From the Desk of the Comptroller

July, 2008

For the second year in a row, I attended the annual BIO International Conference, which attracts leading life science and biotech companies, international venture capitalists, worldwide financial firms and economic development officials from across the globe. At this year's event, I advocated for a major investment of state pension fund assets into Maryland's renowned life sciences industry.

As vice-chairman of the State Retirement and Pension System, I help manage more than $38 billion of assets for more than 350,000 active and former state employees, teachers, state police, judges, law enforcement officers, correctional officers and legislators. In making this announcement, I intend to work with Treasurer Nancy Kopp and my fellow trustees over the coming months to develop an investment strategy that fulfills our fiduciary responsibilities and strengthens Maryland's economy.

The life sciences industry is one of Maryland's most powerful economic engines and an indispensable source of good-paying jobs, tax revenue, brain power and market innovation. Over the next decade, Maryland's biotech sector is poised to become even more globally pre-eminent. We must take steps now to grow this industry, or 20 years from now our children will be leaving the state and Maryland will be paying the price for our inaction.

I believe that a substantial commitment of pension fund resources to this dynamic and fast-growing sector is a sound investment in our future. States such as California, Indiana and North Carolina have done this and now are experiencing high rates of return with the added benefits of job creation and economic development.

We can and should take pride that the 'Maryland' brand - consisting of a well-educated workforce, strong history of fiscal stewardship and unique federal partnerships - is the envy of other states across the country. I will continue to advocate for the expansion of this important industry which adds so much to our quality of life - even in the tough economic times our nation currently faces.

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