Progress Investment Management Co., San Francisco, is considering adding firms other than minority- and women-owned money managers to its emerging manager program, Progress Common Trust.
The firm is only exploring the idea and there is no time frame for a decision, said Thurman White, executive vice president.
Clients are handing down mandates to look at emerging managers in a broader sense, said Mr. White. He also noted the pace of minority-owned firm start-ups has slackened recently, reducing the pool of new firms available.
When seeking to add to the trust or to replace firms, Progress might have to look beyond minority-owned firms to locate emerging managers who can contribute to the trust's performance, he explained.