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Knight Diversity of Asset Managers Research Series: Industry
John S. and James L. Knight Foundation
This report studies diversity in the U.S.-based asset management industry, using a sample representing $82.24 trillion USD in assets under management (AUM). The analysis finds that only 1.4% of total U.S.-based AUM in our sample is managed by diverse-owned firms as of September 2021. Despite the size and importance of the industry, many observers have pointed to its lack of diversity. To address this concern, the John S. and James L. Knight Foundation commissioned Bella Private Markets to study diversity within the ownership ranks of U.S. asset managers in previous reports published in 2017 and 2019. In this report, the Knight Foundation, along with Professor Josh Lerner of Harvard Business School and Bella Private Markets, builds on these previous studies by using up-to-date data and refined methodologies.