Washington - The mutual fund industry needs to do more to hire minorities, according to an independent mutual fund director. Willie D. Davis, an independent director for the Strong Funds for the past five years, told mutual fund executives at a conference here that the issue of racial diversity is starting to appear "on the screen" for the mutual fund industry. Davis, who is African-American, said that in hiring and on "social issues," the mutual fund industry has a "responsibility to give something back."

Davis was a participant in the SEC's conference, "The Role of Independent Investment Company Directors."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.