Industry Updates

Asset management industry launches diversity project

Thursday, October 04, 2018

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Opalesque Industry Update - "The Diversity Project," an initiative focused on increasing diversity within the asset management industry, was launched today in North America by 14 leading financial services firms. NICSA, a non-profit trade association for the global asset management industry, is the sponsor of the Project. The goal of the Diversity Project is to accelerate progress toward a more inclusive culture across all demographics including gender, ethnicity, sexual orientation, age and disability. The Diversity Project will also focus on enhancing the financial services industry brand within higher education and developing and sharing leading practices across member firms.

"NICSA has always been dedicated to providing our industry the platform, research and resources required to build stronger businesses," said Jim Fitzpatrick, President and CEO at NICSA. "Fostering a culture of inclusiveness is foundational to that mission, as increased diversity will ensure a more sustainable industry long-term. We are proud to sponsor the Diversity Project and champion the benefits of diversity within our member firms and across the financial services industry."

NICSA will introduce the initiative at its General Membership Meeting on October 12 by hosting a diversity panel chaired by Dan Houlihan, Chairman of the NICSA Board of Directors and Head of Northern Trust Asset Servicing, Americas. Inspired by the success of the Diversity Project in the United Kingdom, the North American chapter will bring together professionals across the industry, including asset managers, fund complexes, asset servicers, broker dealers, asset owners and professional service firms that support the industry.

"The U.K.'s Diversity Project is making great strides working with its 50 member firms to accelerate progress towards a more inclusive and diverse asset management industry," said Helena Morrissey, Chair of the Diversity Project U.K. and Head of Personal Investing, Legal and General. "It's been exciting to see how effective a collaborative effort can be. I'm delighted to see the launch of a similar initiative in North America and look forward to sharing ideas and achieving results on both sides of the Atlantic."

Founding members will appoint a C-Suite Advisory Council to provide strategic leadership and direction, along with an Executive Steering Group to drive execution of the initiatives championed by ambassadors from the member firms. Collaborative decision-making will guide programs aimed at sharing best practice solutions to recruit, advance and retain diverse talent. The Diversity Project is currently welcoming additional interested firms that have not yet committed to the project.

"Diversity brings different perspectives, drives innovation and sparks creativity," said Dan Houlihan. "We have seen the benefits of inclusion and it is time for the asset management industry to take the lead. The Diversity Project is assembling a great team of experienced business leaders to address challenges that impact us all and we look forward to getting started."

The 14 charter members include:

Broadridge

CFA Institute

Capital Group

Citi

Columbia Threadneedle Investments

Deloitte

Eaton Vance

Fidelity Investments

J.P. Morgan

MFS Investment Management

Northern Trust