Investment Firms Take Action on Diversity and Inclusion

CFA Institute Diversity and Inclusion Experimental Partners Program challenges firms to foster a more inclusive investment profession

New York City, Sept 18, 2019

Dozens of firms with combined assets under management of more than $17 trillion are responding to the challenge to make the investment industry more inclusive by implementing ideas in the CFA Institute guide Driving Change: Diversity & Inclusion in Investment Management. The guide, which inspired the CFA Institute Diversity & Inclusion Experimental Partners Program, includes 20 ideas generated in concert with the industry through a series of roundtables with more than 300 participants and was reviewed by experts in the field.

In the Experimental Partners Program, each firm was asked to focus on up to three of the ideas from the list and have developed action plans to be implemented over 18-24 months. Some began as early as January 2019, and the program will conclude in December 2020. Along the way, the participants provide confidential quarterly updates to CFA Institute about what has worked and what has not, and they can work with other participating firms to learn from each other. At the end of the program, CFA Institute will update the original report findings, describe success stories, and outline challenges from which other investment industry firms can learn.

Margaret Franklin, CFA, President and CEO of CFA Institute, said, “Incorporating diverse perspectives into investment decision-making improves investor outcomes and encourages our industry to embrace different viewpoints. We are pleased that so many firms have joined us on this journey to take decisive steps to strengthen our industry.”

The 42 participating organizations are:

• AllianceBernstein
• Aon
• British Columbia Investment Management Corporation
• BMO
• BNY Mellon
• Caisse de dépôt et placement du Québec
• CBRE Global Investors
• CFA Institute
• ClearBridge Investments
• First State Investments (known in Australia as First Sentier Investors)
• FactSet
• Franklin Templeton
• Frontier Advisors
• FS Investments
• Global Endowment Management
• GMOIncome Research + Management
• Invesco
• Lazard Asset Management
• Legg Mason
• Loomis, Sayles & Company
• Macquarie
• Martlet Asset Management
• MFS
• Morningstar
• Neuberger Berman
• New York Life
• Northern Trust
• Ontario Teachers’ Pension Plan
• PGIM
• Progress Investment Management Company
• Schroders
• Sionna Investment Managers
• State Street
• SLC Management
• Teacher Retirement System of Texas
• Vanguard
• Victorian Funds Management Corporation (VFMC)
• Wellington Management Company
• Wells Fargo
• Western Asset Management
• William Blair Investment Management

Chris Ailman, Chief Investment Officer of CalSTRS and a member of the CFA Institute Diversity and Inclusion Steering Committee, said, “The CFA Institute Experimental Partners Program will be seen as one of the best-in-class tools for firms to move ‘beyond talk’ and put diversity and inclusion ideas into action.”

The most commonly selected ideas relate to finding ways to better understand and manage biases including in hiring and advancement. Other priorities focus on improved communication, including the use of personal stories to build connections.

CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 167,000 CFA charterholders worldwide in 164 markets. CFA Institute has nine offices worldwide and there are 156 local member societies. For more information, visit www.cfainstitute.org or follow us on Twitter at @CFAInstitute and on Facebook.com/CFAInstitute.