As institutional investors seek a greater number of asset management firms, many are turning to emerging money managers, including more women and minority-owned firms.
The growth of these firms will provide more opportunities for a diverse base of investment consultants and asset managers, many pension advisors believe.
Speaking at Rainbow Push's Wall Street Project Economic Summit in January, Joseph Haslip, assistant comptroller for the New York City Pension Fund, said smaller start-ups are more likely to give opportunities to a diverse pool of candidates. He noted that public pension funds often have close contact with pension consultants, as they simply can't afford to hire and pay talent in the same way as private pension plans and the investment world in general.
Indeed, many investment professionals believe public pension fund managers are the ones generating the buzz that's helping to create opportunities for a more diverse group of money managers and consultants.