INSIGHT by AEGON AM
The Diversity Project has announced the launch of the Diversity Project Europe (‘DPE’) this Autumn to pave the way for a more inclusive asset management industry across the continent.
The first of its kind cross-border initiative has been spearheaded by industry veteran, Ric van Weelden, in partnership with eight founding member firms: Aegon Asset Management, AXA Investment Managers, Franklin Templeton, HSBC Global Asset Management, Nordea Asset Management, Pictet Asset Management, Quoniam Asset Management and T. Rowe Price.
Together they believe there is a huge opportunity to move the dial and create an industry that better reflects both society at large, and their clients. Although data is sparse, the asset management industry is well behind other professional services sectors in terms of gender balance and the number of those from ethnic minorities in decision making roles. Building on the success of the Diversity Project in the UK, the DPE will focus initially on Europe’s key asset management markets and three themes – gender equality, social mobility and inclusive culture – seeking to facilitate change through voluntary collaboration and knowledge sharing. The DPE will be setting up workstreams around these three themes– groups of voluntary employees who will work to deliver against the Diversity Project Europe’s goals – and commissioning research to understand the current state of play around diversity and inclusion in the European asset management industry. The aim of the research is to establish the challenges and opportunities, which will inform where the DPE is likely to focus its efforts.
“European asset management is undergoing a transformation due to the shift from DB to DC, technological disruption, digital distribution and regulatory change. To better serve clients and stay competitive, the industry must evolve and widen its talent pool. Not only will this benefit the industry, but it will also have an impact beyond this, building a workforce that is more representative of today’s diverse society.
“Over my 35 years in the industry, I have seen a lot of phenomenal talent in my career but I have also seen how talent acquisition based on a historical set of criteria can lead to group think and little diversity of thought and perspective. The competitive landscape is simply becoming increasingly complex and unforgiving of this unacceptable status quo.”
-Ric van Weelden, acting Chair of the Diversity Project Europe’s Advisory Committee
“It’s wonderful that the Diversity Project Europe is launching. Many of the issues holding back progress around diversity, equity and inclusion in the asset management industry are global in nature and we’re going to make much more progress working together. I’m looking forward to working with colleagues at the DPE to accelerate change and future proof the industry.”
-Baroness Helena Morrissey, Chair of the Diversity Project UK
“At Aegon Asset Management we embrace diversity and inclusion, as we believe that acknowledging, understanding, and appreciating the differences between individuals helps us create a culture that enhances our business and benefits both our employees and our customers. This culture can only be delivered in an environment where our people and stakeholders share personal accountability for building an inclusive and diverse organization. Along with making D&I a vital component of our culture, we strongly feel it is important for our industry to also step up and fully embrace D&I. As such, we are proud to become founding members of Diversity Project Europe and to be at the forefront of creating a truly diverse and inclusive industry across European asset management.”
-Bas NieuweWeme, Chief Executive, Aegon Asset Management
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Aegon Asset Management is an active global investor. Our 389 investment professionals manage and advise on assets of €295.6 ($321.2/£259.8) billion (as of March 31, 2023) for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations.
We organize our investment capabilities around four focused investment platforms where we have extensive asset-class expertise: Fixed Income, Real Assets, Equities and Multi-Asset & Solutions. Each platform has dedicated teams, organized globally and committed to maximizing their specialist areas. These platforms and the Fiduciary business are supported by a team dedicated to responsible investing.
For more information about Aegon Asset Management, visit www.aegonam.com
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