US - Discrimination against women and minorities exists in the world of investment management, according to the results of a study by CalSTRS.
The California State Teachers’ Retirement System (calSTRS) developed the survey to improve understanding of how women and minorities are perceived in investment management.
Key conclusions revealed that there are structural and cultural issues preventing a tighter embrace of diversity.
Two thirds of responding women and minorities felt that being women or minorities hurt their careers.
Some 11% of respondents said they do not or would not rely on women or minorities.
One in five (20%) were biased, either in favour, or against women and minorities.
Nearly two in 10 respondents said their organisation did not use investment services offered by women or minorities.
Of the respondents, 48% worked for state or municipal pension plans corporate or qualified plans, foundations, endowments or investment consultants. The same proportion worked at investment managers. Clark Mckenley, a spokesperson for California Public Employees Retirement System (CalPERS) said: “There’s a tendency towards male asset managers, if the customers are women they might want to see women represented. We have periodic training against discrimination, that is required by the state.”
David Kushner, deputy director of investments of San Francisco Employees Retirement System said he was not aware of any bias in his company, he said: “Our contracts require non discrimination clauses.”
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