The money-management industry has a diversity problem. A global study from Morningstar last year showed that only one in five mutual-fund managers is a woman – a rate that hasn't budged since 2008. In the US, that number drops to one in 10. The US is a laggard, far behind countries such as Singapore (30%), Portugal (28%), and France (21%). For hedge funds, the numbers are similar: Only 15% of hedge fund CEOs are women. For minorities, the figures are just as lackluster, with only...


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