Walters launches diversity initiative for endowment

The Walters Art Museum has hired four minority- or women-owned firms to manage a portion of its $116 million endowment portfolio through a new diversity initiative. The four firms are Brown Capital Management in Baltimore, Channing Capital in Chicago, Elizabeth Park Capital Management in Cleveland, and Garcia Hamilton & Associates in Houston. “I am excited that the Walters has been able to take this critical step in aligning investment policy with inclusive practices and excellence in performance,” Ellen Bernard, president of the Walters’ board, said in a statement. “We made it a priority to engage more minority and women-owned investment management firms. By doing this, we are strengthening our portfolio performance with some of the best managers in the industry.” The money-manager initiative is part of a broader push for diversity that is included in the museum’s strategic plan. Other initiatives include new partnerships with Morgan State University and University of Maryland, Baltimore County; mentoring programs for aspiring museum professionals with diverse backgrounds; and programming on social issues.