DAMI Releases 4th Annual Investment Consultant Survey

For Immediate Release: February 15, 2022

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

Annual Survey Reveals Diversity Progress Among Top Investment Consulting Firms Is Moving Far Too Slowly

Washington, D.C. - Today, the Diverse Asset Managers Initiative released its 4th Annual Investment Consultant Survey, an assessment of diversity at nearly 30 of the top investment consulting firms in the nation. 

The survey reveals that despite firms’ commitments to diversify, they are moving incredibly slowly. At least one-third of the firms still refuse to provide their diversity data, a terrible sign about the importance they place on the inclusion and advancement of women and people of color. Among firms that did respond, on average, staff members are 72 percent white. 

“There’s no question: Efforts to diversify IC firms are moving at a snail’s pace. While firms love to profess their commitment to diversity, they overwhelmingly don’t back that up with action,” said Robert Raben -- the founder of the Diverse Asset Managers Initiative, an effort to improve gender and racial representation in the asset management industry. “In addition to the clear hypocrisy, this slow movement is financially irresponsible. A mountain of evidence shows that ignoring diversity hurts performance.”

“And of course, we need to talk about the dozen firms that refused to provide any data at all,” Raben said. “It shows a complete unwillingness to actually engage in the diversity conversation and take any accountability.”

This year, out of 28 requested firms, 15 firms responded fully to the survey, and one firm submitted a partial response. On average, among firm owners, 79 percent are white and 68 percent are male. Among senior managers, 89 percent are white and 76 percent are male. 

Predictably, there are significant differences among the firms. 

  • Entire staff

    • The staffs of Agility, AndCo Consulting, Meketa Investment Group, R.V. Kuhns & Associates, StepStone Group, Verus Advisory, Wilshire Associates are all 5 percent Black or less.

    • Crewcial Partners leads the pack in Black representation firm-wide -- 33 percent of staff members are Black. NEPC and Segal Marco Advisors have the second-largest share of Black staff at 10 percent. 

  • Ownership

    • AndCo Consulting and Cammack Retirement Group have no non-white owners, and the share of non-white owners at Captrust, NEPC, R.V. Kuhns & Associates, Segal Marco Advisors, Verus Advisory is 10 percent or less.

    • The firms with the most diversity among owners are Agility, Callan, and Crewcial Partners where a quarter or more of owners are non-white. 

  • Senior Management

    • The senior management of AndCo Consulting, Captrust, Verus Advisory are all 10 percent non-white or less.  

    • The top firms for diversity in senior management are Crewcial Partners (27 percent non-white), Agility (33 percent non-white), and Wilshire Associates (29 percent non-white). 

###

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.

Guest User