New York State Insurance Fund to Host MWBE Investment Forum

February 24, 2014

N.Y. Gov. Andrew Cuomo announced the New York State Insurance Fund (NYSIF) would be hosting emerging Minority- and Women-Owned Business Enterprises (MWBE) asset managers and brokers in a forum designed to further spark statewide job growth and expand investment opportunities to a diverse crop of financial firms.

The Fourth Annual Investment Symposium for financial sector Minority- and Women-Owned Business Enterprises (MWBE) will be held on Wednesday, Feb. 26 at NYSIF offices at 199 Church Street, New York City.

The forum, just one of several that NYSIF organizes throughout the year to attract MWBE vendors in all categories, also advances NYSIF’s existing Emerging Managers program, which uses a number of MWBE asset managers to invest a portion of NYSIF funds. Beginning with an initial allocation of $150 million in 2010, NYSIF assets under management by emerging manager firms now total approximately $258 million as of Dec. 31, 2013.

“Providing the support that MWBE firms need to prosper in New York State continues to be a priority for my administration,” Gov. Cuomo said. “We have made significant progress in reducing barriers and expanding opportunities for MWBEs, and hosting these forums provides another platform for companies from the financial sector to showcase their qualifications and expertise.”

In 2011, Gov. Cuomo established by executive order a statewide team to explore ways to eliminate barriers and expand the participation of MWBEs in state contracting. In October, Gov. Cuomo announced that, for the first time in history, utilization of minority –and women –owned businesses in state contracts reached a record 21.06 percent. In all, $1.48 billion in contracts from a total of 97 public agencies and authorities were awarded to Minority- and Women-Owned Business Enterprises in FY 2012-2013.

Source: The New York governor’s office

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