In Summer 2020, the Association of Asian American Investment Managers (“AAAIM”) commissioned a study to answer two questions: the representation of Asian Americans and Pacific Islanders (AAPIs) in the asset management industry and the related issue of their performance against industry benchmarks. This effort (the “AAAIM Study”) was undertaken by Professor Josh Lerner (Harvard Business School) and Bella Private Markets (“Bella”).

The AAAIM Study is the first in the market to quantify AAPIs’ representation, AUM, and performance. The results uncover a disturbingly low representation of AAPI ownership compared to the community’s population in the U.S. and other relevant benchmarks. In addition, the returns delivered by AAPI-sponsored investment vehicles meet or exceed industry benchmarks across asset classes. These findings echo earlier studies, which found that Diverse-owned funds collectively accounted for 1.3% of total asset management AUM, despite performance in line with industry benchmarks.