UK pension funds commit to manager diversity
Some of the UK’s biggest pension funds have committed to tackling the lack of diversity in funds management.
The Asset Owner Diversity Working Group has launched the Asset Owner Diversity Charter, which aims to “build and investment industry which embodies a more balanced representation of diverse societies”.
“The charter reflects asset owners’ aspirations to see diversity balance at all levels across financial services firms,” the group said.
“A balanced workforce is good for business – it is good for consumers, for profitability and workplace culture, and leads to better investment decisions.”
At launch the charter already has 17 signatories, representing $2 trillion in assets under management. This includes Cornwall Pension Fund, The Church of England Pensions Board, Nest, Lothian Pension Fund and West Midlands Pension Fund.
The creation of the working group and the charter followed Oliver Wyman research that found women account for just 20% of executive committee positions and 23% of board roles across 468 institutions in 37 countries.
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