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Laxman Pai, Opalesque Asia: Probable sexual harassment at fund portfolio management firms is an increasingly important concern for institutional investors as they seek to allocate assets.
But, according to a survey, most investors are not asking money managers about their record on sexual harassment in the workplace, despite the scrutiny and the #MeToo movement.
A survey by the Investment Management Due Diligence Association (IMDDA) show that just over a quarter, or 26%, of the 78 due diligence officers from institutional investors surveyed by it said they specifically ask money managers about the firm's record of sexual harassment compared to 11% in the organization's 2018 survey.
However, 26% of allocators inquire about sexual harassment in a higher figure compared to just 11% in the previous survey (in 2018).
9% of allocators would still invest with a manager that has workplace sexual harassment issues, vs. 4% in the previous study.
45% of due diligence pros - vs. 18% in 2018 data -- said they would dig deeper if people said they do not wish to answer questions regarding sexual harassment.
The survey reports that 76% of investors say they look at social media data and lawsuit history for possible red flags involving sexual misconduct. That is up from 63% in the previous survey.
The risks of ignoring sexual harassment at investment management firms can be devastating for allocators. These risks include negative media coverage, reputational ...................... To view our full article Click here
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