As part of our SMART Investing initiative, we have used ABFE's advocacy platform to encourage greater diversity, equity and inclusion in the identification and selection of asset managers to manage foundation endowments.  Who Manages the Money? How Foundations Should Help "Democratize Capital", is the most recent resource that we are pleased to share with the field to advance this agenda.

 This case study highlights the W.K. Kellogg Foundation's intentional efforts to align its business practices with the ideals that drive the organization. The paper draws upon interviews with key Kellogg decision makers, including: La June Montgomery Tabron, President & CEO; Joel Wittenberg, Chief Investment Officer; and Roderick Gillum, Trustee. Who Manages the Money? serves as both a narrative account of the Foundation's journey toward more inclusive investment management practices and a road map for other foundations interested in leveraging their endowments for more equitable and inclusive strategies while accessing competitive returns.

 Looking ahead, this paper argues that it is time for foundations to apply principles of equity not only to their grantmaking strategies and leadership, but also to their own professional services. The hope is that foundation decision makers and their investment advisors will find the courage to discuss and address the issue of Who Manages the Money.

We thank Thurman White for preparing this case study and Roderick Gillum, La June Montgomery Tabron, and Joel Wittenberg for sharing their experience.

For more information about ABFE's SMART Investing initiative or the Directory, please contact Erika Davies, Director of External Affairs, at edavies@abfe.org or 443.765.4008.