The UK is the world’s second largest savings market after the United States totalling £7.7trn. The industry employs 100,000 individuals with 75% of UK household utilising the services of an asset manager in one form or another. There has been a drive to increase diversity and inclusion in the asset management sector with four major reasons cited:
- Greater diversity of thought leads to better decision making and better performance
- Institutions should be representative of the customers and communities they serve
- The changing economic, geopolitical and demographic landscape requires new perspectives to successfully navigate
- Asset managers should contribute to society and reduce inequalities
Yet the industry remains unrepresentative of the UK population and workforce. Ethnic minorities comprise 14% of the UK the population. Of this 7.5% identify as Asian and 3.3% as Black. In London where the majority of fund managers are based, 18.5% of the population is Asian and 13.3% is black. In the fund management industry 10% of individuals identify as Asian and only 1% identify as black.