About 29% of defined benefit plans, 37 out of 126, had a policy in place to hire diverse money managers, based on responses to Pensions & Investments annual top 1,000 survey of the largest plan sponsors. In 2018, 30 out of 90 DB plan sponsors had a formal policy.
Most DB plan sponsors don't have formal practice to hire diverse money managers
New York State Common Retirement Fund led the way with $31.5 billion of assets managed by women-, minority-, disabled- or veteran-owned money managers. Illinois Teachers' Retirement System, Illinois Municipal Retirement Fund, Massachusetts Pension Reserves Investment Management Board and RTX rounded out the top five with assets ranging from $10.3 billion to $17.9 billion.
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