European asset managers recognise the value of diversity and show a strong commitment to integrating diversity, equality and inclusion (DE&I) into their strategies, with over two-thirds of respondents stating that DE&I is well-embedded within their organisations.
The Diversity Project Europe, a cross-border, cross-company initiative promoting diversity and inclusion in Europe’s asset management industry, and PwC Switzerland have released a landmark report providing the first comprehensive assessment of DE&I within Europe’s asset management industry, drawing on insights from 30 leading asset managers overseeing more than €12.4 trillion in assets under management.
The evolving EU regulatory framework is expected to drive and sustain DE&I efforts across the sector, according to the researchers.
However, the report also highlighted the difficulties in turning this commitment into concrete actions. Only one in three firms feel adequately resourced to achieve their DE&I goals, and just 14% hold leaders accountable for DE&I in the same way as other business targets.
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Gender diversity has seen notable progress, with women making up over 40% of the workforce in two-thirds of the firms. However, female representation declines at the senior level, with fewer than 30% of C-suite roles held by women in more than half of the organisations. Meanwhile, social mobility lags behind gender diversity efforts, with only 20% of firms collecting relevant data and just 4% having measurable goals in this area.
The report has also revealed that leadership accountability in promoting inclusivity remains weak, with only 18% of organisations offering incentives for inclusive behaviour and just 28% having clear policies to address inappropriate conduct. To address these gaps, the report recommends embedding DE&I into business growth strategies, defining measurable goals, ensuring pay equity and implementing mentorship programs for underrepresented groups.
Ric van Weelden, Diversity Project Europe Chair, said: “While there is clearly strategic intent and regulatory momentum behind DE&I goals, organisations are facing a significant struggle to translate this intention into action, especially when it comes to areas like social mobility.
By acting now and taking on board the recommendations in this report, firms will not only boost morale and meet regulatory standards but also position themselves to gain significant business advantages. A truly diverse workforce drives enhanced innovation, improved decision-making, and superior performance, ultimately ensuring the sector’s sustained success.”
Johannes Smits, partner, diversity, inclusive culture and equity practice, PwC Switzerland, said: “At PwC, we believe that a diverse workforce, enriched by varied talents and backgrounds, is essential to addressing today’s complex challenges. Our research highlights the importance that employees attach to an equitable and fair workplace. However, realising true diversity, equity and inclusion, and harnessing its benefits, entails navigating a range of practical challenges.
