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Missouri Investment Trust Adopts Terror-Free Fund
JEFFERSON CITY – The governing board of the Missouri Investment Trust today selected the firm of State Street Global Advisors to manage an equities fund that screens out stocks of companies that are engaged in the sponsorship of terrorism or are operating in countries sanctioned by the U.S. government. The Missouri Investment Trust (MIT) is an agency created by state law to manage long-term funds held on behalf of various cultural groups in the State.
State Treasurer Sarah Steelman, chairman of the MIT board, said the fund will protect Missouri’s investments, and its people.
“I’m happy to tell the people of Missouri that today we’ve taken another step to make sure their money is invested wisely and safely,” said Steelman. “Companies who sponsor terrorism or prop up governments of sanctioned nations who threaten our security should never be supported by public dollars – today the MIT board made sure that won’t happen with this trust fund.”
Steelman also pointed out that the board’s action adds additional safeguards to the value of the fund since terrorism tied investments pose significant financial risks to fund holdings.
State Street was one of several major financial companies that submitted proposals in response to a request from MIT for a screened fund that excludes investments in companies that are reasonably known to be operating directly with the government or a government-controlled agency in U.S.-sanctioned nations, or that are engaged in the sponsorship of terrorism. Nations currently sanctioned by the U.S. are Iran, Syria, North Korea, Cuba, and Sudan. State Street will work with the consulting firm of Conflict Securities Advisory Group, a nationally recognized firm that provides a monitoring service to identify stocks with global security risk. After these stocks are screened from the fund, State Street will rebalance the fund by either replacing screened stocks with comparable stocks or by adjusting the weightings of remaining stocks held in the portfolio.
Steelman has worked steadily to return tax dollars to Missouri through investments her office makes, and to ensure investments of other state funds, such as retirement funds, are not placed in companies or countries sanctioned by the U.S. for ties to terrorist groups. Steelman said she will continue to press the issue. “The people of Missouri do not want their money used to support terrorism, it’s that simple. I will always work my hardest to make sure it doesn’t happen,” said Steelman.
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