Two Dozen Leading Institutional Investors Make Landmark Decision To Release Diversity Data; DAMI Applauds Announcement
For Immediate Release: September 29, 2021
Contact: Carolyn Clendenin, cclendenin@rabengroup.com, 347-869-7382
Two Dozen Leading Institutional Investors Make Landmark Decision To Release Diversity Data; DAMI Applauds Announcement
Washington, D.C. - Today, the Institutional Investing Diversity Cooperative (IIDC) -- a collective of 24 institutional plan sponsors and investment consultants dedicated to advancing diversity in the asset management industry -- announced that its members will begin reporting individual firm diversity statistics. In sum, the members advise on more than $32 trillion in assets.
Robert Raben, executive director and founder of the Diverse Asset Managers Initiative, issued the following statement in response:
“This is an absolute game-changer in the asset management industry. For years, DAMI has been pushing leaders in the sector to release their diversity data -- an incredibly small, easy first step towards making the industry more equitable. But time and time again, many large players in the industry refused; they resented being asked, or were concerned that their numbers are so low.
“We are pleased that leaders in the asset management industry are taking it upon themselves to gather and report this data. And we particularly praise investment consultant firm Verus for leading the creation of the IIDC -- a pivotal move towards bolstering diversity.
“It was always our goal to make reporting the industry standard; today’s step makes that more likely. Once a critical mass of IC firms report their diversity -- specifically of their ownership and senior teams -- we can move on to the more salient question: Why are firms so overwhelmingly white and male? By exploring this problem with transparency and critical reflection, we can discover precisely what it will take to bring talented people of color and women into leadership roles at these powerful companies.”
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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.