The U.S. Conference of Mayors voted unanimously on Monday in favor of supporting the Diverse Asset Managers Initiative, which is focused on increasing the number of institutional assets managed by diverse-owned money managers, confirmed DAMI spokeswoman Nery Espinosa.
Stephen K. Benjamin, mayor of Columbia, S.C., who presided over the conference's annual meeting, introduced the resolution. The resolution follows a similar one adopted by the African American Mayors Association last year.
"Cities across the U.S. hold incredible economic power and control important institutional assets, public pensions in particular," said DAMI Director Robert Raben in a statement. "These assets should be managed by a group as diverse as the community they serve. Today, the U.S. Conference of Mayors sent a strong national signal that diversity is not only the right thing to do, but it is fiscally smart in order to achieve the best returns for their cities.
Added Mr. Raben: "We are thrilled to partner with mayors across the country to implement policies and take concrete steps to effectively measure their investments with diverse asset management firms and increase their recruitment and use of diverse money managers."
DAMI, a consortium of financial services professionals, institutional investors, corporate and philanthropic board members, and trade associations, looks to educate institutional investors on the benefits of investing assets with diverse-owned asset management firms.