Our mission is to identify, develop and mentor the next generation of successful minority investment talent.
The recent awakening in America to the systemic inequalities faced by people of color has challenged the investment industry to reassess its commitment to diversity. According to a 2017 survey conducted by MMI and FundFire, black professionals account for just a tiny fraction of U.S. asset based roles: managing director (1.4%), senior portfolio manager (1.4%), portfolio manager (1.5%), and senior distribution (1.7%). Latinos are also significantly underrepresented.
Given these results, senior leaders in the asset management industry are actively seeking qualified minority talent. Unfortunately, the candidate pool is very narrow, which underscores the need to invest in the next generation.
Recent data from a 2019 Survey of Consumer Finances quantified the economic realities of different racial and ethnic families in our country. Similar to the 2016 study, White families have eight and six times the wealth of Black and Hispanic families, respectively.
Furthermore, the disparity persists throughout a families' life-cycle. Sadly, young Black families have almost no wealth ($600) when compared to white ($25,000), Hispanic ($11,200) and other ($13,500) young families.
DIME students are given the tools and knowledge to reverse this trend and empower their communities to build meaningful wealth.