The U.K. government's review of compensation data, in its second year, showed some money managers reported an increase in average remuneration disparity between male and female employees.
Companies with at least 250 employees based in the U.K. now have to annually report on the average hourly pay difference between male and female employees. The reports also include insight into gender representation in pay quartiles and bonus payments.
The median gender pay gap worsened in the 12 months ended April 4 for 40% of the U.K.'s largest money managers based on their assets under management, according to data prepared by Pensions & Investments. And the group of managers — Allianz Global Investors, AXA Investment Managers, BlackRock, Fidelity Investment Management, Goldman Sachs International, J.P. Morgan Asset Management, Legal & General Investment Management, State Street Global Advisors, Vanguard Asset Services and Wellington Management International — continue to struggle with female representation in more senior positions, which typically unlock higher pay grades for female employees.
State Street in the U.K. reported the largest increase in median pay gap, to 17.7% in 2019 from 11.8% a year earlier.
Females are underrepresented in the employee population and that "had a meaningful impact on our pay gap," said Cuan Coulter, executive vice president and head of Europe, the Middle East and Africa at State Street Global Advisors in London, in a telephone interview. The pay gap got wider over the year as the small number of senior level roles that became available were filled by males, skewing the gap, he added.