January 7, 2021
Consulting Firms Ask Asset Managers to Disclose Diversity Data
Verus and others have formed a diversity coalition as institutional pressure grows for greater racial equity.
More than one dozen consulting firms are forming a diversity coalition amid greater calls for progress toward racial equity at the asset manager level.
The group, calling itself the Institutional Investing Diversity Cooperative (IIDC), stewards more than $4 trillion in assets and is seeking more transparent data on diversity from investment teams, according to a release from investment consultant and outsourced chief investment officer (OCIO) provider Verus and research firm eVestment.
“This is a critical issue for our industry,” Verus President Shelly Heier said in a statement. “And we had no doubt that our fellow consultants would rally behind a call for clarity and more useful data that would allow us to measure diversity beyond firm ownership.”