(Bloomberg Opinion) — The lack of diversity in the financial services industry in terms of both race and gender is no secret. Change has been slow, but there are some encouraging signs that it is happening. Note this is reminiscent of our prior discussion on “ Where Are the Women in Finance?” This week on Masters in Business, we discuss the issue with Mandell Crawley, Morgan Stanley’s head of private and international wealth management. The Private Wealth Management division he runs manages more than $1 trillion for clients, making him one of the highest positioned African American men in finance.
Crawley explains why he believes current changes in attitudes toward structural racism and the Black Lives Matter movement may be different than in the past, and how this may lead to longer lasting changes than in the past. Crawley also discusses his unconventional career path, having joined the firm as a high school intern in 1992 and never left. After graduating from high school, Crawley accepted a full-time position with Morgan Stanley, while obtaining a B.A. in economics from Northeastern University at night. He earned his MBA from Fordham University the same way.
He co-leads the institutional client coverage group, and is a member of the firm’s management committee, global wealth management operating committee, multicultural client strategy committee and global securities operating committee. Previously, he was Morgan Stanley’s chief marketing officer. We also discuss ESG investing as a rising practice among younger investors. There has been a move toward cash, as investors have become more defensive, as well as a move toward gold and other metals. Additionally, he is getting far fewer questions about politics and taxes in 2020 than came in 2016.
A list of his favorite books are here; A transcript of our conversation is available here.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg, and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with Salim Ramji, Head of iShares Index and ETFs for BlackRock. Ramji’s division manages $4.6 trillion of BlackRock’s $7.1 trillion in assets.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”
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