Racial and social stereotypes continue to deter people from pursuing careers in fund management despite evidence suggesting diversity is beneficial to the sector, an industry official said on Wednesday.
“Too often, fund management as a sector gets inaccurately lumped into the investment banking space, which incorrectly paints the picture of a privileged, male-dominated workforce and fails to recognise the wide and diverse range of positions that are currently available within the industry,” said Cheree Dyers, CEO of Prescient Investment Management.
These stereotypes, she said, prevented the industry from achieving greater diversity that had been proven to drive better results.
“It has been proven, for example, that greater gender diversity is correlated with higher returns,” Dyers said, pointing to research by Morgan Stanley which found that over a six-year period, companies with more gender diversity enjoyed a one-year return on equity that was 1.1 percent better than companies with low female representation.
In 2017, for example, Prescient launched a graduate program and saw its first intake of graduates in 2018. The program will provide talented, motivated and driven young graduates with the opportunity to gain exposure and experience as the first steps towards a career in financial services. (via African News Agency)