John A. Barker

Adrian A. Ohmer

Kresge Foundation

At the Kresge Foundation diversity, equity, and inclusion isn't just the right thing to do. It is also the most profitable thing to do. Kresge’s aim of addressing diversity, equity and inclusion in asset management began in 2016. Initially, Kresge’s efforts were focused internally. Under the leadership of former CIO Rob Manilla and current CIO John Barker, the Foundation began reviewing its hiring practices, employee demographics and culture. In Barker’s words, “We knew change was needed, but we recognized that we first had to dig deeper and gain a better understanding of the structural barriers that existed in the investment industry.” In 2019, the Kresge investment office formally and publicly shared its commitment to DEI. This included a strategy to combat the structural barriers to diverse ownership in the asset management industry. Kresge also took control over how it manages its investments and insourced the investment function. Barker was hired in 2007 and became the Chief Investment Officer in 2022. In 2019, Kresge Foundation launched “25% by ’25”, which pledged that by 2025, 25% of its U.S. assets under management would be invested in female- and diverse-owned firms. The initiative formalized Kresge’s belief in improving investment performance by allocating to diverse fund managers.