Sen. Bob Menendez calls on SEC to take steps to improve diversity

U.S. Sen. Bob Menendez, D-N.J., and nearly two dozen other lawmakers called on the Securities and Exchange Commission on Monday to implement measures that could increase racial and gender diversity in the $70 trillion asset management field.

Menendez sent a letter to SEC Chairman Gary Gensler urging the commission to accept recommendations by a subcommittee of its Asset Management Advisory Committee that could reduce disparities in an industry whose leadership ranks remain predominantly white and male. 

Companies owned by women or people of color manage less than 1% of global financial assets, according to the letter, citing findings from the subcommittee.  Meanwhile, roughly 84% of the sector’s executives are white and about 75% are men.

That lack of diversity means both the industry and investors are leaving money on the table, the letter claims, noting a series of reports that have found more diverse leadership in the C-Suite and board room boosts profits.

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