Sustainability has become a core lifestyle value in recent years, driving demand in the asset management industry for Environmental, Social, and Governance (ESG)-based investment solutions. Nicsa members received updates on both the demand and supply side of the emerging market during a recent Webinar Wednesday event.
Dan Bender, Managing Director at EY, moderated the session, which featured thought leaders from Accenture, BNY Mellon, and J.P. Morgan.
“There's an accelerated amount of news and activity around sustainable finance in terms of both active and passive ESG, and sustainability-themed products,” Bender said. “In satisfying growing demand, there are associated challenges with sourcing and aggregating industry and client data.”
Marcus Hooper, Director at BNY Mellon, said there is a lack of consistency and transparency in ESG reporting and analysis.
“Both asset owners and managers are really struggling with gaps in data and the variance in ESG scoring,” Hooper said. “If you look at Tesla, for instance, you'll see that it scores quite differently according to different data sources and perspectives. And we see that problem consistently.”
Kumaran Ram, Executive Director at J.P. Morgan, said that, as of June 2020, there are approximately $2 trillion in publicly listed funds on the market with an ESG label — many of which were spurred by the Paris Agreement.
“But of those $2 trillion in assets, few have ESG-aligned performance benchmarks — most use conventional benchmarks,” Ram said. “The field of ESG benchmarks is relatively new. At J.P. Morgan, we launched our suite of global fixed-income indices, integrating ESG factors in a composite benchmark, in 2018.”
Distribution Concerns
Scott Reddel, Managing Director of Capital Markets at Accenture, shared his perspective on the issues wealth managers and broker-dealers are currently grappling with.
"When we look broadly at the market, we're in the midst of this $40 trillion great transfer of wealth between generations that's been underway over the last decade and continues to increase,” he said. “Across the board, every financial institution has been faced with shifting their advice propositions to suit the coming generation of investors."
Reddel said Accenture’s research shows that more than 75% of advisors include ESG as a core tenant of the discussions they have with clients and the investment strategies they’re shaping.
“But when you look at where the assets are being invested, the data show that about half of their clients are actually investing in ESG-types of funds and strategies,” he said. “So we see a massive amount of growth, but also just a large disconnect between what clients want to engage in, and what's really being manifested in terms of their investment.”
Navigating the Regulatory Landscape
Bender said greenwashing — the deceptive practice of marketing products as more environmentally sound than they are in reality — is an increasing concern among firms and government agencies. Disclosure obligations already exist in the U.S. under various federal securities laws, including the 1940 Act.
“The SEC’s Asset Management Advisory Committee is in an early-stage analysis of informing policymaking in the ESG space, whether it's a disclosure matter or some other type of regulatory reporting of likely outcome,” he said.
Ran said the regulatory landscape is rapidly shifting, especially when it comes to the environmentally-progressive European Union. In June, the European Parliament formally adopted the Sustainability Taxonomy Regulation, providing a framework for classifying environmentally sustainable economic activity. It also offers a common standard for the definition of a sustainable investment.
“For the first time, there will be common labels, which will be extremely useful in terms of standardization,” Ran said.
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.
#ProductandMarketing
#DistributionandSales
Nicsa members will have the opportunity to hear the unique perspective of award-winning journalist, entrepreneur and host of the weekly syndicated political show, Matter of Fact, during the 2020 General Membership Meeting on October 9.
Soledad O’Brien is CEO of Soledad O’Brien Productions, a multi-platform media product company dedicated to telling empowering and authentic stories on a range of social issues and a thought leader whose public engagement garners wide attention.
O’Brien has had national impact with her books and speeches, and her presence on the nation’s op-ed pages and social media. During her career, O’Brien has anchored shows on CNN, MSNBC and NBC, and hosted projects for Fox and A&E. She created the In America documentary series Black in America and Latino in America. She also recently hosted American Injustice, a BET Town Hall on the future of criminal justice reform, as well as the A&E special Shining a Light: Conversations on Race in America.
She was named on People Magazine’s list of the 50 Most Beautiful People in 2001 and was on People en Español′s 50 Most Beautiful list in 2004. She was named to Irish American Magazine’s "Top 100 Irish Americans" on two occasions, and was on Black Enterprise Magazine’s 2005 Hot List. Also in 2005, she was awarded Groundbreaking Latina of the Year by Catalina Magazine. In 2006 she was featured in the Newsweek cover story "15 People Who Make America Great". She is the author of two books, her critically acclaimed memoir The Next Big Story and Latino in America.
O’Brien will share her insights with the Nicsa membership at the General Membership Meeting. On stage, she will discuss her commitment to introducing the under-voiced into the national conversation. As Soledad reflects on her goal to bring the news above the noise created by the traditional media cycle, she will offer a renewed outlook on the issues and dialogue that matter most.
Check out the full agenda for the Nicsa GMM here. Click here for more information and to see if your firm is registered.
Thought leaders and industry innovators from across the asset management spectrum will convene at Nicsa’s virtual General Membership Meeting from October 7-9. The speaker lineup features leading experts from a diverse set of asset management firms, broker dealers, and an extensive group of financial services firms.
Thirty-seven speakers from 34 different companies will cover top-of-mind issues such as: returning to the workplace, inclusion and wellness, forward-looking business modeling, product trends and lifecycles, differentiation and competitive advantages, the economic and political landscape, and more.
Keynotes:
Speakers:
Whitfield Athey, Delta Data
Renee Baker, Raymond James
Dan Beckman, Columbia Threadneedle
Michelle Bruno, FIS
Gary Casagrande, Confluence
Glen Casey, American Century
Regina Curry, Franklin Templeton
Rhonda Dixon-Gunner, Invesco
Erin Farrell Donnelly, Bank of America
Margaret Farquharson, Nationwide
Jim Fitzpatrick, Nicsa
Paul Francisco, State Street
Catherine Goonetileke, EY
Justin Hall, PwC
Ben Huneke, Morgan Stanley
Stacy Korsak , Fidelity
Matthias Kristol, JPMorgan Chase & Co.
York Lo, John Hancock
Sarah Maynard, CFA Institute
Victoria McGowan, BNY Mellon
Jay Nusblatt, DFIN
Robert Pettman, LPL Financial
Janelle Prevost, BNY Mellon
Kevin Quirk, Casey Quirk
Robyn Tice, Eaton Vance
Keith Totten, Aliter Investment Services
Greg Valliere, AGF Investments
Stacey Winning, Dimensional Fund Advisors
Candida 'Candi' Wolff, Citi
Cindy Wolpert, Results-Based Coaching
Linda York, Cogent Syndicated
Click here to preview the GMM Agenda, featuring 10+ hours of educational content. New this year, the 2020 GMM registration structure will be at the firm level, with unlimited registrations with your corporate pass. Check here to see if your firm is registered, or contact us to initiate a corporate registration.
Nicsa members received a generous dose of regulatory oversight during a recent Webinar Wednesday panel event moderated by Frank Maresca, Vice President of Broadridge.
“The SEC has been very busy this year, both proposing and enacting rules that impact reporting,” Maresca said. “It is interesting to examine how these rules converge in making information for investors more digestible and impactful, as well as furthering the use of technology to drive engagement and investor insight.”
The panel, which featured experts from Putnam Investments and Ropes & Gray LLP, was designed to help financial services firms worldwide navigate trends dominating the regulatory landscape. Areas of focus included the proposed modernization of fund reports and disclosures, reforms related to closed-end funds and BDC offerings, the status of Rule 30e-3, and disclosure improvements for variable insurance contracts.
Modernizing Fund Reports and Disclosures
“Earlier this month, the SEC unanimously proposed amendments to Form N-1A and certain disclosure and advertising rules that apply to mutual funds and ETFs,” said Chelsea Childs, Associate at Ropes & Gray.
“Those proposals are intended to modernize the disclosure requirements by requiring only key information to be delivered to shareholders. Funds would then refer shareholders to the fund website for other information that the SEC has deemed less important, such as financial statements.”
Under the proposal, a new summary Annual Report (AR) and summary Semi-Annual Report (SAR) would replace the existing AR and SAR.
“This is a very significant change; therefore, it's going to be operationally challenging, requiring a lot of input and parties involved,” said Venice Monagan, Counsel at Putnam Investments. “But we know that the actual implementation is several years out, which makes it more feasible.”
The SEC has outlined structured requirements related to the order in which information is presented and also recommends the use of graphical elements.
“The biggest takeaway here is we are going from a report that could be over 100 pages to something that the FTC is envisioning to be three or four pages,” Monagan said. “This is a very radical change compared with what we now conceive of as a shareholder report.”
Closed-end Fund and BDC Offering Reform
Childs said the SEC also adopted amended rules and forms intended to streamline the registration, communication, and offering processes for closed-end funds and BDCs.
“There’s a lot to unpack in these reforms,” she said. “One main theme is that eligible funds are now allowed to rely on certain practices that previously were only available to operating companies.”
According to Childs, the reforms impact different types of funds in different ways.
“There are differences, of course, between BDCs and closed-end funds,” she said. “There are also differences between types of closed-end funds — whether the reforms relate to how they impact an interval fund or just a traditional listed closed-end fund.”
“Importantly, size matters here,” she continued. “Some provisions of these reforms apply to all registered closed-end funds and BDCs, but importantly, some provisions also apply only to seasoned funds.”
Childs defined a seasoned fund as current in its reporting requirements with at least $75 million in public float, or the aggregate market value of the equity of the fund that is held by people who are not affiliated with the fund.
“This public float concept also comes into play for the top tier, the largest category that we've got here, which are well-known seasoned issuers, or WKSIs. Because the reforms allow for different paths to registration for different fund sizes, it’s important to classify what universe of funds you have and which of these reforms the funds can avail themselves of.”
Disclosure improvements for Variable Insurance Products
In March, the SEC adopted Rule 498-A, which permits the use of a summary prospectus to satisfy Securities Act delivery requirements relating to variable insurance products.
"The Commission is taking this important step to improve Main Street investors' understanding of these products,” SEC Chairman Jay Clayton stated at the time. "With today's technology and the benefits of layered disclosure, investors should not have to work through hundreds of pages of disclosure to understand these products' risks, fees, and features in order to make informed investment decisions.
Childs said that the proposed new Rule 498-B would allow funds to satisfy their prospective delivery requirements under the Securities Act by providing material updates to shareholders throughout the year.
“That’s going to be done primarily through the shareholder reports and through supplements to the prospectus,” she said. “Initial purchases of shares, however, are still going to be required; funds will still have to deliver the full prospectus to an investor who is making an initial purchase, but existing shareholders and additional purchases can receive these more streamlined documents.”
“In order to rely on this proposed rule, similar to the summary prospectus rule, the fund needs to make its summary prospectus, SAI, and reports all accessible online, free of charge, on the fund's website.”
Rule 30e-3
The panelists said that numerous asset managers have gotten up to speed with proposed rule 30e-3, which permits funds to use a notice-and-access approach that they can use to deliver annual and semi-annual reports in lieu of mailing a paper report.
Monagan said Putnam is currently preparing for the January 1, 2021, implementation date, upon which funds can mail a notice of the availability of shareholder reports on the internet.
“We're in the process of developing the content of our notice, which would go to direct shareholders, as well as a postcard, which would inform them of the availability of the shareholder reports and give them the availability to opt-in, request hard copies, et cetera,” she said. “We plan on moving forward with this effort until it is clear whether this new rule proposal will become effective.”
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.
Boston, MA – September 2, 2020 —Nicsa, a global asset management trade association, announced that JPMorgan Chase & Co. Chairman and CEO Jamie Dimon, a financial industry leader and catalyst for innovation, will headline as a closing speaker at its 2020 General Membership Meeting in a Fireside Chat with Jim Fitzpatrick, President & CEO of Nicsa. The virtual event will take place on Friday, October 9 at 2:00pm EST.
Dimon leads one of the largest financial institutions in the U.S., with assets of $3.2 trillion, which serves millions of customers and many of the world’s most prominent corporate, institutional and government clients. Among his many accomplishments, Dimon has led the launch of innovative strategies to address diversity and inclusion challenges, including Advancing Black Pathways and Women on the Move initiatives.
“We are very excited to share Jamie’s leadership vision with the Nicsa membership. At the helm of the world’s largest banking institution, Jamie serves as an inspiration to the industry and we very much look forward to his views on how global asset managers can position themselves in the current landscape,” said Jim Fitzpatrick, President & CEO of Nicsa.
“Nicsa, through its Diversity Project North America, is particularly aligned with, and interested in, Jamie’s innovation and commitment to accelerating diverse leadership across the industry. We are pleased to be able to offer this opportunity to our member firms,” stated Justine Phoenix, who recently assumed the role of Nicsa’s Head of Diversity Project North America.
Nicsa’s GMM agenda will also include a Face the Membership session with industry leaders Jennifer Johnson, President & CEO of Franklin Resources, Inc. (Franklin Templeton), and Mellody Hobson, Co-CEO & President of Ariel Investments, moderated by CNBC’s Tyler Mathisen. A keynote presentation from Soledad O'Brien, host of the weekly political magazine show Matter of Fact is also scheduled. View full agenda of the Nicsa 2020 GMM here.
The virtual GMM will take place October 7-9 and will be available to all employees of corporate registrants. Nicsa will consider complimentary media registration to editors and reporters with valid press credentials. Submit inquiries here.
About Nicsa
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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Dismantling systemic racism in the workplace is an effort that will require a fundamental shift in workplace culture and governance. After all, racism and biases rear their persistent and ugly heads in many forms, including fewer job opportunities, lower salaries, and less career advancement.
One of the first steps in healing the wounds of racial injustice is a willingness to engage in open, honest, and sometimes uncomfortable conversations centered on inequalities in the workplace. Nicsa’s Diversity Project North America invited asset management industry participants to engage in such a dialogue during a recent event focusing on authentic allyship. Nicsa and Diversity Project North America members can access the replay here.
Steven Duncan, Senior Relationship Executive at BNY Mellon, moderated the conversation, which featured a range of perspectives on what it’s like to be a Black senior leader, mid-level manager, or newcomer in asset management.
Duncan kicked off the conversation with the definition of racism. Duncan told the audience. “Merriam-Webster is updating the definition to reflect racism’s systemic nature, rather than the beliefs that result from it. With the current definition, one could falsely argue that since they don’t hold that belief, racism doesn’t exist.”
India Gary-Martin, Principal at Leadership for Life, said that racism is a consequence of long-established systems that contribute to racial disparities.
“People will behave in accordance with the containers that are created for them — so if you create containers of racism and systemic oppression, that's how people will behave,” she said. Gary-Martin continued, “... racism is what systems perpetuate, as opposed to the individuals who live within them.”
Maurice Tsuro, Director of BlackRock’s Global Accounting and Product Services team, said he views racism through a multifaceted lens focused on both individuals and systems.
“You have the systems that have been put in place to limit the progression of a particular group of people, but there are also biases ... driven by the environment that one grew up in, and it plays a big part in how people treat each other, and it drives behavior,” said Tsuro.
What It Means to Be Black in the Asset Management Industry
Gary-Martin, a 25-year veteran of financial services, gave listeners insight into her experience as a Black woman in the industry.
“Frankly, navigating the barriers of race is exhausting — and it’s something that we’re actually taught from birth to do,” she said. “That’s why, if you want to create change, you should ask people what they’ve experienced in the workplace and industry – because you can’t solve for something you don’t understand.”
Jason Tyler, Executive Vice President and Chief Financial Officer of Northern Trust, described his experience as both frustrating and exhilarating.
“Our industry is phenomenal,” he said. “You have a profession where you can build wealth for your family. You can test your academic strength versus others. The frustrating part is, it’s still not a fair playing field in terms of how jobs at the upper end are disseminated. There are companies [within the industry] that have absolutely no representation of Black people, women, and Latinos at the top of their management teams — and that's still tolerated.”
To that end, Tyler said prospective employees should be wary of firms that take a marketer’s approach to diversity and inclusion.
“Throw away the brochures organizations use to highlight diversity. Force firms to focus on what matters, which is what the leadership of the firm looks like,” he said. “That is something that can be easily measured in a quantitative manner.”
Gary-Martin agreed, adding that a lack of representation is a red flag for Black employees, no matter how much diverse messaging a firm disseminates: “When people don't see folks who look like them in leadership seats, they think, ‘There's no path for me.’”
Tsuro said that if he had to highlight one takeaway for listeners, it would be the importance of allyship.
“Don’t be a witness — be an ally,” he said. “Join any groups or networks you can to understand what people are going through right now — it will help you become more empathetic. We need your voices to help create change.”
Justine Phoenix, Head of Nicsa’s Diversity Project North America said the organization plans to continue this important dialogue through a series of discussions centered around allyship and actionable takeaways. To find out how to become involved in the Diversity Project, click here.
#DiversityProject
#DiversityandInclusion
By Justine Phoenix, Head of Diversity Project North America:
I was honored to participate in J.P. Morgan’s recent internal round table discussion led by their AsPIRE & BOLD Business Resource Groups, titled “Rediscovering Ourselves: Understanding Racism and Discrimination in the Workplace.” The panel boldly and skillfully explored the topics of racism and discrimination in the workplace. It was a great opportunity to hear from senior leaders in the global asset management industry and how understanding biases has shaped the way they lead and manage their teams.
Discussion such as this one will go a long way toward uniting firms, and ultimately the industry, and demonstrates the commitment to cultivating a more inclusive environment in the industry we all serve. The opportunity that Diversity Project North America Founding Member J.P. Morgan took to talk about racism is a meaningful step toward shining a light on the voices that need to be heard.
We thought we were a post-racism society. We’re far from it.
This is one of the takeaways I was left with following our discussion.
Part of deconstructing structural and institutional racism is focusing on how we – firms across the global asset management industry – conduct business inside and outside the firm. How are we thinking about clients? Employees? How are we operating within the communities in which we serve?
Rich dialogue across the panelists centered around actions that can be taken. Part of being an effective leader in the journey toward DE&I is homing in on what we as individual leaders can do at specific locations (Boston, NY, LA, from our home offices, or elsewhere) that will make a difference.
Am I an anti-racist?
Being a leader also takes some self-reflection.
The definition of racism is evolving and has shifted to a broader view about institutional structures that provides privilege to certain people over others. This important shift is helping industry leaders shine a light on their own business practices. A deeper self-evaluation has moved from “I’m not a racist” to “Am I an anti-racist?” Passive roles are no longer tolerated.
Discrimination is taking biases and putting them into policy or action. Discrimination can manifest itself in unequal pay, lack of advancement, and hiring practices. Affirmative discrimination can be equally as damaging, manifesting itself in a belief that certain people are better at certain jobs, and shaping what managers look for in candidates. It can have real consequences on where people wind up and how careers are tracking.
A really important and impactful result of evaluating biases in the workplace is building the courage to stand up when and where it is necessary. Do you have the voice to say: “this is unacceptable, not on my watch”? Calling out racism and discrimination where you see it requires courage. As business leaders, we must build environments where we are not afraid to hold each other accountable.
An opportunity.
For me personally, taking on the role of Head of the Diversity Project North America in the midst of national and global racial unrest presented an opportunity to be a part of industry change.
What’s your opportunity? There are many to seize. Here are a few that I’m focused on:
Thank you, J.P. Morgan, for inviting me to listen and engage. If you’d like information about the Diversity Project North America, follow us on LinkedIn or reach out to me here.
Since March, leaders in the asset management industry have been forced to adapt to the new reality brought upon by the COVID-19 pandemic. Now, in the face of continued uncertainty, firms are doing all they can to develop policies and processes that will ensure a safe return to the workplace.
Business continuity leaders shared how they’re establishing transition teams, complying with evolving health protocols, and developing communications plans during a recent Webinar Wednesday. (NICSA members can replay an archived version of the webinar here).
Elizabeth Arnall, Managing Director, Head of Sales and Client Management for the Americas, HSBC, moderated the session, which also featured experts from Allianz Global Investors, Morningstar, and Northern Trust Company.
Chris Boruff, Head of Operations, Talent & Culture at Morningstar, kicked things off with his firm’s multi-phase plan for sending employees back to work.
“We’ve established several phases, the first of which is essentially unlocking the doors to offices that have been closed due to shelter-in-place orders,” said Boruff, who serves as Morningstar’s COVID Response Business Continuity Leader. “It will be completely optional whether to return or not.”
Boruff said he expects about 10 percent of employees to return for various reasons, such as difficulty concentrating at home. The team will then progress to a phase where the staff is split into groups that work in the office on alternate weeks to ensure social distancing. Even then, the decision whether to return to the office will be optional.
“We expect it to be optional for quite some time,” he said.
Gem Pushpaharan, Managing Director, COO US, Allianz Global Investors, said his firm has 650 employees across San Francisco, San Diego, Dallas, and New York. He also detailed a phase-based plan guided by local office-closure mandates.
“Once a particular city has the green light to open up offices — which is typically in phase two or three of our plan — we add two weeks on to that date, then we allow to 20 percent of employees back in voluntarily,” said Pushpaharan, who is chair of the firm’s COVID-19 Crisis Task Force. “We’ve also tried to focus on bringing in more business-critical roles, particularly around portfolio management and trading.”
Pushpaharan said his firm is also implementing stringent health and safety protocols, including six feet of social distancing, mandatory masks for moving about the office, and regular handwashing and sanitization requirements. The company is also implementing deep office cleaning schedules and providing personal protective equipment (PPE) in all locations.
Dan Houlihan, Executive Vice President, Head of North America Asset Servicing at Northern Trust Company, serves as site lead for returning to work in the company’s Chicago operation. Worldwide, the organization employs 21,000 people in 20 different countries and is taking a risk-averse approach based on employee surveys and local mandates.
“From the beginning of the crisis, Northern Trust has left, and continues to leave, a lot of the decision-making to local business leaders in their jurisdictions, realizing we are the ones who have situational awareness regarding regulators and dynamics in a particular location,” Houlihan said.
Like the other panelists, Houlihan said his firm is reopening in phases when it is safe to do so. In Chicago, the organization will be handing out washable masks, hand sanitizer, and best practice guides, and installing walkthrough body-temperature detectors. With the number of confirmed coronavirus cases in the U.S. rising, Houlihan said “realistically, I don’t see any sizeable contingent back in the workforce until the new year in the U.S.”
Pushpaharan said Allianz Global Investors has to make strategic decisions regarding client meetings when manufacturing product in the U.S. that is distributed in Asia.
“We are in the very early stages, but it depends on the stability of the environment where the potential client is based,” he said. “In Asia, Germany, and France, we’re seeing things start to move again in terms of in-person meetings — but only a very limited basis for business-critical purposes. In the U.S., our sales and distribution teams have been connecting with existing and potential clients virtually.”
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.
By Jim Fitzpatrick, President & CEO of Nicsa:
Amid the social unrest that has gripped the world in recent months, many industry executives have come forward to declare their growing awareness of the need for change. Others have committed to measurable action. While it is sometimes difficult to be hopeful in the midst of turmoil, I strongly believe that there is positive momentum building for diversity and inclusion in the global asset management industry, and I am proud to be working with industry leaders on the Diversity Project North America.
One thing’s clear: we have far to go.
It is Pride Month. It is Juneteenth. It is a poignant time to reflect on the power of allyship. If you’ve been struggling with the “what can I do to make a difference” question, consider this: allies can actively advance the culture of inclusion through intentional, conscious efforts that benefit people as a whole.
While allyship cannot be self-defined, to me it is about listening and learning from different perspectives in the room and taking active steps toward ensuring that those perspectives are embraced.
I am continuously learning what it means to be a thoughtful and effective ally. The importance of allyship in the workplace lies in the acceptance that imbalances do exist, and using whatever voice or platform that I’ve been afforded to work toward changing that.
So, what can you do right now to make a difference? Take an hour today to:
The Diversity Project is a supporter of, and partner to, LGBT+ Great, an organization that supports and promotes LGBT+ equality. LGBT+ Great kicked off their Project 1000 campaign, a five-year drive to spotlight 1000 LGBT+ role models and supportive allies working in, or with, the industry. I am honored to be a part of this campaign.
The Diversity Project North America is a proud supporter of Diversity Project UK’s #TalkAboutBlack team, which strives to develop a pipeline of black leaders in the asset management industry. Learn more.
We hope to see you at future Diversity Project North America programs as we work toward a more inclusive global asset management industry.
#DiversityProject
#DiversityandInclusion
After ushering in the new decade on somewhat strong footing, the global asset management industry has witnessed a transformation rife with uncertainty and volatility on the heels of the Covid-19 pandemic. As a leading industry association with members across the global landscape—all possessing diverse and unique talents, experience and perspectives—Nicsa is committed to promoting best practices and connecting all facets of the community so that we can be stronger together. Over the past months, we have heard invaluable insights from our members on adapting to our new reality. We’ve compiled some of those insights into the following (and certainly growing!) list of best practices, which we hope will help our members become stronger leaders as individuals, as organizations, and as an industry.
Understand what your firm’s most critical functions are and prioritize them
If you did not know this before or still do not know what this is, you need to learn this now. This is one of the keys to surviving and even thriving during difficult times. Knowing what your firm urgently needs to get completed will help you shift the appropriate resources to the most critical areas at the right time as well as make the firm more capable of efficiently responding to events as they unfold.
Explore the full range of your employees’ abilities and skills
Evaluate which essential areas and divisions are the most stressed, have the highest workloads, and need the most assistance. Are there employees within your organization that you can possibly redeploy to these key functions? Leaders should reevaluate employee skill sets, as well as their potential to quickly adapt to different tasks, and loosen any fixations on current roles and titles. This is not only beneficial to the firm, but also provides an opportunity for employees to further develop their skills or acquire new ones and grow within the firm.
Recognize, understand, and adapt to your employees’ unique work situations
Recognize that parents are now juggling educating and caring for their children in between business video meetings and company conference calls. Understand that others have the responsibility of being caretakers of senior parents, grandparents or other elderly relatives or neighbors. Be aware that some are alone and isolated. Whatever the case, employees are dealing with the increased stress of balancing work life with personal responsibilities and situations. Corporate responsiveness and the provision of necessary tools can go a long way toward adapting to this extended period of virtual work life. Leaders should be asking questions often: What do they need to carry out their jobs? Do they need any additional technical tools or resources to be efficient?
Manage with wellness in mind
It is important for leaders to encourage employees to set work boundaries in order to address physical and mental well-being. Companies should also be providing as many resources as possible to help ease stress for their employees. This may include helpful tips for working from home, easy-to-use tech guides on the company’s online tools and platforms, as well as information around personal well-being such as exercise and other related health resources.
Lead with Inclusivity
Leading with inclusivity centers around respecting the diverse talents and skills of employees. Team leaders should be sincere and compassionate while encouraging increased collaboration. They should be proactively reaching out and frequently connecting with employees on all levels—really taking a pause to be sure all voices in their firm are being heard and ensuring that everyone feels valued.
Clear communication—with employees, clients and partners—is key
At the core of these practices is this: maintaining clear communication across an organization—with employees and external stakeholders—is essential to success. Open discussions about the flexibility and capability of your teams, the major issues stakeholders are facing, the risks that are emerging, as well as the regulatory and governmental restraints and relief actions are in place are crucial to supporting a responsive and robust infrastructure and operating model.
For more insights about best practices in the current global pandemic environment, please see the following resources:
Trading, Valuation, and Liquidity Challenges
Battling Fraudsters and Bad Actors
Achieving Success with Remote Workforces
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