Lot’s of good ideas here. But also a big gap.

Yes, there is institutional racism in America and in the asset management industry.

But there also is a more subtle problem: the tendency for existing elites to promote “their own” and protect their positions. Those elites will naturally favor “virtue signaling” over real actions that have tangible impacts on their wealth and position. Changing that requires real action that involves money and jobs.

Sure, it’s past time to widen the hiring/interview process to HBCUs. But we must recognize that the system of higher education has fundamental barriers to diversity. Legacy admissions are a huge part of that problem. How about refusing to recruit at universities that allow legacy admissions? Or not serving on their investment committees?

And don’t just set generic “diversity” goals. Be specific. Don’t do business with firms that don’t provide on-site child care to all employees. Don’t contract out things like janitorial services. Hire those people directly and give them good pay and benefits. Link senior management compensation to specific outcomes.

Yes, it is important to work within the system. But lets not be afraid to call out systemic problems and insist that they change.