New P&I Survey Reveals Money Managers Still Want to Keep Lack of Diversity in the Shadows

For Immediate Release: June 7, 2021

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

New P&I Survey Reveals Money Managers Still Want to Keep Lack of Diversity in the Shadows, says Diverse Asset Managers Initiative 

Washington, D.C. - Pensions & Investments recently released a survey of the 50 largest money managers in the country. On a question about representation of women and minorities, more than three dozen companies did not respond. 

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

“It is deeply disappointing, but not surprising, that the vast majority of major money managers refuse to provide basic statistics on how many women and people of color they are working with. Virtually every other major industry provides such data. But the financial sector has long opted to shield such information from public view, in hopes of avoiding any real critical examination of its internal lack of diversity. 

“It is absurd to keep withholding data about how these important institutions are doing. And for the industry to move on this issue, the managers at the top need to move first. They need to own up to their diversity dearth, and then take steps to change it. We applaud the money managers who did provide the data, and hope others will follow suit.”

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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.