Duke University Publishes Diversity Data

Duke University Management Company (DUMAC) recently affirmed their commitment to identifying and eliminating systemic racism and bias in their culture and investment processes by publishing publicly the diversity data of the approximately 128 third-party asset managers, which it has selected to assist in managing university endowment assets.

DUMAC is controlled by an 11-member Board of Directors appointed by the Duke University Board of Trustees’ Executive Committee. DUMAC operates under a trustee-approved investment policy and has been delegated broad authority in managing the university’s investments.  DUMAC’s staff works with the assistance of about 250 investment advisory firms and partnerships to help the university meet its investment goals.

The Cleaver / Kennedy Report

On July 10, 2020, Congressman Emanuel Cleaver, II (D-MO) and Congressman Joseph Kennedy, III (D-MA) sent inquiries to 25 colleges and universities asking for information regarding the participation of women and minority-owned asset management firms in the administration of endowment assets. Colleges and Universities associated with the largest higher-education endowments received an inquiry; 24 of 25 institutions submitted response letters to the Congressmen aiding Congress in its understanding of institutional policies, practices and efforts. Those response letters are below:

• University of California

• The University of Chicago

• Columbia University in the City of New York

• Cornell University

• Duke University

• Dartmouth College

• Emory University

• Harvard University

• Johns Hopkins University

• Massachusetts Institute of Technology

• University of Michigan

• Northwestern University

• The Ohio State University

• University of Pennsylvania

• Princeton University'

• Rice University

• Stanford University

• University of Southern California

• The University of Texas System

• The Texas A&M University System

• Vanderbilt University

• University of Virginia

• Washington University in St. Louis

• Yale University

National Action Network Letters

The National Action Network began 2020 by sending letters to ten of the country’s largest university endowments asking that they disclose who is managing their endowments and what, if any, efforts they are making to ensure that diversity is a priority. The university response letters are below:

Columbia University

Cornell University

Harvard University

University of Michigan

Massachusetts Institute of Technology

University of Pennsylvania

Princeton University

Stanford University

Texas A&M University

Yale University