treasury Department, manages investments for the $70.9 billion New Jersey Pension Fund, Trenton.
According to the legislation, the division of investment currently "does not identify how many minority and women-owned financial institutions provide brokerage and investment management services to the state."
The legislation "helps enhance the racial, ethnic and gender diversity of enterprises that provide brokerage and investment management services to the state and still adheres to the state's fiduciary duties," Mr. Murphy wrote in a message accompanying his signature on the legislation.
The bill was approved 34-0 in the Senate on March 26 and 73-4 in the General Assembly on Dec. 17.