Diversity is so important in higher education that even the money managers with no other connection to the school must reflect the progressive view.
Inside Higher Ed reports:
Higher Ed Asset Management Lacks DiversityHow diverse are the asset management firms managing the endowments of the 50 wealthiest U.S. colleges and universities? That’s a question the Knight Foundation set out to answer—but one that remains unclear, since 34 of the 50 wealthiest institutions aren’t willing to talk about it.The research, which looks at the top 25 public and top 25 private universities, provides an incomplete picture, given the underwhelming participation of institutions. Four colleges self-reported data, leaving only 12 universities that provided asset manager rosters to the researchers.But if an answer can be pulled from the limited data: their asset management firms are not very diverse at all.The study, released Thursday as an interim report due to the lack of comprehensive data available, was a joint effort by the Knight Foundation and the New York University Stern Center for Business and Human Rights. It relied on research conducted by Global Economics Group, a business management consultancy.Unpacking the StudyAmong the 16 universities that participated either partially or fully, there are significant differences in diversity. According to Stanford University, which self-reported data, 38 percent of its assets are under management with diverse firms—the highest reported figure of any institution in the study.Duke University, which fully participated by sharing its asset management rosters with researchers, has 32.1 percent of assets in the hands of diverse firms.On the opposite end of the spectrum, diverse-owned firms manage 6.6 percent of Rutgers University’s assets and 10.3 percent of Michigan State’s.
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