A Golden State Opportunity - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue

Piedmont Investment Advisors L.L.C. is quickly moving up the ranks of the nation’s largest black-owned asset managers. The Durham, North Carolina-based firm recently received a $100 million investment from the California Public Employees’ Retirement System (CalPERS), the nation’s largest public pension fund, boosting Piedmont’s assets under management to $1.5 billion in March.

Piedmont was selected after CalPERS hired investment management and consulting firm Legato Capital Management L.L.C. as a strategic adviser. Legato’s job was to identify a money management firm with less than $2 billion in public equity or high-yield securities to serve as one of the portfolio managers for CalPERS Manager Development Program II. MDP II is specifically designed to tap unexplored potential in the emerging manager market.

CalPERS and Legato also made an undisclosed, joint equity capital contribution, giving them a minority, non-controlling stake in Piedmont. “Piedmont has a very solid investment process as well as a highly talented team of investors,” says Victor Hymes, Legato’s CEO. Eight of the country’s 20 largest plan sponsors are clients of Piedmont.

Join the Conversation

Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.

MORE ON BlackEnterprise.com