Major firms sign up to CFA diversity code
March 25, 2022
A total of 16 US and Canadian firms have adopted the CFA Institute’s DEI Code just a month after its launch
A host of investment firms in the US and Canada representing more than $6.5trn of assets have signed up to the CFA Institute’s new diversity and inclusion code.
The global association of investment professionals said 16 investment firms with a combined $4 trillion in assets under administration and more than $2.5 trillion in assets under management had signed up to its voluntary Diversity, Equity and Inclusion Code that launched in February in North America.
Signatories include the giant pension firm CalPERS, Cambridge Associates, and Northern Trust Asset Management.
Marg Franklin, CFA, and president and chief executive of the CFA Institute said she “applauded” the firms for signing on.
“The DEI Code offers an action-focused framework that helps firms to engage on measurable and proven steps that can help to improve diversity, equity and inclusion within organisations, no matter their size or industry focus,” she said.
“I’m delighted that so many industry leaders are signalling their accountability to the wider community, ensuring better working environments for their teams, and continuing a cycle of positive change for future generations.”
Alongside the rising pressure on firms to react to demands from clients and investors to become more environmentally aware, businesses are also having to deal with increasing requirements from workers.
In order to retain and attract talent, firms increasingly need to ensure they develop inclusive working environments that cater to the needs of their varied and diverse workforces and be open to flexible working practices that take into account the rise in remote and hybrid working.
Marlene Timberlake D’Adamo, chief diversity, equity and inclusion officer at CalPERS, said: “The Code provides a path to greater inclusion in the financial services industry and ultimately better investment performance.
“It is consistent with CalPERS’ commitment to diversity, equity and inclusion, and supports the industry and talent that reflects the mosaic of California public employees that we serve.”Last Updated: 25 March 2022