Over three-quarters of money management firms have formal policies for diversity, equity and inclusion, but the population of decision-makers remains less diverse than other parts of the organizations, according to the results of a questionnaire from investment consultant Meketa Investment Group.
In Meketa's second annual Diversity, Equity & Inclusion Questionnaire, which surveyed 420 money managers in January, 78% of respondents said they have a formal DEI policy in place, and an additional 6% said they plan to implement such a policy sometime in 2022.
Among the total number of respondents, 389 firms chose to report diversity statistics for their firm, but only 227 firms chose to report diversity statistics for their boards, and 241 reported equity-ownership figures.
Among respondents who placed in the top quartile with the highest percentage of female and minority employees (at least 42% and 39%, respectively), operations functions were 54% minority and 65% female (compared with 48% and 57%, respectively, in the first survey in 2021). Administrative positions among respondents with the highest percentage of minority and female employees were 66% minority and 83% female (compared with 56% and 100%, respectively, in the first survey).