The investment sector has run diversity and inclusion (D&I) initiatives for years, but while improvement has been made on gender, progress on ethnic and socioeconomic diversity has been poor.
However, the tide, or at least the rhetoric around it, seems to be turning.
Following the killing of George Floyd in the US in May, many firms rushed to issue statements saying they are against racism.
“In response, many people said, ‘Well, these statements are not enough – tell us what you’re actually doing,’” notes Marisa Hall, co-head of the Thinking Ahead Institute. “Organisations were surprised because they thought they had great D&I policies. Since then, there has been a rise in more consciousness about different types of diversity.”
Since the summer, some asset managers have come up with targeted development programmes focused on ethnic minorities to look for talent.
The #100blackinterns initiative was launched in August to give meaningful opportunities to young, university-educated black people in investment management firms.
Terry Mellish, head of international public policy and D&I at Natixis Investment Managers, says the firm has historically been more focused on gender diversity but is looking at other areas, including ethnicity, social mobility, disability and mental health.
Natixis IM has been working with an external D&I specialist consulting firm on inclusion and culture. Mellish says this has helped foster courageous conversations and train the leadership teams in culture and inclusion, particularly in mentorship and behaviours.
About 8%-9% of Natixis IM’s 140-strong team in London are black or from other ethnic minorities. Almost 3% of the UK population identifies as black and in London, the figure is 13%.
“Our numbers are pretty good compared to the wider industry, but compared to the demographic of London, we still have some work to do,” says Mellish. “We are going to try to match the demographic of our bigger offices with the local demographic of those cities. It’s very important we are not only seen to be doing things but actually deliver against objectives and walk the talk.”
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