Michael G. Trotsky

Mass PRIM

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) believes that diversity of thought leads to better decision making. The fund has a slightly different spin on DEI and utilizes its own nomenclature. MassPRIM’s effort to achieve better outcomes through diversity is called diversity, equity, inclusion, and belonging or DEI&B and applies both internally to the organization as well as externally to decisions on the fund’s investment managers and vendors. The Massachusetts Legislature passed Investment Equity Legislation in 2021 that was sponsored by Massachusetts Treasurer Deborah Goldberg. The initiative requires that a goal be established that not less than 20% of investment managers be minorities, women, and persons with disabilities. Since its passage, MassPRIM has almost tripled the assets managed by diverse managers from $4.4 billion to $11.2 billion. In May 2021, MassPRIM launched the FUTURE Initiative, in part to improve sourcing of diverse managers. Additionally, the fund launched a $1 billion Emerging-Diverse Manager Program. Michael Trotsky is the Executive Director and Chief Investment Officer of the $100 billion fund. He is uniquely qualified to oversee the diversity initiative given his role as founding member of the CFA Institute’s first-ever Diversity, Equity, and Inclusion Code for Investment Professionals. Trotsky’s work at PRIM was preceded by a 25-year career in the private sector, most recently as senior vice president and portfolio manager at PAR Capital Management, a Boston-based absolute return strategy fund. Previously, he was a senior analyst at Greenberg-Summit Partners in Boston and also served as a principal and senior vice president at Independence Investment Associates (a John Hancock subsidiary), also in Boston. He served as a member of the CFA Institute Board of Directors and Chair of the CFA Institute’s Asset Manager Code of Professional Conduct Advisory Committee.