Buy-side back UK’s women in finance charter

UK government initiative to help women get into senior roles with the financial industry.

Asset managers have backed the UK government’s ‘women in finance charter’, supporting the progression of women into senior roles within the financial industry.

Buy-side firms backing the initiative include Aberdeen Asset Management, Columbia Threadneedle Investments, Fidelity International UK, Hermes Investment Management and Schroders.

Those involved will promote gender diversity through four ‘key industry actions’ aimed at promoting women into senior management positions.

All have pledged to have one senior executive team member responsible for gender diversity, internal targets with annual progress reports and an incentive scheme linked to gender diversity.

The women in finance charter came about following a review published by Jayne-Anne Gadhia, the chief executive officer of Virgin Money.

Gadhia highlighted that “a balanced workforce at all levels in financial services will undoubtedly improve culture, behaviour, outcomes, profitability and productivity.”

A poll of 200 firms in the UK found an average of just 23% female representation on boards, and only 14% on executive committees.

Several global sell-side institutions have also signed up to the initiative, including Credit Suisse, BNY Mellon, Deutsche Bank, Morgan Stanley and HSBC UK.

Our sister publication Global Custodian is currently running a survey on gender diversity in hedge fund operations roles, to participate click here.