The John S. and James L. Knight Foundation and other foundations are supporting racial equity by moving to diverse asset-management firms, which in turn hire more minority and female managers that back diverse causes, says nonprofit leader Erika Seth Davies. "For the number of foundations starting to lift up diversity, equity and inclusion, and racial equity in particular, it seems somewhat disingenuous for them not to reflect that when it comes to what is really the largest portion of their endowments," she says.
Diversity in asset management helps foundations embrace equity
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