The financial industry holds itself out as a meritocracy so, in theory, capital should flock to the firms that generate the strongest returns. Back in 1987, industry commentators forecast that we were at a watershed moment for investment firms owned by women and people of color, and yet nearly 3 decades later, 98% of the $69 trillion in assets under management are in the hands of white men. To quote from the article “The average private foundation in the US has not met its spending plus inflation goal for 20 years and future returns do not look much brighter. Still we allow exclusionary practices to contribute to the erosion of our corpuses, limiting our ability to support social change. Systemic bias is unacceptable in any society that claims to value equal opportunity and moral decency, but it is also hypocritical in an industry that prides itself on no-nonsense, results-driven efficiency.” The Kresge Foundation is taking a novel approach to this problem by pledging to place 25% of their $2 billion endowment with diverse managers by 2025. Will others follow their lead? The full article can be found here.
This past Friday, women in Switzerland staged a day of demonstrations to protest workplace inequality. Childcare is so expensive in Switzerland that many women are precluded from holding more than a part time job, which of course diminishes their career trajectory. The full article can be found here.
Two years after the #metoo movement, non-disclosure agreements are still firmly in place. The NDAs we sign when joining firms limit the ability of an employee to sue if sexually harassed or worse. The full article can be found here.
Finally, a recent study in Sweden found that by giving fathers up to 30 days paid leave to take as needed after the birth of a child reduced the need for mothers’ anti-anxiety prescriptions by 26%; reduced hospitalizations by 14% and reduced antibiotic prescriptions by 11%. The study found that in the vulnerable days after giving birth, giving the spouse the flexibility to use paid leave when the mother needed extra support made all the difference. The US is one of the richest countries in the world. How can we not afford to do this? The full article can be found here.
You may notice a new addition to our homepage. We have created the Limitless jewelry line to both inspire women and help us in our philanthropy mission of supporting the Young Women’s Preparatory network. Proceeds from the purchase of the Limitless charm go directly to the Young Women’s Preparatory Network. Designed for us by one of the nation’s preeminent jewelry manufacturers, this beautiful, inspirational charm comes in both silver and 14 carat gold and can be worn every day on a bracelet or necklace. Please help us support these deserving students while inspiring all the wonderful women in your life.
I would ask each of you to consider corporate sponsorship of TXWSW. Benefits include attendance at our flagship events and recognition for your firm. To learn more, you may find our sponsor information here. Additionally, we would be happy to create a custom sponsorship for you. Please contact Bianca King atdevelopmentdirector@txwsw.com
Kind regards
Christine
