BOSTON–(BUSINESS WIRE)– NEPC, a leading research-driven investment consultant with $1.4 trillion in assets under advisement, today published its second annual Diversity, Equity, and Inclusion (DEI) Progress Report, the first annually-produced report of its kind for the investment consulting industry.

The report tracks annual progress against the firm’s data-driven Diverse Manager Policy goals and reaffirms NEPC’s belief that investment consultants play a significant role in the financial industry’s quest to increase diversity, equity, and inclusion in all its forms.

“Our goal is to be a change agent for the democratization of access to capital. To do that, NEPC is committed to being radically transparent at all levels – from the way we hire talent to the way we engage with diverse investment managers,” said Sam Austin, Partner & Governance Board Member; Manager of NEPC’s Western U.S. Public Funds Team, and Chair of NEPC’s Diversity, Equity and Inclusion Board.

“Our 2021 report lives up to that commitment. Consultants might be wary of sharing all their data in this way, but in this instance, progress is far more important than public perception.”

NEPC’s 2021 DEI Progress Report provides a clear view into the firm’s DEI initiatives across its entire ecosystem. Listed below are highlights from this year’s report:

Increasing Diversity in NEPC’s Talent Pipeline

  • 58% of new hires come from diverse backgrounds
  • 37% of all 2021 new hires are gender diverse, up 6% from 2020
  • 30% of NEPC partners are from diverse backgrounds
  • NEPC launched a new MBA Rotational Program to recruit diverse candidates to participate in a summer intern experience at the firm. Half of all 2021 interns have accepted offers to join NEPC on a permanent basis.

Increasing Diversity in NEPC’s Recommended Strategies

  • In 2021, NEPC launched its Explorer Program, a platform to identify and engage with diverse-owned and -led investment management firms that are not currently 1- or 2-rated by NEPC.
  • The firm increased its vetting of diverse managers by almost 30% in 2021, largely due to initiatives like the Explorer Program.
  • NEPC completed a total of 315 meetings with diverse firms over the past two years, significantly surpassing the goal of 132 meetings outlined in NEPC’s Diverse Manager Policy
  • 59% of all NEPC clients currently use diverse managers in their portfolios, and 188 client strategies are fully managed by diverse firms. This equates to $40.7 billion in client assets allocated to diverse firms.

“The industry is aware of the importance of increasing diversity at all levels, but we’ve come to realize that it’s a goal that can only be achieved through bold action by investment consultants,” said Mike Manning, Managing Partner and President of NEPC. “As gatekeepers for trillions of dollars of assets, consultants have the power to ensure that governments, institutions, families and individuals are preserving and growing their capital across asset classes and market cycles in ways that create enduring, equitable, and inclusive change for the investment industry and our world.”

For more information about NEPC’s sustainable solutions like its Impact Investing Committee and Diverse Manager Committee, click here. To download the full results of NEPC’s 2021 DEI Progress Report, click here.



NEPC is an independent investment consultant and private wealth advisor, serving over 400 retainer clients and $1.4 trillion in total assets. Combining a proprietary research team dedicated to the long-term challenges facing investors with our unique client-centric model, NEPC builds forward-looking investment portfolios for institutional investors and ultra-high-net worth individuals. To learn more about NEPC, visit



Laura Nascimento

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