Data around diversity within the investment industry is becoming increasingly available, however, specifics around Black representation are not often being broken out and figures that are available show relatively stagnant growth, according to a review of several reports issued this year.
The events of the last year have presented a unique opportunity for institutional allocators and managers to address diversity, equity and inclusion. Where is the industry heading?
In a year afflicted by the COVID-19 pandemic and acts of racial injustice against minority groups, institutional investment management member associations experienced growth within their organizations.
Kim Lew, president and ceo of Columbia Investment Management Company, the investment management arm of Columbia University, is taking steps to add diversity to its $11.2 billion portfolio and investment processes.
Alternative investment managers Apollo Global Management, Ares Management Corporation and Oaktree Capital Management have announced a $90 million initiative for students attending three Historically Black Colleges and Universities to introduce them to the alternative investment industry.
A group of seed stage investors have announced the launch of Screendoor, a $50 million venture capital fund-of-funds focused on investing in seed stage and early-stage funds from underrepresented communities.
Institutions contemplating how to incorporate more diversity into their investment portfolios need to think beyond the efforts as “nice to have” and focus on the diversification benefits an expanded stable of managers can provide, according to Chavon Sutton, director of manager diversity and inclusion and emerging manager strategy for the New York City Comptroller Office’s Bureau of Asset Management.