DAMI Praises New Congressional Efforts to Bolster Diversity in Asset Management Industry
For Immediate Release: March 18, 2021
Contact: Carolyn Clendenin, cclendenin@rabengroup.com, 347-869-7382
Diverse Asset Managers Initiative Praises New Congressional Efforts to Bolster Diversity in Asset Management Industry
Washington, D.C. - Today, at a House Financial Services subcommittee hearing on diversity in the asset management industry, Congresswoman Joyce Beatty announced that she would introduce the Diversity Data Accountability Act -- which would require all regulated financial entities to share their diversity data with regulators. Additionally, Congresswoman Maxine Waters is partnering with Congresswoman Beatty to send a letter to the country's 31 largest investment management firms requesting their diversity data.
Robert Raben, founder of the Diverse Asset Managers Initiative, issued the following statement in response:
“We are deeply grateful to Congresswomen Waters and Beatty for their efforts. This is precisely the kind of leadership we need from Washington right now to continue the growing momentum to bolster diversity in the asset management industry. It’s no secret that the sector is overwhelmingly white and male. And yet, institutional investors go to painstaking efforts to hide their data, in an attempt to avoid public scrutiny over their clear biases and discriminatory practices. This is absolutely ludicrous. Data enables us to have a clear picture of what’s happening now, and what needs to be done going forward.
“Fortunately, the movement for transparency is growing -- and fast. Pressure on institutional investors to do better is mounting from all sides -- from legislators, corporations, civil rights leaders, clients, and more. And many investors are finally responding to the pressure, releasing data and taking steps to address our diversity dearth.
“True, lasting change within the asset management industry is within our grasp. We just need to keep up the pressure from all sides.”
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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.