Diversifying is a common phrase when it comes to investing, but the Walters Art Museum is putting a little different spin on the idea. The Mt. Vernon museum signed on with new investment firms to manage its portfolio that are owned by women and people of color.
The museum chose four new firms to manage a portion of its $115 million endowment portfolio.
They include Baltimore-based Brown Capital Management, boutique investment firm Channing Capital, Cleveland equity hedge fund manager Elizabeth Park Capital Management and Houston-based Garcia Hamilton and Associates.
“We made it a priority to engage more minority and women-owned investment management firms,” said Board President Ellen Bernard. “By doing this, we are adding a group of high performing managers to the Walter’s investment portfolio.”
The museum’s leaders are hoping the move creates a “ripple effect” through other Baltimore institutions.
Wonderful. People of penises and no color have been managing the money for far too long. Glad to see people of color and people of vaginas and people of mammary glands will be running the show.