INTRODUCTION

Redington | Case Study | EiA

Despite 30 years of investment in Diversity and Inclusion, the diversity of the investment management industry’s intake had not changed. The murder of George Floyd and the ensuing Black Lives Matter (BLM) protests prompted 10 UK-based leaders of global investment firms to come together to respond to this lack of diversity.

The Diversity Project, led by Redington, sought to find better ways to connect the investment management industry with the young black talent and their communities they wanted to recruit from. The firms that participated on this programme were Aon, Fidelity International, Invesco, LCP, Lincoln Pensions, Mercer, Morgan Stanley, Redington, St James’s Place and Wellington. 

A programme was designed and delivered over a three-and-a-half-week period during the first national lockdown due to the pandemic. The industry challenge, designed with the lead CEO of one of the firms, involved an assessment and comparison of the recruitment strategies of all 10 firms, against each other and the industry as a whole.

HIGHLIGHTS

Gen Z Diversity Project | Investment Management Industry

Solutions implemented

28 students, from four universities and three schools, presented their findings to a panel of 10 CEOs and board members from the firms. The solutions identified were implemented within weeks by the participating firms.

Gen Z Internships in the Investment Management Industry

Experience gained

Three internship roles were offered to students from Oxford, Columbia and Nottingham and Lancaster universities. 20 students participated in work experience over the summer.

Gen Z Insights For The Investment Management Industry

Jobs offered

One participant started work with Wellington in 2020. Another was offered a graduate position with Morgan Stanley. A participant who undertook an internship with St James’s Place was offered a graduate role with Google in the US.

REFLECTIONS

Mitesh Sheth, Chief Executive Officer, Redington

We worked with the team at EIA on an industry wide Classroom to Boardroom Gen Z insights programme. We wanted to learn what we could do to attract and retain young black talent. We were taken aback by their confidence, perspectives and practical insights. They’ve made a lasting impact on our firm and the industry. We highly recommend that boards and leadership teams in other firms and industries that want to get out of their own echo chamber, should work with EiA.

 

 

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Sally Nelson, Chief People Officer, Fidelity International

The presentations were excellent – from the heart, well thought through and showed that a lot of hard work and analysis had gone into putting them together. The presentations have given the panel of participants (10 CEOs) a lot of food for thought and were full of insights. I have been impressed with this initiative. Very engaging with a clear call brief to all participants and a clear call to action.

Deb Clarke, Global Head of Investment Research, Mercer

The clarity with which the team tackled the problem and presented practical solutions was impressive. They were confident in their presentations, backed up their proposals with data and as a result came across as with authority and enthusiasm. It brings us a much-enriched view of what we as a business need to do in order to attract and retain young, black talent into financial services and our business.

 

PARTICIPANTS

The opportunity to hear from CEOs like Mitesh and executives from investment management firms gave me a huge insight into the experiences I may have if I am to enter this industry.

I found the last day to be extremely insightful, not only did it open my eyes to the ways in which CEOs in firms like to operate – but I was able to see the full, completed presentation being discussed in detail by my teammates along with the CEOs.

The best part was having the opportunity to work with people virtually because I’ve never done that before, especially in a professional setting.

PROGRAMME IN ACTION