The Nicsa 2021 General Membership Meeting (GMM) will take place virtually October 6-8 to explore what the next few years will look like as we seek out new ways to drive innovation in the global asset management industry. As we collectively return to a new normal and reset our expectations, our goals, and our business models, it’s never been a more important time to collaborate with industry peers. Nicsa is offering registrations for all industry participants, along with a streaming pass for our member firms.
Thought leaders from across the asset management spectrum will convene to discuss the leading topics impacting asset management firms, broker dealers, and financial services firms.
Nine dynamic sessions, broken out over three days, will take a deep dive into the cutting-edge strategies that are moving the industry toward a sustainable future in areas such as: technology, talent, product development, distribution strategy, and client service.
We’re also proud to provide GMM attendees with access to our inaugural Digital Innovation Summit. This one-day event will feature the latest information on industry topics related to technology, from cryptocurrency to FinTech.
Click here to preview the GMM Agenda. Check here to see if your firm is registered, or contact us to initiate a corporate registration.
In July, CFA Institute, a founding member of the Diversity Project North America, published a draft if its voluntary Diversity, Equity, & Inclusion Code for the Investment Profession in the US and Canada for public comment.
We’ve now entered the last two weeks of the public consultation period. If you have not already done so, we are asking asset management industry participants to review the Code and provide the valuable feedback necessary to help make this initiative a success.
The draft DEI Code represents collaboration between CFA Institute and a Working Group of industry leaders to foster a commitment that will lead to greater inclusion of wider viewpoints from diverse talent, which should result in better investment outcomes and help create better working environments. Justine Phoenix, Head of Diversity Project North America at Nicsa, represented Nicsa on the DEI Code Working Group.
The press release, which includes a link to the draft Code, can be accessed here.
The DEI Code has been published on the CFA Institute website. Comments on the draft should be provided in the Response Form and submitted to [email protected] by September 4, 2021.
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Boston, MA – August 9, 2021 – InvestmentNews has recognized Nicsa’s Diversity Project North America as a 2021 Excellence in Diversity, Equity and Inclusion Awards finalist. Diversity Project North America, along with 15 other firms and initiatives, were chosen from more than 120 nominations by a committee of InvestmentNews representatives and judges from the advice business. Diversity Project North America was recognized for its ability to inspire others from diverse backgrounds to join, flourish and bring their true selves to the financial services industry.
InvestmentNews is proud to introduce the fourth annual Excellence in Diversity, Equity and Inclusion recognition program. It aims to tell the story of individuals and firms using their success, leadership skills, and willingness to implement and advocate for diversity and inclusion within the financial advisory industry.
“The initiatives highlighted by these honored firms serve as examples of what businesses within the financial advice industry should be striving for when it comes to creating a diverse and inclusive culture,” said Liz Skinner, special projects editor of InvestmentNews.
Diversity Project North America, along with the other firms, initiatives, and individuals making the fourth annual Excellence in Diversity, Equity and Inclusion list, is highlighted in the Aug. 9 issue of InvestmentNews and online at dandiIN.com.
To learn more about Diversity Project North America and the other 2021 winners and finalists, please visit dandiIN.com.
About InvestmentNews
InvestmentNews is the leading source for news, analysis and information essential to the financial advisory community. Since 1998, our standard of editorial excellence and deep industry knowledge has allowed us to educate, inform and engage the most influential financial advisers. Through a weekly newspaper, website, newsletters, research, events, videos, webcasts and podcasts, InvestmentNews provides exclusive and up-to-the-minute news, as well as actionable intelligence, that empowers financial advisers to serve their clients and run their businesses more effectively whenever, however and wherever they need it.
The InvestmentNews headquarters are located in New York, with an office in Washington D.C.
InvestmentNews is part of Bonhill Group Plc.
About Nicsa and Diversity Project North America
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement, and advance leading practices. For over fifty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
Nicsa aims to help firms operating in all segments of the global asset management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America. The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
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Diversity Project North America members gathered during a recent “Next Practices” Committee meeting to discuss a pressing theme in the global asset management industry: DEI data transparency.
Two DPNA founding members proudly presented their firm’s recent DEI transparency initiatives. We share these resources as examples of bold leadership in this evolving area:
Capital Group’s Update on Diversity, Equity and Inclusion 2020
Fidelity’s Diversity & Inclusion Report
Capital Group spoke about the clear impact on associate engagement with the increased transparency and positive impact on customer relations.
Fidelity discussed how transparency can help with employee retention, with staff across the global firm expressing an authentic level of excitement and relief.
Both initiatives:
Most importantly, these efforts are important steps toward building trust in the global asset management industry. Trust that is essential for building relationships with employees, clients, and investors alike.
“Next practices” are forward looking ideas meant to spark important dialogue about business results and sustainability. They are bold business programs that are moving the needle on D&I in the global asset management industry with measurable results.” For more content from Diversity Project North America, click here.
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The ongoing COVID-19 virus. Vaccine availability and adoption. Workplace flexibility. Talent recruitment and retention. Initiatives to address racial disparities.
Faced with a growing volume of industry concerns, leaders of the largest asset management firms have more than enough to keep them up at night.
Attendees of Nicsa’s Fearless Leadership Symposium got to hear from two of those leaders — Mandell Crawley, CHRO of Morgan Stanley, and Marc Brookman, CEO of Schroders North America — regarding the bold choices they have made to build stronger and more inclusive workforces in 2021.
A RETURN TO THE WORKPLACE
Brookman kicked off the conversation by asking Crawley to comment on Morgan Stanley CEO James Gorman’s recent call for a full return to the office. (Gorman is requiring all staff to report back to the NYC office by Labor Day but noted that the company would remain flexible in splitting time between home and the office.)
“Morgan Stanley is the place where we do our best work,” Crawley said. “We've taken an incredibly thoughtful approach to how we return to the office. In the last year or so, we've had our best operating performance ever.”
“But as it relates to our culture, innovation, and support, we need to be together,” he added. “The reality is that flexibility will mean very different things depending on where you sit in the firm's ecosystem.”
Brookman, who reopened Schroders’ New York City office in June 2020 to a limited group of employees, has set a universal reopening date of July 6, 2021. After joining Schroders just three years ago, Brookman said culture matters more to him than anything else — and that it’s challenging to build culture remotely.
“The question that every one of us needs to ask ourselves is, ‘What does flexibility mean to me as a leader or employee?’,” Brookman said.
VACCINATION POLICIES
Brookman said Schroders requires employees to disclose their vaccination status. “We found at our firm that 85% of employees either are or plan to be vaccinated,” he said. “I find myself managing to that 15% who are not.”
Crawley said Morgan Stanley’s approach to vaccinations varies based on location. In New York, the firm’s default policy is that individuals must be vaccinated or test negative within the last 72 hours to enter into the building.
“We're in the low 90s in terms of the percentage of employees in New York who are either fully or partially vaccinated. Another 3% or 4% intend to do so, and there’s a de minimis percentage of the population who have no intention of getting vaccinated. At some point, we have to ask ourselves what level of risk we are willing to accept.”
A COMMITMENT TO DEI
Brookman and Crawley both agreed that there’s no cure-all when it comes to diversity, equity, and inclusion (DE&I).
“If you take away nothing else, then know this: it will take a lot of time,” Crawley said. “It took generation after generation for us to get into this mess, and getting out will take deliberate effort and stamina.”
He said all firms need three elements to move the needle: “You need really good ideas, committed resources, and, most importantly, organizational will. And you’ve got to flex all three of those at the same time — I like to think of them as concentric circles.”
Brookman said that DEI is often an emotional topic, so it’s crucial to lead with data.
“A lot of times, people default to zero-sum thinking when it comes to this particular topic, assuming that one group’s progress has to come at the expense of another,” he said. “I personally reject that.”
Ultimately, Crawley said it’s about being willing to invest in a diverse pool of young talent. “I always say that I'm not a unicorn — there's a lot of great raw material out there that just needs to be nurtured and given the same opportunities that I've been fortunate enough to have.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the Nicsa panel, they do not necessarily reflect the views of Nicsa or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
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We’ve all heard that change starts at the top, but many leaders aren’t sure how to approach urgent issues centered on diversity, equity, and inclusion (DE&I). During its recent Fearless Leadership Symposium, Nicsa brought together a panel of forward-thinking C-suite executives who helped demystify the process of integrating DE&I into organizational culture.
The session, moderated by Jun Li, Co-Leader of the Americas Wealth & Asset Management Sector at EY, also featured executives from Amundi, BMO Asset Management, and Janus Henderson Group.
“At EY, diversity, equity, and inclusiveness are core to who we are and how we work,” Li said. “We would like to say this is part of our DNA. Our firm's leadership at the highest level has signed a formal statement to demonstrate our commitment to leading inclusively.”
“Most recently, I've been personally involved with our own efforts on the recent anti-Asian violence,” Li continued. “This takes a lot of commitment, but this is a topic that I'm personally very passionate about. Ultimately, I think we have all good intentions and want to do the right thing, but at this point of the journey, we know that’s more complicated than it sounds.”
A PIVOTAL YEAR FOR CHANGE
Kristi Mitchem, Chief Executive Officer at BMO Asset Management, said that the events of 2020 highlighted the extent of racial disparities in the U.S. — and the urgency with which the industry must address the problem.
“In order to be successful over the course of the next three to five years in this industry, we're going to have to meaningfully change the complexion of our organizations at every level,” Mitchem said. “Our clients are going to demand it of us, and I think their stakeholders are also going to be increasingly cognizant of diversity issues. We need to be fearless in the way that we tackle the lack of diversity in financial services.”
Lisa Jones, Head of the Americas, President and Chief Executive Officer at Amundi, said leaders who are embracing remote and hybrid workplace frameworks have the opportunity to simultaneously create more inclusive environments.
“This will help prevent women, in particular, from getting off the career track when life gets too busy with young families,” Jones said. “I get concerned, though, that you have to be seen to be heard. We have to think carefully about how to reach future leaders who may not be as visible in a hybrid work model.”
IT TAKES A VILLAGE: DRIVING OUT BIAS FROM ALL ANGLES
Dick Weil, Chief Executive Officer, Janus Henderson Group, said that all leaders — regardless of race or sex —must play a role in cultivating welcoming and respectful environments where anyone can succeed.
“I think it's important to say that as white men, yes, we've benefited from the system, and we have to recognize that and be part of the solution,” Weil said. “I'm happy to stand up for my part of the conversation. It will drive success for our companies, it's morally the right thing to do, and it also makes for a workplace that's more fun and more interesting.”
Mitchem said the pandemic helped leaders from all backgrounds stretch their imaginations around the art of the possible, citing the success of remote work as an example.
“Now think about your pie being expanded dramatically from a geographic and flexibility perspective to recruit and retain the very best talent in the industry,” she said. “I think that's exciting in terms of diversity.”
Jones spoke to how leaders can use education and training to bring employees along with them on the DE&I journey.
“I’m sure we’ve all been through unconscious bias training; at Amundi, we’re using education to take our employees one step further,” she said. “We recently kicked off mandatory diversity and inclusion training with the Neuroleadership Institute. We wanted to bring training that was really science-based to our highly analytical team to break through barriers of thought.”
The leaders all agreed that the current environment is ripe for cultural change — and said it’s crucial not to squander the opportunity.
“The crisis this past year has been ugly in lots of ways, but as it has also put our cultural values into focus,” Weil said. “We want to make the most of this moment, advancing much further down the road toward becoming a truly diverse and truly welcoming firm.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the Nicsa panel, they do not necessarily reflect the views of Nicsa or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
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On June 1, 2020, Northern Trust President Shundrawn Thomas published an open letter to the industry detailing his personal experience with racial profiling during an encounter with police in a Chicago suburb.
At Nicsa’s Fearless Leadership Symposium approximately a year later, Thomas met virtually with CNBC's Sharon Epperson to further the conversation on diversity in financial services.
“When I candidly share what it means to be racially profiled — or what it means to show up as the headline presenter at a conference and be assumed to be part of the staff — it’s because these kinds of things make the experience more tangible,” Thomas said.
“And here's why it really matters,” he continued. “This isn’t an intellectual issue. This is a heart issue. If we’re not willing to share our truth and our experience, it prevents people from being able to, in a sense, hear with their hearts.”
Thomas said he received multiple responses to his open letter — but one stood out in particular. It was from a man who had moved to Chicago after being raised in an environment the man described as 100 percent monolithic.
“He shared, very transparently, some of the preconceived notions that he had about people of color when he arrived in Chicago,” Thomas said.
“He discussed how some of that had evolved, but he also spoke to how just reading my letter and making some level of personal connection challenged him, not only to continue to evolve some of his thinking but to honestly and transparently share that fact. That’s when it becomes a dialogue, and that's what we need to do to advance issues of diversity and remove it from being this proverbial third rail.”
From dialogue comes meaningful action. To that end, CNBC’s Epperson said that while much has been discussed on the recruitment of diverse candidates, retention is equally important. “I think it starts with feeling wanted, needed, and respected,” she said.
Thomas agreed. To ensure that diverse employees are retained and promoted within firms, he suggested three tactics.
1) Improve representation. “You can't be what you can't see,” Thomas said. “If you're serious about retaining talent that is diverse, you have to reflect it in your leadership so employees actually believe the words that are coming out of your mouth and your commitment to them.”
2) Expand opportunity. “What I've often found with women and people of color is that they're very talented, but we're not putting them in position for the right opportunities. In our business, to advance your career, you’ve got to be in those technical roles and get managerial experience, particularly early on. And you’ve got to get P&L responsibility. But too often, people are relegated to certain areas.”
3) Provide sponsorship. “Here's the bottom line: Somebody's got to be in the room, raising your name or waving your flag where the decisions are being made for two very important reasons: Number one, to access the career opportunities that typically arise when you are not in the room.” Thomas said.
“The second time it really matters is when we make mistakes,” he continued. “All of us will make mistakes in our careers; that is inevitable. What’s most important is how those mistakes are interpreted: as a career stumbling block or a stepping stone. That's why you need sponsorship.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the Nicsa panel, they do not necessarily reflect the views of Nicsa or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
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From our Partners at LGBT+ Great:
Thursday 24 June 2021 -- LGBT Great has launched the 2021 Global Top 100 Executive Allies initiative to mark Pride and spotlight executives from across the financial services industry who have demonstrated excellent leadership on the diversity and inclusion agenda.
The 2021 Global Top 100 represent senior leaders who influence the diversity agenda, support the LGBT+ community and demonstrate a commitment to future action. All executives were nominated by industry employees and are engaged in support of equality and inclusion within their firm. This year ten executives have also been awarded an Ally Award for their sustained commitment to advancing LGBT+ inclusion.
The launch of the Global Top 100 comes the weekend before postponed Pride events in London and New York. Pride has become a global beacon of progress and affirmation for LGBT+ equality, with the movements’ success driven by the passion of the community and the support it’s received from allies. The initiative is a powerful reminder of the support from those in leadership positions and that allyship is a driving force of fully supporting LGBT+ people.
The Top 100 2021 initiative is sponsored by Fidelity International, Legal and General, Blackrock, Allianz Global Investors, Northern Trust, T. Rowe Price, Sirius and St James’s Place Wealth Management. The Top 100 is part of LGBT Great’s flagship Project 1000 drive – a five-year mission to find and shine a light on one-thousand LGBT+ supportive ally role models globally.
Global Managing Director of LGBT Great Matt Cameron comments that:
“In the last year, the financial services industry has intensified its focus on diversity and inclusion issues. However, much of the sector is still falling far short of the support needed for LGBT+ people at a time when this support is needed the most. The visibility of authentic executive allies is one of the most important factors for the community and we must continue engaging and role modelling support from those at the top”.
A recent research study completed by LGBT Great in partnership with the Diversity Project and Nicsa – the Diversity Project North America, found that firms are continuing to prioritise gender and ethnicity diversity despite the increasing number of people identifying as LGBT+. A second study by LGBT Great also confirmed that awareness of LGBT+ diversity amongst investment companies is low with 70% of firms not thinking about this inclusion in particular. This is at odds with the 82% of LGBT+ talent who say their career move will be influenced by how LGBT+ friendly the firm is.
“There is an opportunity to modernise and change and the executive leaders within our member firms are working to help transform our industry into one which is the most trusted sector of choice for LGBT+ talent, clients and investors. Specific interventions will make a big difference to the working lives of LGBT+ people in our sector”.
This comes at a time when LGBT+ rights are being rejected in many places across the world. Even in western countries such as the United Kingdom and the United States, transgender protections and rights are being disavowed. In Europe, the Hungarian government has recently banned adoption by same-sex couples. The Polish government has stoked anti-LGBT+ sentiments by pledging to block same-sex marriages and encouraging local authorities to declare themselves LGBT+ free zones. In Asia Pacific, most countries still do not have legal protection or recognition of LGBT+ people.
During the last twelve months, industry executives have been engaging with LGBT Great to improve the awareness of same-sex orientation and gender identity. This engagement has been delivered globally and has ignited a passionate interest in what organisations can do to support and empower LGBT+ people.
Earlier this year, firms and individuals across the financial services industry were encouraged to nominate executives who had gone above and beyond from firms including HSBC, Blackrock, BNY Mellon, Northern Trust and Fidelity International. Each executive has had to sufficiently satisfy the nomination criteria and fifty-five different firms are represented in 2021.
Chief executive officer of Fidelity International, Anne Richards, comments that:
“We are excited to be partnering with LGBT Great this Pride. At Fidelity International, we are committed to embracing our LGBT+ communities, clients and employees globally. We celebrate Pride because we believe having an inclusive culture where everyone feels they belong and can thrive benefits our people, our customers and our business. LGBT Great’s focus on insights, benchmarking and, above all, on profiling role models and supportive allies, is helping to shift mindsets and forge opportunities for so many talented professionals right across our industry”.
Board member and advisor of the Diversity Project, Jon Terry, comments that:
“The Diversity Project is proud to support the Global Top 100 Executives again this year. Senior leaders set the tone throughout their organisation and it is critical that they stand loud and proud in supporting all of their LGBT+ colleagues, so that they feel comfortable to be themselves. Celebrating those executives who lead on being allies to the LGBT+ community provides greater visibility for the importance of allyship and encourages others to step up and follow their lead”.
The one-hundred executives represent firms from the United States, the United Kingdom, Europe and the Asia Pacific region.
President and chief executive officer of Nicsa and The Diversity Project North America, Jim Fitzpatrick, comments that:
“We are pleased to partner with LGBT Great in support of allyship towards minority communities in our industry. Congratulations to this year’s Top 100 Executive Allies who have boldly moved the needle towards a more inclusive and equitable workplace”.
Managing Director and EMEA Executive Sponsor of the Out & Allies employee network at BlackRock, Ryan O’Keeffe comments that:
“Pride is a moment to mark the progress that has been made by the LGBTQ+ Community in achieving acceptance and equality over the last 50+ years. Pride month therefore offers us a chance to reflect on where we are, celebrate our successes, and then focus our energy on the road that lies ahead. There is still much more that needs to be done. I’m really looking forward to the rainbow of virtual events taking place across BlackRock this month”.
The Global Top 100 Executives Allies will be celebrated for Pride, and through July, as a beacon of progress within the financial services industry.
View Global Top 100 Executive Allies
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Client expectations are shifting the paradigm on diversity, equity, and inclusion (DE&I) across the asset management industry. While plenty of work remains to be done, investment managers and other stakeholders know that ethnic, racial, and gender diversity is fundamental to the success of their firms — and they’re eager to effect real change.
Attendees of Nicsa’s Fearless Leadership Symposium took a deep dive into this topic during a recent session moderated by Kim Hyland, Managing Director and Head of the U.S. Relationship Management Team at MFS Investment Management.
“DE&I is foundational to the work that we do as asset managers and to our ability to sustainably and responsibly create long-term value for our clients,” Hyland said. “Building a diverse workforce and fostering an environment of respectful challenge helps us get the best from our most important, powerful resource: our people.’
Hyland said that clients — the asset owners across the globe — are also committed to DE&I.
“Asset owners are now incorporating DE&I into the selection and monitoring process because it's directly related to financial performance,” she added.
The panel, which also featured Connecticut’s State Treasurer and experts from Verus Investments and the Chicago Teachers’ Pension Fund, explored the composition of the asset manager workforce, strategic action planning, and how to nurture the careers of underrepresented individuals.
CREATING MEASURABLE GOALS
Angela Miller-May, Chief Investment Officer at the Chicago Teachers’ Pension Fund (CTPF), shared her perspective leading a public employee retirement system that services more than 88,000 active and retired teachers.
“As of April 30, CTPF invests $6.2 billion — or 48% of total assets — with firms owned by minorities, women, and persons with disabilities,” Miller-May said. “And 41% of our brokerage commissions are paid to minority, women, and disadvantaged business enterprise (MWDBE) brokerage firms.”
The fund’s DE&I approach is centered on three areas:
TURNING PLANS TO ACTION
Shelly Heier, President and Senior Consultant at Verus Investments, shared insight gleaned from her experience with the Verus-founded Institutional Investing Diversity Cooperative (IIDC). Heier launched and currently spearheads the coalition of consulting firms, which works to promote DE&I via data access..
“A driving mantra for me and for my colleagues at Varus, especially through the tough times of 2020, is 'Actions speak louder than words,’” she said. “Whether it's an ESG or DE&I, we are committed to being intentional about what we do — not just greenwashing or rainbow washing with actionless statements, but making sure we're doing things that are meaningful and measurable.”
The IIDC brings together more than two dozen institutional consulting firms representing over $33 trillion in assets.
“We are one voice advocating for access to data in support of our shared belief that having more underrepresented minorities in ownership, leadership, and portfolio management roles in the asset management industry is going to improve the conversation, open opportunities, and benefit the community at large,” Heier said. “But, most importantly, it will impact performance because we believe diversity and diverse teams have better decision-making processes and drive better results.”
FOSTERING ADVANCEMENT OPPORTUNITIES
Fearless Leadership Symposium attendees also heard from Connecticut State Treasurer Shawn T. Wooden, who launched the Coalition for Equity & Opportunity in September 2020. The coalition, representing $26 trillion in assets, aims to confront deeply rooted racial-economic disparities in the United States.
In January, the group announced commitments from multiple members to publicly disclose workforce demographic data — and encouraged others to do the same. Such disclosures allow stakeholders to understand and measure the progress toward diversity initiatives, address racial justice, and foster universal economic prosperity.
Wooden cautioned firms about the dangers of relying purely on in-house promotions as a leadership acquisition strategy.
“Some of the things that might be culturally successful for firms run counter to making progress with DE&I,” he said. “While some firms are very proud of the fact that everyone is homegrown, it’s a very closed process and slower to effectuate change.”
Through his work with the coalition, Wooden said he’s also seen firms take intentional measures to disrupt internal biases.
“There’s this notion that on any open position, you should make sure there's a diverse panel of applicants that are considered,” he said. “It’s not guaranteeing an outcome but structurally putting a support program in place to cast a wider net.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the Nicsa panel, they do not necessarily reflect the views of Nicsa or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
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Among the many devastating effects of the ongoing pandemic is a disheartening rise in harassment and attacks on the Asian American and Pacific Islander (AAPI) community.
The nonprofit organization Stop AAPI Hate — which tracks incidents of hate and discrimination against the AAPI community in the U.S. — saw an increase in reports from 3,795 to 6,603 during March 2021 alone.
The healing of racial wounds begins with honest and often uncomfortable conversations. Nicsa’s Diversity Project North America fostered such a dialogue during a recent event focusing on the AAPI community’s experience within the asset management industry. Nicsa and Diversity Project North America members can access the replay here.
“The AAPI community is very diverse, so by no means can we speak on behalf of all AAPI,” cautioned York Lo, Head of Institutional and Retirement Product Development at John Hancock. “But myself and the panelists agree that we are bringing our unique experiences and our authentic selves to the conversation.”
Lo moderated the panel, which also featured industry leaders from American Century and Northern Trust Global Advisors, Inc.
Addressing the AAPI Leadership Gap
Panelists agreed that across industries, AAPI professionals are relatively well represented in terms of independent, analytical roles. But the same cannot be said about the executive level.
“The asset management industry is so diverse — there’s so much intelligence, academia, personality — but when you’re talking about that proverbial glass ceiling, yes, it absolutely exists for the AAPI community,” said Alice Fang, President and CEO at Northern Trust Global Advisors, Inc. “Society has this view of Asians as the model minority — we’re hard-working, intelligent, independent, and prosperous. But nowhere in that description do we hear anything about leadership.”
Wayne Park, SVP, Personal Financial Solutions at American Century, spoke to finding and using one’s voice.
“You want to have merit, of course, but not wait for that merit to speak for itself,” he said. “Letting those with decision-making power know of your ambition and what you would like to pursue is important. Don’t ask for permission; ask with persuasion authentic to who you are. And do it with conviction. You have to believe your own argument.”
Fang recommended nurturing a sense of curiosity about what other people in the industry do for a living and the challenges they face.
“It’s about getting out of your comfort zone,” she said. “It doesn’t matter if you’re Asian or otherwise — we all get stuck in our comfort zones. It’s human nature. Taking chances is critical.”
As recent events increase the visibility of AAPI discrimination, Park said it’s important that the community move beyond simple coping.
“The word ‘coping’ assumes you’re yielding, at that’s a change we have to make,” he said. “You shouldn’t have to quickly cope. Yes, it’s important. Yes, you need to process it. But you shouldn’t have to accept it.”
Fang agreed. “That’s why this conversation is important,” she said. “When you have the time to reflect, that’s when you realize you’ve endured more than you think.”
She said that the discrimination she’s experienced within the AAPI community tends to be subtle in terms of being treated dismissively or even excluded by people. Part of the solution, she said, involves standing up and saying, ‘I belong.’
“One way to do that is to pay it forward — be a mentor, be a voice, be a leader, and create pathways for individuals at different stages of their careers,” Fang said.
Industrywide Diversity, Equity, and Inclusion (DE&I) Efforts
“From our firm’s perspective, DE&I is really top-down and bottom-up in terms of a practice,” Fang said. “And it is very much about practicing. Our corporate culture ensures that we really engage at all levels of the organization through things like employee resource groups across the global footprint.”
The company also embeds DE&I in its investment practices, such as working with minority-owned brokerages and suppliers. Recruitment is also critical.
“Part of diversity the workforce is ensuring that people know there are careers in this industry that are accessible to them. To that end, we work with many organizations in our communities to drive DE&I from the start.”
Parks said he’s excited about the recent developments in DE&I at his firm, such as the appointment of a new head of talent and diversity.
“The next evolution for American Century and all of us is to take the good energy that has been awakened during the past few years and go beyond discussion and engagement — channeling that, deliberately, into the outcome you want. The outcomes is fairly straightforward — that each person feels like they can contribute, perform based on their abilities, and be recognized without the structural limitations of race, gender, sexual orientation, and age.”
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