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Gilbert Garcia, founder of Garcia Hamilton & Associates, is shown in Houston.Melissa Phillip, Houston Chronicle / Staff photographerShow MoreShow Less
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The Fearless Girl statue stands in front of the New York Stock Exchange in New York s Financial District.Mary Altaffer, STF / Associated PressShow MoreShow Less
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Gilbert Garcia, founder of Garcia Hamilton & Associates, is shown in Houston.Melissa Phillip, Houston Chronicle / Staff photographerShow MoreShow Less
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From left, House Financial Services Committee Chairwoman Maxine Waters, D-Calif., Rep. Anna Eshoo, D-Calif., chair of the House Health Subcommittee, and Rep. Sylvia Garcia, D-Texas, rush to the chamber for a vote.J. Scott Applewhite, STF / Associated PressShow MoreShow Less
Tomlinson: Asset management industry creates unfair barriers for firms owned by minorities, women By Chris Tomlinson, Staff writer
Funny how people with wealth and power find ways to hold onto them.
The small world of asset management, where companies make money investing the wealth of others to grow it ever larger, has proved incredibly efficient at keeping outsiders at bay. The leading firms in the field remain dominated by white men, though they offer only middling returns.
Needless to say, people are beginning to ask questions. U.S. Reps. Maxine Waters, D-Calif., chairwoman of the House Committee on Financial Services, and Joyce Beatty, D-Ohio, chair of the Subcommittee on Diversity and Inclusion, have demanded the nation’s 31 largest investment firms provide diversity data.