Pennsylvania Treasurer Robin L. Wiessmann today announced
the creation of a treasury investment program focused on Pennsylvania’s emerging and minority money managers, according to
the treasurer’s office.
The Treasury Opportunity Fund will bolster the treasury’s
investment portfolio and help small management firms in the treasury’s
portfolio, Wiessmann said in statement.
Wiessmann has partnered with Philadelphia-based PFM Asset Management,
a predominantly women-and-minority-owned financial and asset management firm,
to help screen and choose the best emerging money managers from around the
state. PFM will help manage these firms, according to Wiessmann’s office.
“While the treasury has worked with smaller
women-and-minority-owned-firms in the past, without working with PFM to
actively identify the smaller firms, there is a chance (the smaller firms)
could have been overlooked and might not have received these investment opportunities,”
said Elizabeth Kupchinsky, spokeswoman for Wiessmann.
The treasury will initially invest $400 million in the
program, Kupchinsky said.