In 2010, the foundation was asked how much it invested with firms owned by women and minorities. The results of that number were disappointing and we changed our approach. Today, over one-third of our endowment is managed by diverse-owned firms.
As part of our continued commitment, Knight has commissioned ongoing research looking at the state of diversity across the asset management industry, since 2017. As of 2019, majority diverse-owned firms represent just 0.9% of U.S. based assets under management, a figure that increases to just 1.3% for substantially and majority diverse-owned firms. In addition, diverse-owned funds perform at a level comparable to that of their non-diverse peers. As of 2021, $1 out of every $6 dollars of U.S.-based investments by foundations in the 2021 Knight Diversity of Asset Managers: Philanthropy study is managed by diverse-owned firms. We honor transparent foundations as part of the Circle of Transparency.
A study to assess the representation of firms owned by women and racial or ethnic minorities among investment firms used by the country’s top 55 charitable foundations.
“When you know better, do better.” These wise words from the late Maya Angelou reflect Knight’s progress and commitment to identify diverse-owned asset managers when investing its endowment. In 2010, our CEO was asked how much of Knight’s $2.1 billion endowment was managed by firms owned by women or minorities. We looked it up. Given our […]
Since our emergence as a national foundation in 1972, the Robert Wood Johnson Foundation (RWJF) mission has been focused on improving health. In partnership with others, we are working to develop a Culture of Health rooted in equity that provides every individual with a fair and just opportunity to thrive, no matter who they are, where they live, or how much money they have […]
Casey Family Programs believes in fostering diversity, equity and inclusion (DEI) both at our foundation and in our communities. This value is core to our DNA and aligns our work with the diverse constituents we serve. It is an intentional part of what we do and who we are. […]
Working to diversify the asset management industry fits into a larger picture for The Chicago Community Trust and our efforts to advance equity, opportunity, and prosperity. In a city and country where wealth disparities continue to grow, financial services is a lucrative career path, but also an industry that is notoriously homogeneous. […]
The past two years have challenged us as a society. The Black Lives Matter movement reignited a centuries-old dialogue around racial inequality and highlighted the need for urgent action. The COVID-19 pandemic reminded us of the fragility of balance sheets and the vulnerability of our communities – especially those of people of color. […]
A study to assess the representation of women and racial or ethnic minorities among investment firms used by the country’s top 50 charitable foundations For a decade, Knight Foundation has been intentional about identifying high quality, diversely-owned asset managers when investing its endowment. In response to frequent questions from a variety of stakeholders into the […]
Diversifying Investments: A Study of Ownership Diversity and Performance in the Asset Management Industry
Research across a multitude of fields and industries has identified the potential economic and social benefits of diversity. Yet the asset management industry continues to struggle with a lack of diversity. Research studies and articles have consistently documented the low level of representation by women and racial/ethnic minorities among asset managers. Analyzing and exploring diversity […]