FEDERALhearing transcript

Hearing on Diversity in Asset Management

Original title: DIVERSE ASSET MANAGERS: CHALLENGES, SOLUTIONS, AND OPPORTUNITIES FOR INCLUSION

January 1, 2020

financial services diversity and inclusion asset management investment pension funds

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The Frame

What this does

This hearing explores barriers to entry and growth for minority- and women-owned investment firms, which manage assets for public and private pension funds and foundations.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Diverse-owned asset management firms

These firms are the subject of the hearing regarding their inclusion and participation in the investment industry.

Pension funds and foundations

These entities manage large pools of capital and are the primary clients for asset management services.

What changed

Last recorded activity January 1, 2020.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on Diversity and Inclusion held a hearing on June 25, 2019, to examine the challenges and opportunities for diverse-owned asset management firms in the financial services industry. The session featured testimony from industry experts and investment officers regarding inclusion practices in the investment sector.

Key Facts

The hearing was held on June 25, 2019, in the Rayburn House Office Building.
The subcommittee examined the inclusion of diverse asset managers in the financial services industry.
Witnesses provided testimony on the challenges and opportunities for diverse-owned firms.
The record includes various statements and reports, such as the 'Garcia Rule' for investment managers adopted by the Metropolitan Transit Authority of Harris County.
The hearing record includes the Chicago Teachers' Pension Fund 123rd Comprehensive Annual Financial Report from 2018.

Frequently Asked Questions

What is the purpose of this subcommittee hearing?

The hearing was convened to discuss the challenges and opportunities for s in the financial services sector.

Who testified at this hearing?

Witnesses included Brenda Chia (AAAIM), Meredith A. Jones (Researcher), Juan Martinez (Knight Foundation), Angela Miller-May (Chicago Teachers' Pension Fund), and John W. Rogers, Jr. (Ariel Investments).

Why It Matters

This hearing explores barriers to entry and growth for minority- and women-owned investment firms, which manage assets for public and private pension funds and foundations.

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Adoption of the Garcia Rule

The hearing record highlights the 'Garcia Rule' as a specific policy mechanism used by public pension funds to increase the inclusion of diverse asset managers.

Metropolitan Transit Authority of Harris County

Connected Entities

personAngela Miller-May“Chief Investment Officer, Chicago Teachers' Pension Fund”Map →

personJoyce Beatty“Chairwoman of the Subcommittee on Diversity and Inclusion”Map →

personJuan Martinez“Vice President/Chief Financial Officer and Treasurer, Knight Foundation”Map →

personBrenda Chia“Founding Board Member and Co-Chair, Association of Asian American Investment Man”Map →

personMeredith A. Jones“Investment Researcher and Author”Map →

personJohn W. Rogers, Jr.“Chairman, CEO, and Chief Investment Officer, Ariel Investments”Map →

organizationSubcommittee on Diversity and Inclusion“Subcommittee of the House Committee on Financial Services”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

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