WASHINGTON, January 14, 2019 – The National Association of Investment Companies (NAIC) today commended the Diverse Asset Managers Initiative (DAMI) on publishing its first annual Investment Consultant Survey. The survey provides great insight into the underrepresentation of women and racial or ethnic minorities at some of the largest investment management consulting firms in the United States and how it contributes to extremely low engagement of diverse asset managers by many retirement plans.
One of the Investment Consultant Survey’s key findings was that African American and Latino managers are the least represented at these firms (with the exception of American Indians who are not represented in any capacity), with each demographic finishing last in representation at four of the 11 firms surveyed. Women are also severely underrepresented: their ownership status in these ICs is for the most part in the single digits, and never more than in the 20 percent range for some firms. To read the entire survey, visit http://diverseassetmanagers.org/pdf/DAMI_121818.pdf.
“The Investment Consultant Survey quantifies the glaring lack of diversity in the critical function of key advisors to capital allocators,”says Robert L. Greene, President & CEO of the NAIC. “Investment consulting firms must become more inclusive if we are ever to realize any significant change in the status quo. DAMI’s effort towards identifying where the breakdowns occur is a great service to the diverse investment managers who are often overlooked by consultants and pension plans despite delivering superb returns.”
About DAMI: The Diverse Asset Managers Initiative (DAMI) is a consortium of financial services professionals, institutional investors, corporate and philanthropic board members and trade associations committed to raising awareness among institutional investors about the benefits and opportunities of investing funds with diverse-owned asset management firms. For more information, visit http://diverseassetmanagers.org/.
About the NAIC: Based in Washington, DC, the National Association of Investment Companies (www.naicpe.com) was founded in 1971. Comprised of more than 55 member firms representing over $100 billion of assets under management, it is the largest network of diverse-owned private equity firms and hedge funds in the United States.
MEDIA CONTACT
Alan Hughes: 917-993-3842; ahughes@naicpe.com