SAN JOSE, Calif., March 07, 2023--(BUSINESS WIRE)--Cadence Design Systems, Inc., (Nasdaq: CDNS) announced today that it is making a $50 million USD purpose-driven investment in an impact investment program managed by RBC Global Asset Management (RBC GAM) to address racial wealth inequities in affordable housing, homeownership and small business. In partnership with RBC GAM, Cadence will invest in an impact investment strategy that seeks to positively support underserved Black and Latinx individuals and communities nationally, including those in the San Francisco Bay Area, CA; Austin, TX; Columbia, MD; the New York Metropolitan Area; Boston and Burlington, MA; Research Triangle Park in Raleigh, NC; and Pittsburgh, PA—locations where Cadence has significant operations and a community presence. Additionally, a portion of Cadence’s investment will be focused internationally on projects aimed at supporting women and people of color as well as climate justice initiatives.
"Fostering diversity, equity and inclusion is at the core of who we are as a company, and collaborating with RBC GAM to advance racial equity and community development was a very easy choice," said Dr. Anirudh Devgan, president and CEO of Cadence. "We are dedicated to making a difference and look forward to seeing the impact that our partnership will have on Black and Latinx communities across the United States as well as on the international initiatives focused on supporting women, people of color and climate justice."
"Following Black History Month, we’re taking a proactive approach to address the racial income gaps and racial homeownership inequality that exist throughout the United States in commemoration of this important period of reflection," said KT Moore, vice president, Corporate Marketing at Cadence. "At Cadence, we are committed to supporting diversity and revitalizing communities where we operate and are proud to call home."
Cadence’s investment will be allocated in RBC GAM’s Access Capital Community Investing Strategy, which will invest in U.S. government-backed securities to support lending in historically underserved communities.
Access Capital has a quarter century of history of supporting investments in underserved communities and was founded in 1998 by Ron Homer, Chief Strategist of U.S. Impact Investing at RBC Global Asset Management, who is a pioneer of impact investing in the U.S. Mr. Homer, who held executive roles at several Black-owned banks before joining RBC GAM in 2008, has dedicated the entirety of his six-decade career to supporting community development and homeownership in Black communities through impact investing.
"We are excited to work with Cadence on this initiative aimed at reducing racial disparities in income and wealth within the United States," said Mr. Homer. "Through Access Capital’s 25-year history of impact investing, doors have opened that facilitated more people of color to enjoy the benefits of the American dream of wealth, homeownership and income appreciation. On the heels of Black History Month, we must understand the importance of building racial equity across America."
To learn more, please read our blog at www.cadence.com/go/rbcracialequity.
About Cadence Design Systems, Inc.
Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For eight years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $525 billion CAD in assets and have approximately 1,500 employees located across Canada, the United States, Europe and Asia.
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