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Manager Selection

Wilshire Releases Diverse-Owned Manager Report

The sixth annual report finds that Wilshire’s diverse clients more than doubled since 2018.
By Matt Toledo



Diverse manager firms are on the rise, according to Wilshire Advisors, which released on Wednesday its annual Diverse-Owned Manager Initiative Report, highlighting the growth of these managers between 2018 and 2023.

The firm has tracked diverse manager data since 2018. Over that six-year span, its study found that the number of Wilshire’s clients investing with diverse managers has increased to 51% at the end of 2023 from 20% in 2018. On a more discouraging note, the firm found that assets under management by diverse owned firms remains low.

Wilshire defines diverse managers as firms with at least 51% ownership by people who are non-majority race, female, non-binary, disabled or veterans. 

“The inclusion of diverse managers in manager searches has been a hallmark of Wilshire for the past two decades and since we started to formally report on our efforts in 2018, we’ve seen tremendous growth, but there is still a long way to go,” said Joanna Bewick, a managing director and portfolio manager at Wilshire, in a press release. 

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Other key findings from the report include:

  • The inclusion of diverse-owned manager firms in manager searches grew to 71% from 46% between 2018 and 2023. Nine searches from clients did not include diverse managers, while 22 did;
  • Wilshire found that the number of identified diverse owned private market firms in its proprietary data increased to 242 firms, a 77% increase from 2021; and
  • Diverse owned firms manage 2.6% of Wilshire’s client’s assets.
  • Since 2018, Wilshire has more than doubled its consulting meeting hours to 121 last year from 58 in 2018.

“As the investment management industry becomes increasingly complex and investors’ needs evolve, our annual report reaffirms our commitment to raising the profile of these managers among our clients and consultants.” Bewick continued. 

Wilshire advises over $1.4 trillion in institutional assets for over 500 clients, the firm also manages $112 billion in assets as of December 31, 2023. 

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CalPERS Commits $1 Billion to Boost Diversity Among Alts Managers

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Home > News > Corporate Moves > Swedish Pension AP7 Blacklists Oil Giant Aramco
Corporate Moves

Swedish Pension AP7 Blacklists Oil Giant Aramco

The $115 billion fund also added six other firms to its banned roster for ‘acting against the targets of the Paris agreement.’ Most are in China.
By Michael Katz



Swedish pension fund AP7 has added oil giant Saudi Arabian Oil Co., better known as Aramco, to its blacklist along with six other firms for “acting against the targets of the Paris Agreement.” 

The pension fund (assets: $79 billion) said the seven companies have failed to act in line with the Paris Agreement due to large-scale oil or coal operations without transition plans. The additions raise the total number of companies blacklisted and excluded from the AP7’s investment portfolio to 110. 

Five of the seven named companies are based in China: China Petroleum & Chemical Corp., PetroChina, Shanxi Coal International Energy Group, Wintime Energy Group, and Zhejiang Zheneng Electric Power. Other than Aramco, the only company not from China was India’s Oil and Natural Gas Corp..  

AP7 said it is its policy to invest in companies that act “in an acceptable way” according to the requirements of the international conventions signed by Sweden, and which are expressed in the UN Global Compact’s 10 principles. The guidelines describe companies’ responsibility for human rights, working conditions, the environment and anti-corruption.  

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The pension fund said that it blacklists and excludes any company that violates these conventions. It said it also blacklists companies that participate in the development and production of nuclear weapons.  

“In December 2016 the Paris Agreement to the UN Climate Convention was included as one of the standards on which the blacklisting analysis is based, and since then the analysis has been continuously developed,” the company said in a statement, adding that “phase-out of coal as an energy source is the single most important measure to curb climate change and has therefore been in focus.” 

AP7 notes that in 2020, the Paris Agreement review was expanded and coal companies with a large climate impact and expansion plans began to be blacklisted, and that the requirements were tightened again in 2022 with the blacklisting of companies with large-scale coal operations or oil sands extraction that don’t have transition plans.  

“During 2024, AP7 has continued to evolve the criterion to include large oil companies without transition plans, which are thus deemed to act in violation of the Paris Agreement,” AP7 said. “Altogether, 51 fossil fuel companies are blacklisted based on the Paris Agreement, another 10 oil and coal companies are excluded on other criteria.” 

While the seven companies were added to the blacklist, AP7 said it removed Brookfield Corp. and Rolls-Royce Holdings from its blacklist “based on the lack of verified information about ongoing violations by the companies.” 

Related Stories: 

Saudi Arabia Transfers 8% of Aramco to Wealth Fund 

NYC Pensions Fail to Persuade BlackRock Shareholders to Eject Aramco CEO From Board 

Saudi Sovereign Wealth Fund Beefs Up With Chunk of Aramco Stock 

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