April 19, 2021

Contacts:

Herb Perone

Investment Adviser Association

Tel: +1 202 507 7215

herb.perone@investmentadviser.org

IAA Voices Strong Support for Legislation to Collect Data on Diversity, Equity and Inclusion

Washington, DC (April 19, 2021) – Recognizing that the investment adviser profession “has a long way to go in matters of diversity, equity, and inclusion,” the Investment Adviser Association (IAA) has voiced its strong support for The Diversity and Inclusion Data Accountability and Transparency Act, a legislative proposal scheduled to be marked up tomorrow by the House Financial Services Committee.

In a letter to Committee Chair Maxine Waters (D-Calif) and Ranking Member Patrick McHenry (R-NC), IAA President and CEO Karen Barr said the investment adviser community “must address the issues that have resulted in lack of diversity and must make meaningful progress towards change. To that end, the IAA is committed to working collectively with its members and with policymakers to seek to promote diversity, equity, and inclusion as a value for our industry and to providing education, information, and resources to help foster significant progress.

“The ability to measure progress is critically important,” Barr said in her letter. “For this reason, enactment of the Diversity and Inclusion Data Accountability and Transparency Act would constitute a significant foundational step in addressing diversity in the asset management industry. The IAA urges you and Committee members to support enactment of the Act.”

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About the IAA

The IAA is the leading organization dedicated to advancing the interests of investment advisers. For more than 80 years, the IAA has been advocating for advisers before Congress and U.S. and global regulators, promoting best practices and providing education and resources to empower advisers to effectively serve their clients, the capital markets, and the U.S. economy. The IAA’s member firms manage more than $25 trillion in assets for a wide variety of individual and institutional clients, including pension plans, trusts, mutual funds, private funds, endowments, foundations, and corporations. For more information, visit www.investmentadviser.org or follow us on LinkedInTwitter and YouTube.