Ariel Investments, founded in 1983, is the first African American-owned money management firm in the US. The company serves individual and institutional investors through its three no-load mutual funds -- the small/mid-cap Ariel Fund, the mid-cap Ariel Appreciation Fund, and the Ariel Focus Fund, a non-diversified, mid/large-cap fund. Ariel Investments also manages separate accounts for corporations, unions, public entities, and non-profit organizations. The company has $8 billion under management. Ariel Investments is 84.5% owned by its employees; the largest shareholder is founder and CEO John W. Rogers, Jr.