Ed McNicholas Comments on Privacy Laws Impacting Diversity Surveys Amongst Asset Managers in FUNDfire

In The News
April 25, 2023

A recent effort to survey asset managers on their diversity, equity and inclusion data demonstrated reluctancy amongst respondents. Meketa, an investment consulting and advisory firm, surveyed 923 asset management firms asking questions on the diverse make up at different levels of the firm, and 528 firms responded.

Data, privacy, and cybersecurity partner and practice co-leader Ed McNicholasdiscussed with FUNDfire how surveying small sample sizes, like boards, makes it hard to maintain participant’s anonymity and some law like the European Union’s General Data Protection Regulation prevent participation all together.

“Even if the company has that information, before they would share it with an asset manager, they will need to go back to the person and ask them if they're willing to share it,” Ed said. “Just because the information is sitting in a database, doesn't mean it can be shared.”