American Latinos Gain Footing in Managing the Nation’s Wealth

Hispanic Wire ^ | December 30, 2004 | EDITORS

[cfhBAMA]

American Latinos are gaining a foothold on Wall Street and in managing the nation’s wealth. That was the consensus at the 4th Annual Wall Street Summit of the New America Alliance (NAA), held October 27-29, in New York. Regarding recent developments in Hispanic business Roel Campos, SEC Commissioner, commented that finance executives are taking notice of Latino finance experts, adding, “Latinos have come to bat. For America to be successful, Hispanics must be successful. [America] must learn to do business with [them].”

During its Summit, the NAA heralded several recent developments, including an increase in Latinos in top tier MBA programs, in management of public and private funds, as well as recent developments in financial policy management and business growth, such as:

-- In July, the U.S House Committee on Financial Services Subcommittee on Oversight and Investigations held hearings addressing the issue of minority participation in financial services. The subcommittee agreed to further document the participation of minorities in the financial services and access to capital specifically within the institutional investor community.

-- Pension fund executives and legislators in Illinois, California and New York have made significant headway in increasing business opportunities available to Latino financial managers. Illinois has taken a strong leadership role by setting aggressive goals of 15% minority participation by 2005 (participation currently at 2%).

-- With the recent purchase of Lend Lease Rosen, a dedicated real estate securities investment management firm with approximately $3 billion in assets under management, Adelante Capital Management has become the largest Latino-owned financial services firm the U.S.

-- Palladium Equity Partners recently established Palladium Equity III, a $500 million private equity fund backed by Banco Bilbao Vizcaya Argentaria and California Public Employees’ Retirement System among others. This fund will focus its investments on companies operating in the U.S. Latino market.

-- The Los Angeles County Employee Retirement System has retained the services of Consultiva International to develop a database with information on emerging brokerage firms, thus providing greater opportunities to firms in this marketplace.

While acknowledging advances, NAA Chair of the Board Ana Maria Fernandez Haar advised that although many advances have been made in the financial sector, “There are still several barriers we must address such as access to capital and minority inclusion in stakeholder positions.”

NAA is intent on ensuring that future generations of Latino youth are well positioned to continue this success. With over $600,000 in contributions to Latino MBA students since the year 2000 and now in collaboration with the Robert Toigo Foundation, broadening the pipeline of Latino professionals onto Wall Street remains central to the NAA agenda.

New America Alliance recognized several business leaders and corporations for their outstanding work in advancing American Latinos in the business community. NAA bestowed its Distinguished Service Award to Jon Bauman, Executive Director, Illinois State Teachers’ Retirement System and State Senator Antonio Muñoz for leading their states’ efforts. Michael Torres of Adelante Capital was honored with the Business Achievement Award; and the Exemplary Practice of Corporate Governance & Board Diversity, was awarded to Tom Arnost of Univision Communications, Inc.

Founded in 1999, New America Alliance is a 501(c) 6 organization of American Latino business leaders united to promote the economic advancement of the Latino community, with a focus on economic and political empowerment, and public advocacy to improve the quality of life in the United States. New America Alliance Institute is a 501(c) 3 philanthropic organization focusing its efforts on enhancing human capital, education, and strategic philanthropy to promote the advancement of the American Latino community and improve the quality of life in the United States.

NOTE TO EDITORS: A high-resolution image is available at: http://www.hispanicprwire.com/index_in.php

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CONTACT: Allison Kelley, (202) 638-4900

[billybudd]

Pension fund executives and legislators in Illinois, California and New York have made significant headway in increasing business opportunities available to Latino financial managers. Illinois has taken a strong leadership role by setting aggressive goals of 15% minority participation by 2005 (participation currently at 2%).

Smells like pork.

[Clemenza]

Cubans began to dominate the financial community in South Florida as early as the 1970s. Did they need affirmative action? HELL NO!!!

[cyborg]

The only people that need affirmative action are liberals. It's how they make their daily bread, an odd way to make a living IMHO.

[506trooper]

Zotted in another thread.