Callan, Mercer, Russell Investments and Willis Towers Watson are among firms that have recently joined the Institutional Investing Diversity Cooperative (IIDC) to call for more robust data and a broader definition of diversity.
The IIDC was set up at the start of 2021 and contains firms responsible for the stewardship of assets held by institutions in retirement plans, employee health funds, endowments, foundations, operating funds and capital reserves, among others.
Some 13 founding members in January were responsible for the stewardship of more than $4trn of assets held by their client institutions. Membership has now reached 22 consulting firms with total assets under advice of more than $32trn.
Nasdaq data platform eVestment has found 528 asset management firms have reported diversity data on 3,878 products, representing approximately 18% of product volume in its database.
ESG Clarity’s own findings on diversity data collection, analysis and implementation can be found in the latest issue of the digital magazine.
“While much work remains to be done, we are confident that acknowledgement and understanding of the need to provide additional diversity data continues to grow in positive ways among asset managers,” said Shelly Heier, president, Verus, a founding member.
“While our philosophy is to ‘ask and listen’ the pressure is on asset managers to provide diversity data to those of us who assist asset owners in making their investment decisions.”
Heier added IIDC members will retain autonomy around how they use this data on behalf of their clients. As the Cooperative moves forward, members will determine ways the group can expand its perspective and better support the needs of institutional plan sponsors and promote improved diversity in the asset management industry.
Other new joiners include Asset Consulting Group, Alan Biller and Associates, AndCo, DiMeo Schneider & Associates and Sellwood Consulting.