Man Group will launch an initiative to promote diversity across its firm and wider industries, shows a new report that also reveals a pay gap between men and women.
The money management firm, which runs $109.1 billion in assets, said in its diversity and inclusion report, published Friday, that its mean bonus pay gap is 67%. Man Group's hourly rate mean gender pay gap is 21.4%.
The report was launched as part of a requirement for U.K. employers to calculate and publish their gender pay gap, showing the difference between the average earnings of men and women.
"The gender pay gap figures reported by Man Group demonstrate the 'diversity gap' across our organization and our industry, and we are aware that we need to make progress in this area," said the report. "In particular, these figures highlight the lower representation of women in front office investment management roles and at senior levels within Man Group, which are typically the higher paid positions."
However, a higher proportion of women receive a bonus, 86.1%, vs. 84.3% of male employees.
Man Group's pay distribution figures showed 83% of those in the top pay quartile are male, falling to 80.1% male representation in the upper-middle quartile. In the lower-middle quartile, men represent 70.4% of the pay category, while the lower quartile of pay is accounted for 55% by men.
However, the firm reported a "positive trajectory" in terms of the proportion of women in senior management roles, growing to 20% in 2017 vs. 16% in 2016. Man Group also runs a "returners" program, which taps into the predominantly female talent pool of those looking to return to work following a career break and was launched in 2016. It also had a 66% female intake for its 2017 graduate programs across investment management, finance and operations.
The firm's new "Paving the Way" campaign aims to help underrepresented groups in the firm and in financial and technology industries.
"We believe it is our responsibility to address factors which lead to a lack of diversity in our workforce, and this campaign represents a firmwide commitment to do so robustly and vocally," said the report.
The report is available for download on Man Group's website.