- July 28, 2021
- Posted by: Stratford Team
- Category: Business
The number of mandates awarded to diverse-owned firms in searches conducted by Wilshire has nearly doubled since implementing its diverse-owned manager initiative in 2018.
Of the 44 investment manager searches Wilshire conducted in 2020, eight diverse-owned firms, or 18%, were awarded the mandate, up from 13% in 2019 and 10% in 2018, according to a report released by the investment consultant Wednesday.
Joanna Bewick, senior vice president at Wilshire and author of the report, said in a video interview that the firm implemented systems to “put more assets in the hands of talented diverse-owned firms,” including making changes to its compensation system and search process for public securities managers.
“We have an important role to play as a gatekeeper in the asset management industry,” Ms. Bewick said.
One change was instituting the NFL’s “Rooney rule,” which dictates that every manager search that Wilshire conducts includes a diverse-owned firm….
