SEC Officials Consider Diversity And Technology Issues In Asset Management Industry

At an Asset Management Advisory Committee meeting, SEC officials considered issues relating to (i) diversity and inclusion and (ii) technology and data privacy in the asset management industry.

On diversity and inclusion, SEC Chair Jay Clayton expressed interest in the "role of diverse-owned asset management firms in providing advisory services to investors." Mr. Clayton asked the committee to consider how to (i) improve diversity in the asset management industry, as well as access to opportunities for advancement, and (ii) leverage SEC and industry resources to provide services and opportunities to a more diverse base of Main Street investors. On technology, Mr. Clayton asked the panel for feedback on how data privacy laws impact the ability of advisers to take advantage of technological innovation.