MWVD Firms

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Diversity is Good for Business

The Treasurer’s Office believes that our government should mirror the diversity in our state. And beyond that, diversity is good for business. Research demonstrates that diverse-owned companies are often well-situated to ascertain capital inefficiencies in the market, and as such, many are primed to outperform their peers. See our Focus on Inclusion Flyer.


That’s why we’re focused on providing more opportunities to qualified Minority, Women, Veteran, and Disabled-owned (MWVD) firms. Preference is accorded to qualified businesses that demonstrate or attest that (1) greater than 50% of the ownership interest of the firm is held by minority, female, veteran, and/or disabled persons, OR (2) greater than 75% of the firm’s senior managers are minority, female, veteran, and/or disabled persons. Definitions of “minority,” “female,” “veteran,” and “disabled person” are located in the Business Enterprise for Minorities, Females and Persons with Disabilities Act (30 ILCS 575) and Sections 45-57 (“Veterans”) of the Illinois Procurement Code (30 ILCS 500/45-57).


The Treasurer’s Office seeks a wide variety of financial services and products from MWVD firms, including, but not limited to:

Broker/Dealer Services

Treasuries Supranationals
Agencies Commercial Paper
Foreign Bonds  Municipals
Corporate Bonds Repurchase Agreements






Investment Management Services

Fixed Income Cash & Cash Equivalents
Public Equities Real Estate
Private Equity Venture Capital
Securities Lending -






Banking Services

Custody and Safekeeping Depository Services
ACH Transactions Lockbox Services
Cash and Check Processing Credit and Debit Card Processing





Other Investment Services

Investment Consulting Linked/Time Deposits
Bond Arbitrage Third-Party Research





Procurement Opportunities

For non-investment related opportunities, including RFPs, RFIs, invitations to bid, and other related areas, please visit our Procurement Opportunities page.


Contact the Treasurer’s Investment Team

MWVD firms should contact to provide an overview of their business capabilities and discuss available investment opportunities. MWVD firms should also download and submit both the Diversity Profile Form and Capabilities Questionnaire, which provides the Treasurer’s Office with a resource to be proactive in identifying business opportunities with MWVD investment firms.  Submit completed questionnaires to    


  • RFP Process – All RFPs now provide points in the scoring process to MWVD applicants.
  • Preference for MWVD Investment Firms – Policies and procedures establish uniform operating processes across investment divisions for the allowance of preference to qualified MWVD-owned firms.
  • Garcia Rule:  Mandatory inclusion of MWVD Firms in Investment Searches – Require that for every search for an external investment manager, our consultants must include at least one diverse-owned manager.
  • Corporate and Mutual Fund Board Diversity – Treasurer’s Office advocates for racial and gender diversity on corporate and mutual fund boards, which is a critical dimension of effective board performance.  
  • Diversity & Inclusion Disclosures – All firms seeking to business with the office must disclose how their firms promote diversity and equal opportunity.
  • Enforcing Community Investment Standards – Treasurer’s Office reviews a financial institution’s record of commitment to its community when deciding whether to do business with that firm.  Institutions with a rating below “satisfactory” are now ineligible.
  • MWVD Business Liaison – Staff are specifically deployed to assist MWVD firms in doing business with the Treasurer’s Office.  Contact
  • Diversity Survey – The Treasurer’s Office conducts an annual survey wherein business partners are required to disclose information on diversity among their ranks as well as details on how their organization promotes diversity and inclusion.
  • MWVD Broker/Dealers – Since 2015, the Treasurer's Office increased utilization of diverse broker/dealers from 1% to 76%.  In FY 2014, total assets brokered with MWVD firms was $603 million.  In FY 2018, total assets brokered with MWVD firms was $35 billion.  That’s 58 times more utilization.  Track these results on The Vault.

  • MWVD Asset Managers – Increased from $16 million in January 2015 to $408 million in November 2018.  That’s a 25-fold increase.  Track these results on The Vault.
  • Illinois Growth and Innovation Fund – $77 million has been invested in MWVD technology funds as of June 2018.  Also, 49 diverse-owned businesses have received support through ILGIF.
  • Board Diversity – Since 2017, the Treasurer’s Office and the Midwest Investors Diversity Initiative have successfully engaged nine companies that appointed diverse board members and 23 companies that adopted diverse board candidate search policies to explicitly consider race, ethnicity and gender when recruiting new board members.
  • Gender Board Diversity – As a member of the Thirty Percent Coalition, the Treasurer’s Office and fellow investors have successfully engaged 151 companies that have now appointed a woman to their boards.
  • Shareholder Proposals – The Treasurer’s Office has introduced shareholder proposals at seven companies, asking that senior company leaders address board diversity shortfalls and formally adopt a policy to enhance diversity among board directors.  All seven companies have either appointed a woman or minority board member or successfully adopted the requested policy.
  • Proxy Votes – The Treasurer’s Office exercises its proxy voting rights to support proposals on increasing board diversity, gender pay gap reporting, and the inclusion of diversity as a performance metric for CEO pay.  In 2018, voted against 128 directors due to a lack of gender diversity on the Board.  See our proxy voting dashboard.