Asset and capital allocations often exacerbate systemic racism across the financial services in some surprising ways. Innovators in the fields of asset management, banking, impact investing and pensions suggest there are also many ways to disrupt the cycle. Shifting the flow of capital could help reduce or eliminate institutional barriers and racial discrimination.
Featured guests:
- Jacob Walthour, co-founder of
Blueprint Capital Advisors - Angela Miller-May, chief investment officer of the
Chicago Teachers' Pension Fund - Bill Mayew, professor of accounting at Duke University’s
Fuqua School of Business - Saqib Bhatti, co-executive director of the
Action Center on Race and the Economy - Rachel Robasciotti, founder of
Robasciotti & Philipson - Bill Bynum, CEO of
Hope Credit Union
Suggestions for further reading/ways to get involved:
- “
Diversifying investments : A study of ownership diversity and performance in the asset management industry,” John S. and James L. Knight Foundation, January 2019 - “
What’s in a (school) name? Racial discrimination in higher education bond markets,” Journal of Financial Economics, December 2019 - “
Police brutality bonds : How Wall Street profits from police violence,” The Action Center on Race and the Economy, June 2020 - “
Investors want details on bonds that pay for police misconduct,” Roll Call, July 2020 Destin Jenkins: Debt and the underdevelopment of Black America, Just Money, June 2020- “
Black-owned investment firm sues New Jersey for racial bias ,” The Wall Street Journal, June 2020 - “
How to advance racial & economic justice with municipal bonds,” Robasciotti & Philipson, November 2020 - “
Stop funding systemic racism . This list can help.” Robasciotti & Philipson, June 2020 - The
racial equity, economics, finance and sustainability initiative from the Croatan Institute Transformational deposits through Hope Credit Union- “
Race influences professional investors’ financial judgments ,” Proceedings of the National Academy of Sciences of the United States of America, August 2019 - “
Testimony of John Rogers , chairman of Ariel Investments, before the House of Representatives Committee on Financial Services Subcommittee on Diversity and Inclusion, June 2019 - “
Diverse asset managers : Challenges, solutions and opportunities for inclusion, House of Representatives Committee on Financial Services Subcommittee on Diversity and Inclusion, June 2019 - “
Advisor opens in-house racial justice investment strategy to other FAs, clients ,” Financial Planning, August 2020 - “‘
Decarcerate’ portfolios: Planner exhorts advisors to help defund mass imprisonment ,” Financial Planning, June 2020 - “
The potential and limits of Black-owned banks ,” Urban Institute, March 2020 - “
Banks give Black-owned businesses advantage on supply-chain finance terms, The Wall Street Journal, November 2020 - “
JP Morgan Chase to spend $30 billion to close the racial wealth gap ,” USA Today, October 2020 - “
Twitter to invest $100 million in new finance justice fund managed by Opportunity Finance Network,” Opportunity Finance Network, November 2020 - “
Morgan Stanley awards $5 million to Opportunity Finance Network to support equitable COVID-19 recovery in underserved communities,” Opportunity Finance Network, August 2020 - “
Google and Opportunity Finance Network launch $125 million fund for small businesses,” Opportunity Finance Network, March 2020 - “
BBCF, Hope Credit Union and foundation partners announce program giving Black Belt communities immediate access to COVID response funds,” Hope Credit Union, August 2020 - “
Wells Fargo awards $13.5M grant to the Expanding Black Business Credit initiative,” Hope Credit Union, July 2020 - “
Netflix invests $10 million in Hope to build economic opportunity in Black communities,” Hope Credit Union, June 2020