US. Diversity kept in mind, but not a priority, among pension plans in manager hires

When hiring money managers, U.S. pension funds say they have one thing to make clear: It is their fiduciary duty to prioritize firms that can generate strong returns and mitigate risks. But there are ways that funds make their selection while promoting diversity, regardless of whether they have formal policies for hiring minority- and women-owned programs. Aside from encouraging inclusiveness within the asset management industry, considering the identity of a firm's ownership in hiring practices can help allocators create a broad...