Brooklyn Borough President Eric L. Adams - A Message on the Observances of Holy Week and Passover

As Holy Week continues, I hope this is a truly meaningful Good Friday to all Christian communities observing in Brooklyn. I also offer my deepest wishes for a happy Easter to all those celebrating in and around the borough. 

Tonight also marks the first night of Passover. Jewish communities in and around Brooklyn will begin to celebrate this festive season, and I wish everyone a zissen Pesach. 

 

Our diverse communities of faith help bring Brooklyn together. I take this opportunity to once again thank all of our religious leaders, regardless of their faith, for working together as One Brooklyn. In unity, we're helping to build a safe place to raise healthy children and families in every corner of the borough. Let us all join together to celebrate the hope and renewal of this season.

-Eric

P.S. Save the dates for these upcoming events, which I am proud to support, at and around Brooklyn Borough Hall; please contact our office for additional information  and  visit our Bulletin Board to post items that can be shared across One Brooklyn:   Saturday, March 31st Free Screenings for Colon Cancer Awareness Month Monday, April 2nd to Saturday, April 21st (Select Dates)  Prom Dress & Suit Drive Tuesday, April 3rd  Brooklyn Borough Board Meeting Wednesday, April 4th Financially Savvy Youth Conference Wednesday, April 4th to Monday, April 16th (Select Dates)  FREE Tax Preparation and Filing Wednesdays, April 4th to April 25th Brooklyn Crochets for a Cause: Homeless Outreach Thursday, April 5th to Wednesday, May 16th (Select Dates) FREE Overdose Prevention Training Monday, April 9th to Friday, April 13th Participatory Budgeting Open Voting Period Tuesday, April 17th Uniform Land Use Review Procedure Public Hearing Wednesdays, from April 18th to May 2nd 700 Credit Score Club Thursday, April 19th Stop 'N' Swap Tenant Resource Fair Thursday, April 26th Financial Education Expo Every Monday through Thursday Constituent Assistance Center Walk-In Every Monday through Friday  SCORE NYC Small Business Mentoring Every Tuesday FREE Legal Services for All - Veterans' Issues Every Wednesday FREE Legal Services for All - Family Law Second Wednesday of Every Month FREE Legal Services for All - Foreclosure Intervention and Prevention Second Thursday of Every Month FREE Legal Services for All - Housing Matters, Trusts and Estates, Elder Law, and Government Benefits Second Friday of Every Month  FREE Legal Services for All - Housing Discrimination for Individuals with Disabilities Third Monday of Every Month FREE Legal Services for All - Domestic Violence

Brooklyn Borough Hall | | askeric@brooklynbp.nyc.gov | http://www.brooklyn-usa.org 209 Joralemon Street, Brooklyn, NY 11201

MAYOR DE BLASIO ANNOUNCES THE FIRST EVER HIRING OF A WOMEN-OWNED FINANCIAL FIRM TO MANAGE $100 MILLION OF THE CITY’S DEFERRED COMPENSATION PLAN

Announcement comes on the heels of new policies that seek to increase participation of minority and women-owned firms in the second largest public Deferred Compensation Plan in the country

  To mark the end of Women’s History Month, Mayor Bill de Blasio today announced that, for first time in City history, a women-owned financial firm has been hired to manage $100 million of the City’s Deferred Compensation Plan the voluntary retirement plan for over 180,000 City employees and retirees. The firm – Longfellow Investment Management Co., LLC – is a City-certified, women-owned firm and will be managing assets in the Plan’s Stable Income Fund. The Stable Income Fund is one of seven investment options offered by the Deferred Compensation Plan. Longfellow will be managing assets in the Stable Income Fund’s portfolio that primarily focuses on government fixed income securities.

“While the numbers of women in the workforce are growing every day, asset fund management is still an industry that lags behind. We’ve decided to do our part to help right this wrong,” said Mayor Bill de Blasio. “I always say that this City works best when everyone – regardless of race, gender or ethnicity – has a chance to participate in our economy. The time for women to get a seat at the table has been long overdue, and I look forward to the unique prospective Longfellow Investment Management Co. will bring to the table.”

“With the hiring of Longfellow Investment Management Co. and EARNEST Partners and the implementation of our new M/WBE policy, we are taking steps towards an inclusive and equitable economy,” said Deputy Mayor for Strategic Policy Initiatives J. Phillip Thompson. “We are setting new standards across agencies by having them take a hard look at the diverse and talented businesses that are ready to work with us at every level of City government. Our City knows that investing in our M/WBEs means investing in our communities across the five boroughs.”

“We are excited to partner with the City of New York in the management of assets for its Deferred Compensation Plan,” said Barbara McKenna, Managing Principal of Longfellow Investment Management Co., LLC. “More asset owners are seeking out firms like Longfellow because they recognize the value of diversity and realize that they are missing out on talent if they limit their manager roster to only the largest firms.”

This announcement comes on the heels of the recently enacted policy that seeks to increase the participation of minority and women-owned firms in the Deferred Compensation Plan. The Office of Labor Relations, which acts as the administrator of the Plan, will actively encourage minority and women-owned businesses, and firms that partner with them, to participate in the hiring process. The qualifications of any MWBE firms that make proposals are examined and analyzed in the same manner as is used in examining all other firms. Longfellow was selected because they provided the Plan with the best combination of investment performance and low-cost fees. Over time, $9 billion of funds across the entire plan will become available for management.

This policy also led to the hiring of EARNEST Partners, an African-American led financial firm that will manage assets in the Stable Income Fund. EARNEST Partners will manage $100 million of the same portfolio.

“For the past four years, this Administration has tackled and implemented every policy with an eye towards equity and equality,” said Jonnel Doris, Senior Advisor and Director of the Mayor’s Office of Minority and Women-owned Business Enterprises. “Today is no different. With the hiring of Longfellow Investment Management Co. and EARNEST Partners, we are reminding Cities across America that women and minorities have the talent and expertise to do this work. Not only that, but these businesses also offer diverse and unique perspectives to City programs and projects that impact the lives of countless New Yorkers.”