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There is general acknowledgement in the alternatives industry that diversity can help to improve industry outcomes, but putting in place an effective strategy to promote diversity can be challenging. The SBAI's report provides five guiding principles which act as a framework for asset managers and allocators to define their own culture and diversity strategies.

In February 2021, the SBAI formed a Global Advisory Committee comprised of senior industry leaders from asset managers and allocators. This Advisory Committee provides guidance on the strategic direction of the SBAI's Culture & Diversity initiatives.

Jane Buchan, Chair of the Global Advisory Committee, SBAI Trustee, and CEO of Martlet Asset Management said: "We are thrilled to have a large and committed group of industry leaders helping guide our efforts on culture and diversity. As asset managers and allocators, we must work collaboratively to solve for better and the SBAI provides a great platform to do this."

The SBAI's Culture & Diversity initiative's primary objective is to provide practical tools to help improve culture and diversity in the alternatives industry. The initiative will produce further guidance, including reports focusing on smaller firms and manager selection for allocators, as well as host discussion forums and informational events on the topic. Following the publication of this report on Monday, the SBAI hosted a Culture & Diversity event titled "Moving Beyond the Why for Culture and Diversity in the Alternatives Industry". The discussion was led by Jase Auby (CIO of the Teacher Retirement System of Texas), Leda Braga (SBAI Trustee and CEO of Systematica Investments), Luke Ellis (SBAI Deputy Chair and CEO of Man Group), and Phillip Meyer (COO, GC and CCO of Oasis Management Company) - all members of the Global Advisory Committee.

Mario Therrien, SBAI Chair and Head of External Investment Funds and External Management at CDPQ said: "Through our collaborative platform of asset managers and allocators representing over $5 trillion of assets in our industry, at the SBAI, we have an important role to help drive responsible practice, partnership, and knowledge on various topics, including culture and diversity. Ultimately, we seek to improve industry outcomes. I am excited to see this report published and look forward to future publications later this year."

Maria Long Research and Content Director of the SBAI said: "Our mission is to solve for better and culture and diversity is an important part of this. In collaboration with our asset manager and allocator community, through both our culture and diversity working group and the Global Advisory Committee, we have focused on moving past why this is important and on to providing practical guidance on how to improve diversity."