The Diversity Project is set to launch in Europe in the autumn to campaign for greater inclusion in the asset management industry across the continent.
The Diversity Project Europe will be the first cross-border initiative of its kind and will be spearheaded by industry veteran Ric van Weelden in partnership with eight founding members: Aegon Asset Management, AXA Investment Managers, Franklin Templeton, HSBC Global Asset Management, Nordea Asset Management, Pictet Asset Management, Quoniam Asset Management and T. Rowe Price.
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The Diversity Project said that despite a lack of data, the asset management industry was "well behind" other professional services sectors in terms of gender balance and people from ethnic minority groups in decision-making positions.
At first, DPE will focus on three broad themes: gender equality, social mobility and inclusive culture, in a bid to facilitate change via voluntary collaboration and sharing of knowledge.
The European iteration of the initiative will set up workstreams around the three topics, where employees will work to deliver against its goals.
The DPE will also commission research to understand the current state of diversity and inclusion in the European asset management industry and to identify opportunities and challenges within the sector to inform its efforts.
Ric van Weelden, acting chair of the DPE's advisory committee, said: "European asset management is undergoing a transformation due to the shift from DB to DC, technological disruption, digital distribution and regulatory change. To better serve clients and stay competitive, the industry must evolve and widen its talent pool. Not only will this benefit the industry, but it will also have an impact beyond this, building a workforce that is more representative of today's diverse society.
"Over my 35 years in the industry, I have seen a lot of phenomenal talent in my career, but I have also seen how talent acquisition based on a historical set of criteria can lead to group think and little diversity of thought and perspective. The competitive landscape is simply becoming increasingly complex and unforgiving of this unacceptable status quo."
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Baroness Helena Morrissey, chair of the Diversity Project UK, added: "It is wonderful that the Diversity Project Europe is launching. Many of the issues holding back progress around diversity, equity and inclusion in the asset management industry are global in nature and we are going to make much more progress working together. I am looking forward to working with colleagues at the DPE to accelerate change and future proof the industry."
