Black people are locked out’: $10B fund manager on race inequality
June 9, 2020 by Annie Massa
John Rogers wants to be clear: Corporate America is missing its moment to act on racial inequity.
It’s not just rhetoric and donations that will make the difference, said the co-CEO of $10 billion fund manager Ariel Investments, which focuses on value stocks. Businesses need to hire more African Americans into senior roles — including board seats and executive suites — and work with other companies that have diverse leadership, he said.
Rogers, 62, is one of the fund industry’s leading African-American figures after founding Ariel Investments nearly four decades ago. Its Ariel Fund has returned an average of about 10% a year since its inception in 1986, outpacing the Russell 2500 Value Index. He also sits on the boards of McDonald’s, Nike and The New York Times, and is a trustee of the University of Chicago.