About a quarter of endowment management firms in the U.S. working for Georgetown University are majority owned by people from a minority group and/or women, according to a report released Friday.
Georgetown, which maintains a $1.66 billion endowment, is the second U.S.-based institution to release an endowment manager diversity report and the first to do so voluntarily, according to the Diverse Asset Managers Initiative. The University of California system published a similar report in July in compliance with California law.
In 2021, 69 percent of employees at the firms Georgetown worked with were white, 17 percent were Asian, 6 percent were Hispanic and 5 percent were Black, according to the report. Men make up about two-thirds of endowment management employees, and women make up a third.
The firms hired by Georgetown collectively employ 2,333 people.
“We believe increased diversity in the investment management industry, and all industries, is a positive and long overdue evolution for our society,” Georgetown wrote in its report. “We acknowledge that we have the opportunity to partner with more diverse firms. We continue to engage with investment managers to encourage diversity in their recruiting and hiring practices.”