耶鲁大学的大卫·斯文森提醒基金经理注意多样性

2020-10-23 20:01

Yale’s David Swensen Puts Money Managers on Notice About Diversity AdO世界播

耶鲁大学的大卫·斯文森提醒基金经理注意多样性AdO世界播


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Yale’s endowment, one of the largest in the country, is valued at $31.2 billion. AdO世界播

耶鲁大学的捐赠基金是美国最大的捐赠基金之一,价值312亿美元AdO世界播


America’s most prominent endowment chief has a message for the firms that manage the school’s money: Hire more women and minorities, or possibly lose the university’s backing. AdO世界播

这位美国最著名的捐赠负责人向管理学校资金的公司传达了一个信息:雇佣更多的女性和少数族裔,否则可能会失去学校的支持。AdO世界播


David Swensen is the veteran investment chief of Yale University’s $31.2 billion endowment. Earlier this month, he told the dozens of firms that manage Yale’s money they would be measured on their progress increasing the diversity of their investment staffs. Mr. Swensen said the Yale Investments Office would be working to improve its own team’s composition, too. AdO世界播

大卫·斯文森(David Swensen)是耶鲁大学312亿美元捐赠基金的资深投资主管。本月早些时候,他告诉管理耶鲁资金的数十家公司,他们将根据投资员工多样性增加的进展情况进行衡量。斯温森说,耶鲁投资办公室也将努力改善自己团队的构成。AdO世界播


The national discussion over race has resulted in an accelerated push for diversity on boards and in companies across the U.S. It has also prompted some investors to look at investment management, one of the least diverse fields on Wall Street. A 2019 study commissioned by the Knight Foundation found women- and minority-owned firms held less than 1% of assets managed by mutual funds, hedge funds, private-equity funds and real-estate funds in 2017, despite performance typically on par with firms not mostly owned by women or minorities. AdO世界播

关于种族的全国性讨论导致美国各地董事会和公司加速推动多元化。这也促使一些投资者将目光投向投资管理,这是华尔街最不多元化的领域之一。骑士基金会(Knight Foundation)委托进行的一项2019年的研究发现,2017年,女性和少数族裔拥有的公司持有的资产不到共同基金、对冲基金、私募股权基金和房地产基金管理的资产的1%,尽管业绩通常与并非主要由女性或少数族裔拥有的公司持平。AdO世界播


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David Swensen said the Yale Investments Office would work to improve its own team’s composition. AdO世界播

David Swensen表示,耶鲁投资办公室将致力于改善自己团队的构成AdO世界播


Yale’s endowment, one of the biggest in the country, is watched closely by other schools given Mr. Swensen’s stature. He has championed the idea that big investors should diversify beyond stocks and bonds and incorporate qualitative assessments of managers into investment decisions. His approach has generated big gains for Yale and reshaped how endowments and foundations invest. AdO世界播

耶鲁大学的捐赠基金是全美最大的捐赠基金之一,鉴于斯文森的声望,它受到了其他学校的密切关注。他倡导这样的想法,即大投资者应该在股票和债券之外进行多元化投资,并将经理人的定性评估纳入投资决策。他的方法为耶鲁带来了巨大的收益,并重塑了捐赠基金和基金会的投资方式。AdO世界播


“Our goal is a level of diversity in investment-management firms that reflects the diversity in the world in which we live. Genuine diversity remains elusive, giving investors like Yale and your firm an opportunity to drive change,” Mr. Swensen wrote in a letter to money managers this month. Yale plans to ask its managers for relevant data on diversity annually, the letter said. AdO世界播

“我们的目标是投资管理公司的多样性水平,以反映我们生活的世界的多样性。真正的多样性仍然难以捉摸,给了像耶鲁和贵公司这样的投资者一个推动变革的机会,“斯文森在本月写给基金经理的一封信中写道。信中说,耶鲁计划每年要求经理提供有关多样性的相关数据。AdO世界播


Mr. Swensen said firms would be measured annually on hiring, training, mentoring and retaining women and minorities on their investment staffs. Though Yale isn’t mandating specific targets, Mr. Swensen said the university could pull its money from firms that show little progress over time. Small firms that rarely make new hires will likely have more time to show progress, he said. AdO世界播

斯文森说,公司将每年在招聘、培训、指导和留住投资员工中的女性和少数族裔方面进行衡量。斯文森说,虽然耶鲁没有强制规定具体的目标,但该校可能会从进展甚微的公司撤出资金。他说,很少招聘新员工的小公司可能会有更多时间显示出进展。AdO世界播


In a recent Zoom interview, Mr. Swensen, age 66, said he and others at Yale’s endowment had long discussed diversity with managers they were invested in. He said he had held off on systematic efforts to encourage more diversity at those firms in part because of a belief it resulted from an insufficient pipeline of diverse candidates entering asset management. AdO世界播

在最近的一次Zoom采访中,66岁的斯文森说,他和耶鲁捐赠基金的其他人长期以来一直在与他们投资的基金经理讨论多元化问题。他表示,他推迟了鼓励这些公司更加多元化的系统性努力,部分原因是他认为,这是因为进入资产管理的多元化候选人渠道不足。AdO世界播


But the Black Lives Matter movement has had a galvanizing effect on him and the team, Mr. Swensen said, prompting discussions over Zoom about how to address the lack of diversity in the investing world. He immersed himself in newspapers’ coverage of the protests and said he was reminded of the activism of the 1960s, when he was a high-school student reading about the civil-rights and Vietnam War protests from his hometown of River Falls, Wisc. He said he was astonished and heartened by the movement’s impact. AdO世界播

但斯文森说,“黑人生命也是命”(Black Lives Matter)运动对他和他的团队产生了激励作用,引发了有关Zoom的讨论,讨论如何解决投资界缺乏多样性的问题。他沉浸在报纸对抗议活动的报道中,说他想起了20世纪60年代的激进主义,当时他还是一名高中生,在家乡威斯康星州的河瀑布阅读有关民权和越南战争抗议活动的书籍。他说,他对这场运动的影响感到震惊和鼓舞。AdO世界播


“I’m not going to make a contribution by marching anywhere,” said Mr. Swensen, who was diagnosed with late-stage renal-cell cancer in 2012, seated on a couch in his Killingworth, Conn., home. “So I figured, what can we do?” AdO世界播

斯文森先生坐在康涅狄格州基灵沃斯家中的沙发上说,“我不会通过游行来做出贡献的。”斯文森先生在2012年被诊断出患有晚期肾癌。“所以我想,我们能做些什么呢?”AdO世界播


Mr. Swensen said his thoughts on the benefits of diversity in investment management reflect the benefits he has seen at Yale itself. AdO世界播

斯文森说,他对投资管理多元化带来的好处的看法反映了他在耶鲁看到的好处。AdO世界播


Yale’s polyglot student body has enriched the university community and made Yale a more meritocratic place than decades ago, before women were admitted and when a quota on Jews existed, he said. He similarly hopes investment firms staffed by people with the broadest set of backgrounds will outperform those that are overwhelmingly white and male. AdO世界播

他说,与几十年前相比,耶鲁的多语种学生群体丰富了大学社区,使耶鲁成为一个更加任人唯贤的地方。几十年前,在女性被录取之前,犹太人存在配额时,耶鲁大学变得更加任人唯贤。他同样希望,由拥有最广泛背景的人组成的投资公司的表现将超过那些占压倒性多数的白人和男性。AdO世界播


Mr. Swensen suggested in the letter, sent to the 70 U.S. managers Yale is invested with, that they consider recruiting directly from college campuses rather than traditional recruiting grounds such as investment banks. AdO世界播

斯文森在这封发给耶鲁投资的70名美国经理人的信中建议,他们考虑直接从大学校园招聘,而不是从投资银行等传统招聘场所招聘。AdO世界播


He also wrote that he wasn’t focused on whether a firm was majority-owned by a woman or racial or ethnic minority. In the interview, Mr. Swensen said that approach could let managers off the hook too easily and take the focus off of how those firms are building their broader workforce. He also said firms can artificially engineer their ownership structures to fit the bill of being considered a firm owned by women or minorities. AdO世界播

他还写道,他并不关注一家公司是否由女性、种族或少数民族持有多数股权。斯文森在采访中说,这种做法可能会让经理们太容易摆脱困境,并将注意力从这些公司如何建设更广泛的员工队伍中转移出来。他还表示,公司可以人为地设计其所有权结构,以符合被认为是女性或少数族裔拥有的公司的要求。AdO世界播


It is a contrarian view compared with that held by many institutional investors. Firm ownership has become a common proxy for diversity. AdO世界播

与许多机构投资者持有的观点相比,这是一种相反的观点。企业所有权已成为多样性的共同代表。AdO世界播


The ownership metric was crucial in an inquiry earlier this year by Reps. Emanuel Cleaver II (D., Mo.) and Joseph P. Kennedy III (D., Mass.), when the legislators surveyed the largest U.S. college and university endowments to ask about their use of diverse-owned investment firms. Endowments haven’t routinely tracked the diversity of their money managers, but the inquiry and possibility of legislation have helped sparked discussion at multiple endowments beyond even those included in the inquiry, said several endowment chiefs. AdO世界播

所有权指标在今年早些时候密苏里州民主党众议员伊曼纽尔·克利弗二世(Emanuel Cleaver II)的一次调查中至关重要。和约瑟夫·P·肯尼迪三世(马萨诸塞州民主党人),当时立法者调查了美国最大的学院和大学捐赠基金,询问他们使用多元化投资公司的情况。几位捐赠基金负责人说,捐赠基金没有定期跟踪其基金经理的多样性,但调查和立法的可能性帮助引发了多个捐赠基金的讨论,甚至超过了调查中包括的那些捐赠基金。AdO世界播


Rep. Cleaver said in a written statement this week: “Discussions on legislation are ongoing, and we will continue to examine this space closely to see how Congress can further diversify an industry that has preserved an alarming level of historical inequality.” AdO世界播

众议员Cleaver本周在一份书面声明中表示:“有关立法的讨论正在进行中,我们将继续密切关注这一领域,看看国会如何进一步使这个保持了令人担忧的历史不平等程度的行业多元化.”AdO世界播


Despite the push, some female and minority founders say formidable hurdles exist in raising money and that expanding how diversity is considered could make it even more difficult for their firms to grow. In addition, some asset managers say it could be intrusive to make their employees identify their race and gender. AdO世界播

尽管有这样的推动,一些女性和少数族裔创始人表示,在筹集资金方面存在巨大的障碍,扩大考虑多样性的方式可能会使他们的公司更难增长。此外,一些资产管理公司表示,让员工表明自己的种族和性别可能会造成干扰。AdO世界播


The Yale Investments Office will report on the progress it makes on the diversity of its own staff annually, Mr. Swensen said. While the number of female protégés of Mr. Swensen’s that have gone on to run the endowments of schools or foundations outnumbers that of their male counterparts nine to five, Mr. Swensen said Blacks and Latinos should be better represented on Yale’s investment team. AdO世界播

斯文森说,耶鲁投资办公室将每年报告其在员工多元化方面取得的进展。斯温森说,虽然斯温森的女性门生后来管理学校或基金会的捐赠基金的人数超过了男性门生的人数(9比5),但在耶鲁的投资团队中,黑人和拉丁裔应该得到更好的代表。AdO世界播


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The killing of George Floyd on May 25 sparked protests over police brutality and systemic racism. WSJ’s Darren Everson spoke with black professionals to discuss their experiences and what changes they’d like to see. Photo illustration: Adele Morgan (Originally published June 10, 2020) AdO世界播

5月25日乔治·弗洛伊德(George Floyd)被杀引发了针对警察暴行和系统性种族主义的抗议活动。“华尔街日报”的达伦·埃弗森采访了黑人专业人士,讨论他们的经历,以及他们希望看到哪些变化。图片插图:阿黛尔·摩根(原发稿于2020年6月10日)AdO世界播

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