InvestmentNews hosted its fifth annual Excellence in Diversity, Equity & Inclusion Awards Wednesday to celebrate individuals and firms that are helping to make financial advice a more diverse profession.
Seven firms and 15 individuals were honored, including Lifetime Achievement Award winner Eddie Brown, the founder, executive chairman and senior portfolio manager of Brown Capital Management, one of the oldest African American-owned asset management firms in the country, which today manages $17.5 billion.
At the event held in New York City, Brown recounted his story of growing up in Allentown, Pennsylvania, attending Howard University thanks to a mysterious philanthropist, and starting his career in engineering before transitioning to finance and investment management as the first African American professional hired by T. Rowe Price.
Things weren't easy right away.
“I went in July of 1973. For the next two year, the stock market — straight downhill,” Brown said in a conversation with InvestmentNews Diversity, Equity & Inclusion editor Joanne Cleaver. “2008 was a piece of cake, and the current market is a piece of cake. There’s nothing to it. But those two years were a brutal baptism into the world of growth investing.”
After 10 years with T. Rowe, Brown decided to launch his own firm, just months after his friend John Rogers launched Ariel Investments.
“I give John credit for being the oldest African American-owned investment firm in the country, but it's only by six months,” he said.
Brown also discussed his passion for “paying it forward,” which has included donating tens of millions of dollars to programs that promote arts and public health in African American communities.
In addition to the lifetime achievement award, InvestmentNews honored four advisers in the early stages of their careers who have already contributed to improving diversity in the industry. These Rising Stars include Mercy Ameyaw, director of municipal dealer sales with Raymond James Financial; Pammi Bhullar, director of DE&I at Edelman Financial Engines; Catalina Franco-Cicero, a wealth adviser with Tobias Financial Advisors; and Peggy Haslach, a financial adviser with The Finity Group.
Ten others were also recognized as See it, Be it Role Models — individuals who have succeeded in the industry and inspire others from diverse backgrounds to pursue a career in financial services.
Three firms — Angeles Investment Advisors, Edelman Financial Engines and The Irick Group (affiliated with Merrill Private Wealth Management) — received Outstanding Practices awards for initiatives that had demonstrable results in making a firm more diverse and inclusive.
Diversitas, The Financial Alliance for Racial Equity, Freeman Capital and Onyx Advisor Network all took home Diversity Champion awards for offering internal or external programs aimed at improving financial literacy in traditionally underserved communities.
The complete list of award winners can be found here.
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