DAMI Applauds MacArthur Foundation’s Commitment to Bolstering Diversity Among Asset Managers

For Immediate Release: September 24, 2021

Contact: Carolyn Clendenin, cclendenin@rabengroup.com, 347-869-7382

DAMI Applauds MacArthur Foundation’s Commitment to Bolstering Diversity Among Asset Managers

Washington, D.C. - This week, the MacArthur Foundation announced that it aims to have at least 20 percent of its assets with U.S.-based managers invested with firms led by managers of color and/or women by 2024. 

Robert Raben, executive director and founder of the Diverse Asset Managers Initiative, issued the following statement in response:

“We applaud the MacArthur Foundation’s leadership to increase diversity among its asset managers. Women and people of color have been systematically excluded from the financial sector for far too long, even though data shows that these managers perform at par, and at the elite levels, better than peers.  Excluding women and people of color from managing endowments harms returns. 

“These days, it’s incredibly rare for foundations to make such a strong, specific commitment for change. MacArthur, on the heels of Kresge’s previous decision to set goals, is terrific.”

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The Diverse Asset Managers Initiative is an effort to increase the absolute number of, and assets under management by, diverse-owned asset management firms for institutional investors, with specific focus on public, corporate, faith and labor union pension funds as well as foundation and university endowments.