NAIC Issues Statement on GAO Report on Disparities in Asset Management

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National Association of Investment Companies

Sep 25, 2017, 08:14 ET

WASHINGTON, Sept. 25, 2017 /PRNewswire-USNewswire/ -- Robert L. Greene, President & CEO of the National Association of Investment Companies (NAIC), today commended Congresswoman Maxine Waters (D-CA), Senator Cory Booker (D-NJ), and Congressman Gregory Meeks (D-NY), for their efforts towards removing barriers limiting diverse investment managers from participating in overseeing federal retirement plans. He also stressed the value of greater investment by federal and other entities with these high-performing managers.

"The recent report published by the General Accountability Office (GAO), affirms the message NAIC has been espousing for many years, that the under-utilization of diverse managers, at a time when they are the highest performing segment of the US Asset Managers is not only egregious but defies business logic," says Greene. "We are calling upon all elected officials and fiduciaries to examine the practices and approaches that allow this negligent behavior to exist."

Waters, Booker and Meeks jointly released a statement on a report by the US Government Accountability Office (GAO) that confirmed the challenges faced by qualified managers. Titled "Key Practices Could Provide More Options for Federal Entities and Opportunities for Minority- and Women-Owned Asset Managers," the report also details steps that federal agencies could take to increase opportunities for these diverse investment professionals.

About the NAIC: The National Association of Investment Companies (www.naicpe.com) was founded in 1971 to serve as the industry association for diverse-owned and emerging managers, a number of which rank among the best performing private equity firms and hedge funds in the United States. With more than 40 member firms representing over $85 billion in assets managed, the NAIC is a recognized thought leader on the U.S. Emerging Domestic Market (EDM).

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SOURCE National Association of Investment Companies