A group of financial services firms have come together to tackle the underrepresentation of Black talent in the U.K. investment industry.
Consultants Redington, Aon, Lane Clark & Peacock and Mercer; money managers Fidelity International, Invesco, Morgan Stanley Investment Management and Wellington Management; covenant adviser Lincoln Pensions; and wealth manager St James's Place will work to connect businesses with students. The firms are all members of the Diversity Project, which aims to accelerate progress toward an inclusive culture in the money management, a news release said.
The campaign is run by Entrepreneurs in Action, an initiative that produces interactive programs to motivate and inspire young people, and will see the firms involved working with more than 25 Black students, primarily from schools across South London. The aim is to increase applications, opportunities and the development of young Black people in entry-level roles in investment management.
The firms will also share details on current diversity initiatives and entry-level strategies, as well as explaining any perceived barriers to bringing in young Black talent. Participating students will be asked to challenge the consultants and money managers on their existing approaches, presenting findings and solutions as part of a digital session to take place on Friday.
"As someone who joined the industry 30 years ago, I am aware it has made slow progress to identify and recruit Black talent despite a range of entry programs under the banner of diversity," Derek Browne, CEO of Entrepreneurs in Action, said in the release. "This initiative provides a unique platform to engage some of the highest profile investment management and consulting firms with a range of talented young individuals who are excited about the industry," he said.
