6th Annual DAMI Survey Reveals Lack of Progress Amid Attacks on Diversity
Washington, D.C. – Today, the Diverse Asset Managers Initiative (DAMI) released its 6th Annual Investment Consultant (IC) Survey, documenting the persistently weak diversity among leadership/ownership of too many investment consulting firms. The survey reveals that diversity in these firms remains relatively low, with a meaningful decline in racial diversity at the senior management level, and firms still frequently conflating emerging and diverse managers.
“The continual lack of racial diversity among asset managers that we found in this year’s survey is stubborn and troubling,” said DAMI founder and executive director Robert Raben. “Bringing transparency within the asset management industry through the IC survey not only works to change the culture but also identifies opportunities for growth. The backtracking seen in our data, especially of racial diversity among senior management and women at the junior level, is a sign that we must continue putting pressure on these firms to do what is not only their fiduciary responsibility but also the right thing. Diversity is performance. Diversity is returns. What it will take for a data driven industry to accept this fact remains a mystery.”
Despite broader outreach to over 40 of the largest investment consulting firms, participation was at its lowest point since 2020, with only 15 firms providing full responses.
Key findings include:
Investment consulting firms continue to reflect a need for more diversity, particularly at the senior level. On average, respondents' staff remain overwhelmingly white at 70%.
Firm ownership continues to be predominantly male and white, with an average of 78% white and 74% male. Senior management shows slight progress in gender diversity, with an average of 83% white and 60% male.
Compared to last year, this year's firms show less racial and gender diversity among their more junior staff, with junior consultants being 77% white and 64% male.
The survey data also identified a concerning trend of fewer women being included in pools of junior staff hires, raising concerns about the future of women in senior roles as firms build from within.
The staffs of AndCo Consulting, LLC, Meketa Investment Group, RVK, Inc., Verus Advisory, Inc., and Wilshire Associates reported 5% Black or less, similar to last year, with Callan LLC and Agility joining their ranks this year. Crewcial Partners leads in Black representation firm-wide at 25%, down from 28% last year. Willis Towers Watson maintains the second-largest share of Black staff at 11%.
Ownership diversity remains disappointing, with AndCo’s owners all white, and non-white ownership at RVK, Inc. and Segal Marco Advisors under 10%. Crewcial Partners, LLC, and Agility have the most diversity among owners, with nearly a third non-white.
Senior management diversity is also lacking, with AndCo Consulting, Versus, Segal Marco Advisors, and Multnomah reporting no non-white senior managers. Crewcial Partners and Meketa Investment Group lead in senior management diversity at 75% and 33% non-white, respectively.
Increasing diversity requires institutional changes. The survey identifies several challenges, including the frequent conflation of "emerging" and "diverse" managers, policy gaps, and the lack of emerging manager programs.
For more information about the survey and its findings, read the full DAMI IC Survey here.