Drive for Diverse Data in Investment Industry

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by KnowESG
KnowESG_EDI
Image courtesy of https://www.basw.co.uk/

The Investment Association (IA) and Thinking Ahead Institute have initiated a campaign to collect more comprehensive data on equality, diversity, and inclusion (EDI) in the investment management sector.

The aim is to support investment managers in their endeavours to cultivate inclusive work environments and recruit and retain a diverse workforce. This data will offer an empirical basis for assessing the advancements made and identifying the areas that need improvement.

The IA has sent out a survey to its 250 members, requesting information on various employee characteristics, such as gender, ethnicity, sexual orientation, socio-economic background, and neurodiversity.

This comprehensive survey will offer a more detailed understanding of the demographic composition of the investment management sector in the UK and enable firms to assess their progress against industry benchmarks. This is the first time such detailed data will be available, and it aligns with the FCA's call for firms to gather richer EDI data. This campaign will assist businesses in their journey towards greater EDI and support them in meeting the FCA's expectations.

The survey seeks to gain insights into the measures that firms are implementing to enhance EDI within their workforce. It will inquire about the current data on diversity collected by the investment management sector and the frequency of such data collection. The survey also aims to determine how firms are driving EDI forward in their organisation and the industry at large through various initiatives and charters.

Featured Article: Improving Diversity, Equality and Inclusion In Your Workplace

Karis Stander, Director of Culture, Talent, and Inclusion at the Investment Association, emphasised the significance of promoting inclusive work environments and diverse workforces in the investment management sector. This is critical to ensuring that the industry accurately represents its customers and achieves success. Stander believes that data is pivotal in this effort. Without gathering comprehensive data and acquiring a deeper comprehension of the workforce's backgrounds, meaningful change cannot be instigated in the industry.

Marisa Hall, Head of the Thinking Ahead Institute, expressed enthusiasm for partnering with the IA to launch this initiative, which seeks to provide a data-driven perspective of the EDI terrain in the UK investment management sector. The primary objective is to enable asset managers to measure their progress and prioritise their efforts towards enhancing EDI. With time, this should lead to a more diverse talent pool in the UK industry and elsewhere, resulting in better investment outcomes.

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Source: WTW

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