- Diverse Manager REPORT -

Beliefs inform behavior

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Crewcial’s search for talented investment managers and internal staff is informed by the belief that variant perception is the secret to investment success and that intellectual capital is abundant and evenly distributed across global populations.
Dine-2
Dine Grullon
CEO
Because of these beliefs, we act, every day, to nurture an inclusive ecosystem for allocating inspired capital to investors who can leverage their unique perspectives, rooted in differentiated life experiences, to build exceptional portfolios that support our clients' missions.
Michael-1
Michael Miller
Chief Financial Officer
We are proud to share the latest insights and learnings from our decade-long journey raising diversity, equity, and inclusion in the financial services industry.
Angela
Angela Outlaw-Matheny
Director of Diverse Manager Equity

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We are only getting started!

Let's change the world together.

- MISSION RECAP -

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Because of these beliefs, we act, every day, to nurture an inclusive ecosystem for allocating inspired capital to investors who can leverage their unique perspectives, rooted in differentiated life experiences, to build exceptional portfolios able to deliver top-quartile performance for our clients.

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Crewcial Client Allocation to Diverse Managers is

>
12
%

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This illustrates our firm's diverse asset manager allocations over time. Our approach towards sourcing, assessing, and diversification was not as intentional in the earliest years as it would later become. While our exposure to US equity managers appears to decrease over time, this is mainly due to the increased number of diverse manager meetings taken and an overall increase in the number of managers met. The graph also reflects the significant rise in diverse managers within private assets, especially venture capital, where there continues to be a wealth of sourcing inquires and talent across strategies.
 
Fixed income is an area where diversity is notably lacking, and we intend to increase our exposure as we expand our manager reach in this sector. Lastly, while our exposure to hedge funds appears constant over time, this is largely a function of the significant underrepresentation of specifically women, Black, and brown managers in this asset class.

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This shows our number of diverse manager meetings and allocations made each year. After hiring a dedicated professional in 2016, we saw a substantial increase in our sourcing efforts. This person broadened our networks by attending pitch events, participating in listening tours, and speaking at educational forums and conferences across the country. In addition to attracting talent, these efforts provided opportunities for advocacy to help eliminate barriers to entry.

During COVID, there was an increase in both the number of overall manager meetings as well as diverse manager meetings. This was made possible by the wider use of remote technology, which served as a substitute for travel and provided a platform for revisiting many managers on our radar that had not previously made it through our process. This arrangement was particularly advantageous for managers returning to the market or those with limited budgets for meeting institutional investors.

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This shows the changes in our asset allocation over time measured in dollars by asset class. Overall, the greatest number of opportunities consistently lies within private assets. Over the years, we have worked to increase our clients' exposure to this asset class by raising the allowable percentage of allocations and assisting clients with developing an investment policy in support of more robust private-assets programs. Over the years, especially among early adopters, we have helped build programs for many non-profits seeking to provide catalytic capital to this area in line with their mission and values.

 

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To ensure transparency in our data synthesis, it's crucial to understand our methodology for tracking geographic exposure. While many of our US equity managers invest both domestically and internationally, they are only classified as ethnically diverse if their businesses are based in the US. If a manager's business is located in their country of origin and they are the majority demographic of that country or region, they are not considered diverse by our criteria. For instance, a Japanese manager residing in Japan would not be considered a diverse manager according to our tracking methodology. However, such managers are still included in our overall manager count.

 

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