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Supporting Diversity Firms: Verizon, Morgan Stanley, Wellington

By September 8, 2022December 19th, 2022No Comments

Influential issuers, banks and investors are pushing to give diversity brokerage firms more meaningful opportunities: NeuGroup’s Strategic Finance Lab podcast, episode 7.

In a Strategic Finance Lab podcast you can hear by heading to Apple or Spotify or by hitting the play button at the bottom of this page, NeuGroup founder and CEO Joseph Neu leads a panel discussion on the roles corporate debt issuers, investment banks and investors can play in providing more meaningful economics and opportunity to banks and brokerage firms owned by Black people, Hispanics, women and members of other minority groups—so-called diversity firms.

Watch a video of the podcast’s closing question and answers by hitting the red play button above.

On the podcast panel are:

  • Scott Krohntreasurer of Verizon, a leader among investment-grade corporate debt issuers supporting diversity firms. In 2021, Verizon spent $21.1 million on fees to D&I firms, or 13.2% of the total fees the company paid. And in a $25 billion Verizon bond offering last year, all nine D&I firms had an active role and were allocated a combined $487 million in bonds—most likely the largest allocation to D&I firms ever in a single deal.
  • Betanya Aklilu, a managing director at Morgan Stanley and head of D&I relationships and initiatives within the fixed-income capital markets group at the firm. Under her leadership, Morgan Stanley has served as D&I coordinator on 31 investment-grade bond deals since 2021—the most on Wall Street and more than six times any other bank. D&I coordinators are lead managers on a deal whose role is to support and facilitate active participation by diversity firms.
  • Keenan Choy, a managing director at Wellington Management, which manages more than $1 trillion in client assets. As a member of the fixed income syndicate desk, which oversees Wellington’s participation in new bond offerings, he works directly with issuers and underwriters, which include D&I brokerage firms.

Justin Jones

Author Justin Jones

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