Foundations and endowments are broadening their approach to promoting diversity and inclusion beyond hiring diverse-owned asset managers, according to a new report.
A university based on the West coast has committed to hearing 100 pitches from diverse investment managers across public and private asset classes in the first half of 2022 as part of its interest in building its exposure to diverse firms.
A foundation based in the Midwest added minority-owned global equity and private equity managers during its finance and investment committee meeting last week.
The poll of large U.S. asset owners found that 70% of white asset owners either somewhat or strongly agree that promotion of diversity comes at the expense of growth.
The recommendations address transparency, disclosure, fiduciary duty, political contributions and investigating discrimination complaints in the asset management industry.