Advancing Diversity, Equity, and Inclusion in the Investment Industry
MassPRIM has long believed that diversity of thought leads to better decision making. MassPRIM’s diversity, equity, inclusion, and belonging (DEI&B) efforts are focused both externally on our investment managers and vendors and internally within our own organization.
External
We have long been an active advocate for diversity and inclusion within the investment management industry. MassPRIM Executive Director and Chief Investment Officer Michael G. Trotsky, CFA is a founding member of the CFA Institute’s first-ever Diversity, Equity, and Inclusion Code for Investment Professionals and is promoting the CFA Institute’s efforts for the Code to gain broader acceptance in the investment industry.
Following MassPRIM’s long-standing efforts at investing with diverse managers, the Massachusetts Legislature passed Investment Equity Legislation in 2021. Championed by Massachusetts Treasurer Deborah Goldberg, the law set a goal that not less than 20% of investment managers be minorities, women, and persons with disabilities. Since its passage, MassPRIM has more than doubled the amount of assets managed by diverse managers to more than $14 billion (nearly 13% of the PRIT Fund as of December 31, 2024.)
In May 2021, PRIM launched the FUTURE Initiative, our strategic plan to achieve the goals set forth by this legislation as well as position PRIM to be a leader on improving diversity in the asset management industry.
In 2022, PRIM was awarded the 2022 Commonwealth Equity in Governance Award for the FUTURE Initiative (pictured above). This award is given to “an employee or a group of employees who demonstrate commitment to the principle of equity (non-discrimination, equal opportunity, and diversity and inclusion)” and for activity that “promotes the participation of minority business enterprises and women business enterprises.”
The PEWIN – Private Equity Women Investor Network recognized MassPRIM as “Limited Partner of the Year” for empowering women in private equity. The award reflects both MassPRIM’s work on investing with women and diverse managers through our FUTURE Initiative and the strong leadership presence of women in the asset class at MassPRIM. Senior Investment Officers Alyssa Acker and Helen Huang accepted the award on behalf of MassPRIM in July 2023.
Internal
Our internal DEI&B Policy states:
| “MassPRIM is committed to fostering, cultivating, and preserving a culture of diversity, equity, and inclusion. We recognize that a diversity of perspectives will lead to better investor outcomes; an inclusive and equitable investment industry will better serve our diverse society. Further, we strive to be an organization with an inclusive culture, including awareness and education, and we recognize that organizations with effective working relationships are a better place to work. We are proud to be a signatory on the CFA Institute’s launch of its Diversity, Equity, and Inclusion Code.” |
MassPRIM has advanced DEI&B internally through a comprehensive plan which includes the following components:
- This policy is supported by a transparent DEI&B reporting framework.
- A comprehensive guide to formalize our hiring process, which includes a focus on intentional diversity in each step of our recruitment process.
- Partnerships with affinity groups, such as Girls Who Invest, CFA Institute’s Women’s scholarship, the MA Women+ in Finance Fellowship, the Association of Latino Professionals for America (ALPFA), and the National Black MBA Association (NBMBAA), to help attract, retain and develop an inclusive culture for diverse candidates and employees.
- Regular pay equity studies.
- A firmwide diversity and inclusion curriculum with a focus on unconscious bias training.
MassPRIM also has a formal process to add qualified vendors to our roster from the Directory of Certified Businesses maintained by the Massachusetts Supplier Diversity Office (SDO). The directory includes all registered minority, women, LGBTQ+ and veteran-owned companies.
|
|
