Prudential Financial has made a $200 million commitment through the Prudential DEI Portfolio to private equity investments constructed with a diversity, equity and inclusion lens.
The investments will focus on limited partner stakes in firms with substantial ownership and/or management by women and minorities, particularly those raising capital for first or second funds, Prudential said in a release.
It noted that only 1.3% of the investment industry’s $69 trillion in assets under management is managed by women or people of color.
“Our goal in managing the DEI Portfolio is to provide equity of opportunity for segments that often face challenges in the fundraising process, while also maintaining the rigorous investment standards we’re known for,” said Cherrise Cederqvist, who leads the DEI Portfolio program at PGIM Investments, Prudential’s global asset management business. “Ultimately, we expect the investments made through the DEI Portfolio to result in greater representation and increased assets under management for women and minority-owned investment firms over time.”
“The White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
Just how much does it cost for a financial advice exec to stay out of prison?
The advisor both prices FSK's private loans and gets paid on those prices, the suit claims
The proposal would end decades of paper-first delivery rules, but keeps a paper opt-out and draws early praise from fund and annuity industry groups.
The Trump accounts are “generationally changing” and bring financial literacy to youth, said IRS chief Frank Bisignano.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
