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He decided it was time to level the playing field through technology and data, and although the platform launched in December 2021, the seeds were planted more than 25 years ago, as a young boy being raised by a single mother in Newark, New Jersey. “It really lit a fire under me to create something that could affect change in the industry.” Was it unconscious bias? That was a problem,” he says. But sadly, I have not seen one person who looked like me get hired in 16 years. “The frustrating part ― this is my 16th year in the industry. diverse firms significantly outperform the hedge fund industry in both up and down markets” and “women-owned or -managed hedge funds consistently outperform industry benchmarks,” according to the final report.ĭiligence Fund Distributor’s platform has been in development for two years and was a culmination of several issues that Drew had noticed throughout his career the central focus being the financial industry’s lack of diversity. A 20 study led by Harvard Business School professor John Lerner found that “women and minorities were dramatically underrepresented in mutual funds, hedge funds, private equity (PE), and real estate.” Despite the fact that “diverse hedge funds have stronger performance in terms of absolute and risk-adjusted returns. This lack of diversity in the wealth management industry not only has implications for non-White, non-male managers, but also investors. “A lot of them have truly diverse and differentiated investment solutions to offer, and if you’re looking at Knight and Cerulli’s research, diverse teams and firms outperform their non-diverse peers.”
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We want to allow smaller, diverse, and digital asset managers to punch above their weight class,” Drew says. So, the odd man out is a lot of the diverse asset managers they’re being left with the crumbs. “If you look at the industry as a whole, roughly 90% of all the flow is going to only 10% of asset managers.
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After collaborating with fellow tech gurus, Drew created and launched an innovative SaaS platform that leverages data, automation, and machine learning, allowing his clients to compete with the larger firms that not only control the majority of financial investments in this country, but tend to be lacking in diversity, and using methods that are both excessive and inefficient. His clients are smaller, historically under-resourced teams of diverse asset managers, who are often working in asset classes that wealth management giants are offering in a limited way, if at all. Morgan Chase, and Vanguard - Drew is out to disrupt the old guard industry through his company, Diligence Fund Distributors. And now, after a 16-year career working for the country’s top asset management firms - including Merrill Lynch, J.P. He’s from a place where “not too many people who look like me make it out,” 37-year-old Devon Drew told California Business Journal.