DAMI Unites Groups to Address Underutilization of High Performing Managers

The financial services industry in general-and asset management in particular-has long held one of the worst track records when it comes to diversity and inclusion. This may change, however, due to the Diverse Asset Managers Initiative (DAMI), an effort aimed at increasing the number of assets managed by diverse-owned firms, particularly within corporate funds, faith-based funds, labor union pension funds, and foundation and university endowments.

DAMI looks to rectify the disparity within the asset managers pool at these institutions. What began as independent efforts by several individuals and organizations is now becoming a cohesive joint initiative to effect change. The initiative will take a multipronged approach to addressing this issue. The first will promote the quality supply of diverse asset managers, highlighting performance, experience and diversity of asset categories. Next it will institute a peer-to-peer strategy in which executives serving on institutional boards will act as advocates for the initiative and the value that diverse managers bring to the table.

Form ADV Danger Zones

March 30 is the deadline for registered investment advisory (RIA) firms to file Form ADV annual updating amendments. RIAs should meticulously review their Form ADV Parts 1 and 2 to ensure that all information is accurate, consistent and complete. Executives, including CCOs, who have intentionally or inadvertently misstated or failed to disclose material information on their Form ADV have been personally fined and/or barred from the financial industry. Recent sanctions against firms for Form ADV errors include several fines and a bar from the financial industry by the SEC.

NAIC Members in the News

ICV Partners Announces Sale of Consolidated Aviation Services

ICV Partners announced today the sale of its portfolio company Consolidated Aviation Services to Worldwide Flight Services, one of the world's largest cargo and ground handlers. The sale by ICV concludes a very successful partnership with Michael Duffy, the CEO of CAS, and the entire CAS management team. Headquartered at John F. Kennedy International Airport (JFK), CAS is the largest cargo handler in North America with over 5,000 employees and operations at 45 airports. CAS provides cargo, passenger ramp, and express handling services to over 120 international airlines and integrators. The company couples great execution with superior customer service, handling over 1.5 billion kilos per year. ICV acquired Cargo Airport Services in 2011, which was rebranded as Consolidated Aviation Services in 2013.

Vista Equity Partners Completes Acquisition of Solera Holdings, Inc.

Solera Holdings, Inc. announced that it has been acquired by an affiliate of Vista Equity Partners. Other key investors include an affiliate of Koch Equity Development LLC, the investment and acquisition subsidiary of Koch Industries, Inc., and an affiliate of Goldman, Sachs & Co. The acquisition - which strategically combines Solera's world-class risk and asset management solutions with Vista's technology-focused operational and financial expertise — sparks the next phase of Solera's global expansion, and accelerates its mission to digitally transform how the world manages life's two most important assets: the vehicle and the home.

The NAIC Annual Private Equity and Hedge Fund Conference will be held October 3-4, 2016 at Bank of America Tower in New York City. This is the premiere event for diverse-owned and emerging investment managers that offers vital industry information, contacts and networking opportunities for professionals in all areas of the private equity industry.

Please contact the NAIC office with questions about the NAIC Annual Private Equity and Hedge Fund Conference and to learn more about additional sponsorship opportunities: [email protected].

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