ImpactAlpha, Oct. 17 – The U.S. Securities and Exchange Commission last week released guidance that investment advisers can consider diversity, equity and inclusion, DEI factors, in recommending asset managers to clients. The guidance is a response to the Asset Management Advisory Committee report last year highlighting the lack of diversity in the asset management industry.
Robert Raben of the Diverse Asset Management Initiative applauded the move but said it is “tough to admit that the opposition to women and people of color in asset management is so stark that the premier regulatory agency was compelled to put out guidance that it’s ok to work with them.”
Disclosure
The SEC is “considering other potential ideas or actions that would help provide transparency on diversity practices, potential biases, and other DEI matters that are proving ever-important to the investing public,” according to an SEC statement.
