When Over $1.5 Trillion is at Stake, Making a Difference Matters

An Open Letter to Leaders of the Investment Management Industry:

As the leadership of organizations that invest more than $1.5 trillion of pension assets, we, the undersigned, ask investment management leaders to take concrete steps to ensure they are placing their clients’ interests ahead of their own, for the ultimate benefit of the workers, retirees, and taxpayers across North America whose funds we oversee.

CFA Institute, a global organization of more than 140,000 investment management professionals committed to the highest standards of education and ethics, has created a powerful tool for demonstrating public commitment to best practices in asset management: the CFA Institute Asset Manager Code. This enterprise-level code covers a wide range of client-focused topics, including:

  • Manager Conduct
  • Communication with Asset Owners
  • Conflicts of Interest
  • Risk Management
  • Confidentiality

By claiming compliance with the Asset Manager Code, firms dedicate themselves publicly to putting client interests first, raising standards of practice, and contributing to the transparency and integrity of the greater profession. Over 1,300 firms in more than 50 countries already make that public commitment.

We urge investment management firms to embrace the standards set forth in the Asset Manager Code. We are convinced that doing so will send a powerful message to our employees, our business partners, and our stakeholders who count on us to manage the assets entrusted to our care.

Signed May 2017 by:

  • Arizona State Retirement System


  • Caisse de dépôt et placement du Québec


  • California Public Employees' Retirement System


  • California State Teachers' Retirement System


  • Commonwealth of Pennsylvania Public School Employees' Retirement System


  • Employees Retirement System of Texas


  • Illinois Municipal Retirement Fund


  • Massachusetts Pension Reserves Investment Management Board
  • New York City Board of Education Retirement System


  • New York City Employees’ Retirement System


  • New York City Fire Pension Fund


  • Oregon State Treasury


  • State Board of Administration of Florida


  • Teacher Retirement System of Texas


  • Virginia Retirement System


  • Washington State Investment Board
To add your name to the growing list of pension funds who support the CFA Institute Asset Manager Code, email ethics@cfainstitute.org.