A new survey conducted by MMI and FundFire reveals stark disparities between the number of white and minority professionals in positions of company leadership, as well as investment and distribution roles.
A total of 23 asset management firms, representing more than $5.3 trillion in assets, participated in the research for the report titled Ethnic and Racial Diversity at Asset Management Firms. Survey respondents were asked to provide information on the percentage of staff that identified as white (non-Hispanic or Latino), Asian, Hispanic or Latino, black or African American, American Indian or Alaska Native, Native Hawaiian or Pacific Islander, two or more races, or an “other” race – classifications used by the Equal Employment Opportunity Commission (EEOC). Firms, which shared varying levels of data, reported the diversity makeup of global professionals at the executive committee level, as well as those who were in U.S.-based managing director, senior and non-senior portfolio manager, senior and non-senior distribution, portfolio manager associate, analyst, and technology and operations positions.
“Recently, there has been a lot of attention paid to the lack of gender diversity in the asset management industry, but this study reveals that the recruitment and retention of minorities is an equally challenging issue,” said Craig Pfeiffer, MMI’s President and CEO. “It is our hope that these survey results will open up a broader dialogue within the industry on how we can build a more inclusive workplace culture, improve minority engagement and accelerate progress.”
View FundFire’s featured articles about the report.