UK investment managers expanding data collection but still facing low disclosure across disability, neurodiversity and sexual orientation, while overall workforce composition, including gender and ethnicity, remains broadly unchanged year-on-year, according to a report from the Investment Association’s (IA).
The IA, together with PwC, has released a report providing a view to date of workforce demographics across UK investment management. The 2025 dataset covers eight characteristics — age, caring responsibilities, disability, ethnicity, gender, neurodiversity, sexual orientation and socio-economic background — drawn from 45 investment management firms employing around 29,000 people.
75% now record information across at least six of the eight measured characteristics, an increase on previous years, according to the report. Age, gender and ethnicity remain the categories with the highest disclosure rates. Socio-economic background disclosure rose from 49% to 57%. However, the IA noted that disclosure remains comparatively low for sexual orientation (62%), disability (53%) and neurodiversity (47%).
Men make up 58% of the workforce, compared with 41% women. In the ethnic diversity category, 63% of employees identified as white, 11% as Asian and 3% as black. Disability representation stood at 4%.
The report also highlighted a shift in ownership and delivery of equality, diversity and inclusion (EDI) strategies. 61% of firms pointed to CEOs and executive teams as responsible for EDI oversight, up from 59% in 2023. Responsibility for day-to-day implementation is sitting with HR teams, the findings showed, up from 18% to 24% over the past year.
Gender diversity improves in UK private equity and VC
The aim, the IA said, is to build a clearer picture of the industry’s talent base and better understand the factors influencing recruitment, progression and retention.
Karis Stander, director of culture, talent and inclusion at the Investment Association, commented: “Consistent collection of demographic data remains vital for understanding the composition of our industry’s workforce and tracking its evolution over time. This year’s report reveals that firms are expanding both the breadth and depth of data gathered, providing clearer insights into workforce demographics despite the absence of a regulatory requirement to do so. While data collection is on an upwards trajectory, and the demographic make-up remains steadfast year-on-year, we recognise that building trust and encouraging disclosure remains a journey.
The findings also highlight the industry’s continued alignment with equity, diversity and inclusion values, ensuring that people from different backgrounds can access careers, progress professionally and feel a sense of belonging.”
Katy Bennett, workforce reporting lead at PwC UK, commented: “To fully unlock the potential of a workforce through the lens of equity, diversity and inclusion (EDI) starts with understanding where organisations are today, where barriers remain and where opportunities exist. Collecting and analysing workforce data provides the foundation for that understanding. It enables firms to identify patterns, measure impact and make informed decisions that lead to meaningful and lasting change. The industry’s ongoing commitment to transparency and accountability is encouraging. However, to shift the dial, the data needs to be used to create evidence-based insights that are used to drive action.”
