If you're a black man or a white or Asian woman trying to make it in venture capital, your point of view probably isn't being heard.
A new survey from the National Venture Capital Association and Dow Jones VentureSource finds that VC is still run by white males, just like it was three years ago when the survey was last conducted. Of the more than 460 respondents who said they were investors, 89% were men and 11% were women. For race specifically, 86% said they were Caucasian, 10% were Asian and 1% African American. In the 2008 study, Caucasians composed 88% of respondents.
So things haven't changed much. Myriad studies chronicle people's tendency to associate with people just like them, a practice that extends to investing and hiring and one that's been consistently condemned on Wall Street. Looks like Silicon Valley is no different when it comes to matters of inclusion.
The survey also found that VC professionals don't hop from firm to firm like Wall Streeters do. Fifty-seven percent of respondents said they've worked at one firm and 30% said they've worked at two. Almost half of respondents said that in five years, they expect to be at the same firm in the same role.
All that stability is probably a welcome aspect for aspiring venture capitalists. Maintaining the status quo on gender and race, on the other hand, is just plain old stagnation.
Finding a Home (FINS)
Washington Research Group, a team of investment research analysts previously owned by MF Global, has found a new perch with Guggenheim Partners.
Making Plans (DealBook)
Lloyds Banking Group said David Roberts, a nonexecutive director, would become interim chief executive if the return of Antonio Horta-Osorio, who left more than three weeks ago due to stress and exhaustion, is delayed.
Down to Business (Bloomberg)
Credit Suisse cut around 85 jobs in its investment bank in London and elsewhere. People familiar with the matter said they're part of the 2,000 job cuts the Swiss bank announced in July.
Almost at Capacity (Bank of America)
Bank of America has fulfilled its goal of hiring more than 1,000 financial solutions advisors during 2011. Don't check the company off your list, though: Hiring will continue in selected areas into 2012, a spokesperson told FINS.
Best Practices? (Euromoney)
Now that Sergio Ermotti is in charge at UBS, the bonus pool could shrink as the bank reduces costs.
Be Careful (Mergers & Inquisitions)
If a headhunter contacts you about a possible job opportunity, follow these instructions to ensure you don't get taken advantage of or prodded into a position that's not a fit.
Occupy This Octave (The Reformed Broker)
It was only a matter of time before "Occupy Wall Street! The Musical" hit the scene. Maybe some private equity firms will bankroll it for the stage.
Meeting the Future (Mashable)
Arguably the best part of the movie "Minority Report" is when Tom Cruise frenetically moves around screens on his monitor. The future has arrived: A new proposed desktop will allow you to do exactly that.
Buzz Around the Office
List of the Day: Support Others and Help Yourself
What's better than doing good to others and getting a little love in return? Here are a few simple ways:
1. Write a LinkedIn recommendation.
2. Send a thank you note every week.
3. Send a congratulations on your promotion note.