Nearly all of those assets are overseen by white, male-run or led firms, according to Bella Private Markets’ research, which the Knight Foundation commissioned. Women represent more than half of the U.S. population, while non-white-identifying people comprise 42%.

“With each generation more racially and ethnically diverse than the last, it is notable how much that diversity is not represented in our financial sector,” says Alberto Ibargüen, president of Knight Foundation. “The U.S. asset management industry is a cornerstone of our economy. Diverse communities are the future of our society and therefore of our economy. By diversifying who manages our nation's wealth, we can build a more equitable and prosperous future.”