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Diverse Asset Managers Initiative

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Diverse Asset Managers Initiative is a partnership of financial industry companies and professional organizations that works to increase the number of non-white and female financial asset managers.

The initiative supported proposed federal legislation to encourage the increased use of non-white and women-owned financial asset-management firms. 1

Activities

Diverse Asset Managers Initiative is a partnership of organizations in the financial services industry that works to increase the number of non-white and female financial asset managers. 2 The main target of the initiative is institutional investors. It targets public, corporate, faith, and labor-union pension funds, as well as foundation and university endowments. 3

The initiative is a partner of the Intentional Endowments Network, a left-wing membership organization that seeks to have university endowments divest from producers of conventional energy and move towards investing politically encouraged investments in order to create an “equitable, low carbon, and regenerative economy.” 4

In April 2022, U.S. Senators Tim Kaine (D-VA) and Cory Booker (D-New Jersey) and Rep. Joyce Beatty (D-OH) introduced the Too Narrow to Succeed Act, which would encourage federally controlled trusts and retirement plans to increase the use of non-white- and female-owned asset management firms. This would be done by requiring the Department of Labor to conduct a survey of best practices in asset management. Under the bill, external management in federally controlled trusts and retirement plans would be forced to release annual reports about the use of non-white and women owned asset management firms. In addition, the federal government would issue a set of best practices to reduce barriers to the use non-white and women owned asset management firms. 5 Diverse Asset Managers Initiative called it “crucial legislation for the asset management industry.” 6

In June 2022, Democratic senators led by Sen. Bob Menendez (D-NJ) sent a letter to 25 large companies requesting information about diversity among their pension plan managers. The initiative supported the letter, claiming that the companies have shielded information about the lack of diversity among pension fund management. 7

Membership

Diverse Asset Managers Initiative was founded in 2016 by Amalgamated Bank, American Federation of Teachers, Exelon Corporation, Knight Foundation, National Association of Investment Companies, RG+ Associates, Service Employees International Union, and Silicon Valley Community Foundation. 8

Leadership

Robert Raben is the executive director of Diverse Asset Managers Initiative. He is a principal of the lobbying firm The Raben Group. Previously, he was a staffer on Capitol Hill, Democratic counsel to two subcommittees of the House Judiciary Committee, and an Assistant Attorney General in the Clinton administration. 9

The co-chairs of the board are Mary Kay Henry, international president of the Service Employees International Union; Alberto Ibarguen, president and CEO of the John S. & James L. Knight Foundation; John W. Rogers Jr., chairman and CEO of Ariel Investments; and William A. Von Hoene, Jr., chief strategy officer of Exelon Corporation. 10

References

  1. Croce, Brian. “Bill to Boost Asset Management Diversity Introduced.” Pensions & Investments. April 27, 2022. https://www.pionline.com/legislation/bill-boost-asset-management-diversity-introduced
  2. “Diverse Asset Managers Initiative.” Diverse Asset Managers Initiative. Accessed October 24, 2022. https://www.diverseassetmanagers.org/.
  3.  “Diverse Asset Managers Initiative.” Diverse Asset Managers Initiative. Accessed October 24, 2022. https://www.diverseassetmanagers.org/.
  4. “IEN’s Partners.” Intentional Endowments Network. Accessed October 24, 2022. https://www.intentionalendowments.org/partners.
  5. Croce, Brian. “Bill to Boost Asset Management Diversity Introduced.” Pensions & Investments. April 27, 2022. https://www.pionline.com/legislation/bill-boost-asset-management-diversity-introduced.
  6. Croce, Brian. “Bill to Boost Asset Management Diversity Introduced.” Pensions & Investments. April 27, 2022. https://www.pionline.com/legislation/bill-boost-asset-management-diversity-introduced.
  7. McKinney, Jeffrey. “Senators Intensify Pressure to Uplift Diversity among Asset Managers.” Black Enterprise. June 10, 2022. https://www.blackenterprise.com/senator-menendez-leads-drive-among-peers-to-boost-diversity-in-lucrative-corporate-pension-fund-business/.
  8. “Diverse Asset Managers Initiative (Dami) Launches Website, Aiming to Increase Number of Assets Managed by Diverse-Owned Firms.” Amalgamated Bank. March 21, 2016. https://www.amalgamatedbank.com/news/diverse-asset-managers-initiative-dami-launches-website-aiming-increase-number-assets-managed.
  9. [1] “Robert Raben.” The Raben Group. Accessed October 24, 2022. https://rabengroup.com/people/robert-raben/.
  10. “Diverse Asset Managers Initiative (Dami) Launches Website, Aiming to Increase Number of Assets Managed by Diverse-Owned Firms.” Amalgamated Bank. March 21, 2016. https://www.amalgamatedbank.com/news/diverse-asset-managers-initiative-dami-launches-website-aiming-increase-number-assets-managed
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