DAMI Statement: After Push From Congressmen, Universities Finally Disclose Some Diversity Data. But There's Still a Long Way to Go.

For Immediate Release: August 3, 2020

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

Congressmen Cleaver and Kennedy Break Through Silence on Diversity Data for Major University Endowments 

Washington, D.C. - Friday marked the deadline for top universities to respond to a letter from U.S. Representatives Emanuel Cleaver II (D-Mo.) and Joseph P. Kennedy III (D-Mass.) requesting information on the institutions’ commitment to diversity. The letter was sent to 25 leading schools in early July, and the majority have provided responses.

In the letter, the Congressmen pointed out the underrepresentation of women and people of color among asset managers. They also asked specific questions about the universities’ commitment to diversity. 

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

“Congressmen Cleaver and Kennedy are absolutely making the difference in the long, stubborn refusal of Universities to discuss whether they work with women and people of color in the management of their endowments. We look forward to the release of the data provided, so that we can move on to the more salient question: with studies demonstrating high performing women and people of color in asset management, why aren’t Universities working with them?”

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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.