Congressional Black Caucus Turns to Asset Managers for Diversity
- Pushes hedge funds, mutual funds to use leverage as investors
- ‘Now is not the time to relent,’ letter sent Wednesday says
This article is for subscribers only.
The Congressional Black Caucus wants more African-Americans to sit on boards and in the C-suites of U.S. companies, and they’re asking some of the financial industry’s biggest lobby groups for help.
The caucus, in a letter dated Wednesday, urged leaders at lobby groups for the mutual fund and hedge fund industries to encourage member firms to have “frank conversations” about increasing black diversity with companies in which they invest. The caucus reasons that as shareholders, asset managers hold American companies accountable on a number of issues, and diversity should be no different.