Foundations are trying to increase diversity, starting with the firms that manage their assets. The Nathan Cummings Foundation announced in a press release this month that Black-owned asset-management firms Bivium Capital and WestFuller Advisors will manage its endowment from now on.
Separately, the MacArthur Foundation pledged to have at least 20% of its assets invested with firms led by people of color and/or women by 2024, according to a statement released last week.