DAMI Welcomes Report for Advancing Accountability in Public Pension Funds Emerging Manager Programs

The Diverse Asset Managers Initiative (DAMI), an organization dedicated to increasing the participation and assets managed by diverse-owned asset management firms, commends For The Long Term, who, with the support of Raben, recently released the Recommended Practices in Public Pension Fund Emerging Manager Programs report. This report provides an in-depth look at common practices among public sector pension funds with emerging manager programs, examining the elements that best position these programs—and the pension funds they support—for success. 

Crafted through detailed industry interviews with eight state pension funds that have emerging manager programs, half a dozen asset managers who have participated in these programs, and key industry stakeholders, this guidance highlights the practices critical for creating successful emerging manager programs. 

Robert Raben, Executive Director of DAMI, praised the report, stating: 

"Public pension funds hold the keys to shaping a more diverse and higher performing asset management industry. By setting clear objectives, supporting development through structured programs, and prioritizing transparency, these funds can tap into the vast potential of emerging managers, who bring fresh perspectives and often outperform established players. 

"Increasing diversity in asset management isn’t just a nice-to-have—it’s a fiduciary responsibility. The evidence is clear: diverse teams deliver stronger financial outcomes. Yet, emerging managers—especially those led by women and people of color—are often overlooked due to outdated biases. This report provides actionable recommendations that, if implemented, can dismantle these barriers and drive real change. 

"Transparency and accountability, along with data-driven recommendations like those outlined in this report, are essential to fueling transformation. By setting clear diversity metrics and proactively reaching out to underrepresented managers, pension funds can create an equitable, higher-performing investment landscape. DAMI is inspired by this vision and fully supports ongoing efforts to open doors for diverse managers across the industry.”