Susan E. Manske

MacArthur Foundation

The MacArthur Foundation approached the issue of diversity or lack thereof in its portfolio from a fundamental perspective – reviewing its decision-making process by which it selected investment managers. According to the foundation’s website, “Historically, the money management/investment business has been dominated largely by firms led or owned by White men. Investment firms led by or owned by women and people of color have historically had challenges in attracting investment capital due to a variety of reasons, including discrimination, implicit bias, lack of opportunity for entry to the field, lack of mentorship, the amount of assets under management, and closed networks.” Further, “While MacArthur has always been willing to invest with any manager who met our investment criteria as described above, we determined several years ago that it was necessary for us to take additional steps to ensure that we are identifying diverse firms.” The foundation has not set numeric goals, but the aspiration is to have at least 20 percent of its U.S.-based assets invested with diverse managers. The foundation is partnering with Cambridge Associates, Lenox Park and GCM Grosvenor and developing portfolio sleeves to invest in emerging managers, with a focus on managers who may lack the track record or assets under management of more established managers. Susan E. Manske is Vice President and Chief Investment Officer of the Foundation. She is responsible for managing the Foundation’s $8 billion endowment and is a member of the Leadership Advisory Team that advises the President on strategic and policy matters. Manske joined the Foundation in May 2003 after having served as Vice President and Chief Investment Officer, Trust Investments at the Boeing Company since 2001. At Boeing, Manske was responsible for managing the firm's defined benefit and defined contribution retirement plans.