The investment industry is being urged to promote more black women and build anti-racist investment portfolios in order to tackle systemic discrimination in the sector. Less than 1% of investment managers are black. Black Women in Asset Management (BWAM) – a group of 300 industry professionals in England and Wales – has written to investment firms asking them to go beyond “solidarity statements” with the black community, following Black Lives Matter protests sparked by police violence and the killing of George Floyd in the US in May. BWAM – which was formed in 2019 and includes investment professionals, lawyers, consultants, administrators and advisers – said the industry had primarily focused on increasing the number of women in the sector. “This agenda, however, has largely excluded black women. Racial issues are often perceived as too abstract, polarising, or political,” the open letter read. It is now urging companies to take five broad actions, including: expanding the pipeline of young black women entering investment careers, promoting black women to senior leadership roles, and ensuring company investments do not disadvantage black communities. A report released last year by the Investment Association industry body found that fewer than 1% of investment managers were […]

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