Despite national backlash against diversity, equity, and inclusion (DEI) initiatives, public pension executives are advancing programs supporting diverse and emerging asset managers. Brad Lander, New York City comptroller, affirmed at the 100 Women in Finance conference that NYC’s pension funds will continue prioritizing these programs.

Lander, who spoke to investors earlier in the year about the opportunities offered by a more inclusive economy at the Compass Summer Investors Conference, criticized political opposition to DEI as a threat to capital markets. “It’s a violation of the basic concept that investors ought to be able to manage for risk and return… it’s an assault on U.S. capital markets, in addition to being an assault on gender equity, but it is having a very real effect,” Lander said on the political climate around DEI in a conversation with RFK Human Rights President Kerry Kennedy.

Currently, 13.3% of the city’s $174 billion pension assets are managed by minority- and women-owned firms, up from 11.65% when the system began formally tracking this data in 2022. Lander aims to raise this to 20% by 2030, citing these managers’ strong performance across asset classes.

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