Contrary to P&I's story on Progress Investment ("Clients put Progress on their endangered lists," Dec. 9), our firm is not in turmoil. Progress' assets under management remain stable at $3.4 billion, and the firm is profitable. None of our clients is retreating from a commitment to working with talented emerging managers, and Progress' ability to identify such talent continues to be a recognized and valued strength.
The story quotes an unnamed consultant as suggesting that "There is a constant battle within Progress ... (regarding whether) performance or the focus on ... minority-owned and emerging managers" comes first. No such conflict exists. Our firm's investment track record over the past 12 years confirms our belief that achieving competitive investment performance and achieving diversity are complementary rather than incompatible goals.
We're proud of our firm's legacy as one of the industry's pioneers in working with emerging firms. With the support of current and former clients, Progress has funded more emerging, minority- and women-owned investment managers than any other industry organization. We're equally excited about our future and the challenge of working with clients to continue to deliver returns and help them achieve their investment objectives by using emerging firms.
While investment fads may come and go, and market conditions may make investment returns elusive at times, our commitment to our strategy and our place in this industry is unwavering and our commitment to clients is stronger than ever.
Progress Investment Management Co.