A veteran financial analyst who alerted clients to fraudster Bernie Madoff long before his infamous Ponzi scheme unraveled is now sounding the alarm on the “woke” management at the CFA Institute, On The Money has learned.
Chris Cutler, a long-time CFA member, former vice chair of the CFA Society of New York, and founder of a hedge-fund consulting firm called Manager Analysis Services, is reaching out to members to join him in an effort to demand changes at the national nonprofit organization, which sets standards for wealth managers.
His efforts come after On The Money reported exclusively last month about complaints among national CFA Institute members about the leadership of its current CEO Margaret Franklin, including the group’s full-on embrace of controversial Diversity Equity and Inclusion hiring policies that make race, gender and sexual identity a factor in employment.
The Institute has told On The Money it is reviewing its DEI policies following court decisions that cast doubt on its legality.
Cutler told On The Money that he doesn’t see scandal in the way the CFA Institute is run under Franklin, but its system of governance creates a lack of accountability to its membership of about 200,000 investment professionals. Such accountability is necessary if the organization wants to remain “the gold standard in ethics and transparency in finance,” as it bills itself, he says.
Obtaining a CFA charter is among the more prestigious private label designations for wealth...
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