BlackRock, JP Morgan, Morningstar and six other financial institutions representing more than $17bn (£13bn/€15.5bn) in assets have joined Black Women in Asset Management (BWAM).
The UK-based nonprofit was founded in 2019 to promote the advancement of black women asset managers and help its institutional members improve their diversity strategies.
More than 700 institutions have joined the organization, signaling an industry push to recognize the particular challenges faced by black women in the field.
According to a 2019 report by The Investment Association, less than 1% of investment managers in the UK are black. Black women, who are currently underrepresented at all levels of asset management, often face additional barriers because of their gender.
- For an in-depth look at the experience of black women in the financial sector, please click here.
Jacqueline Taiwo, President and Co-Founder of BWAM, said supporting the nine newcomers will accelerate BWAM’s impact and enable the organization to bring in new resources, provide more opportunities for career development, networking and visibility, and expand its existing outreach initiatives.
Justine Anderson, Chief Operating Officer Emea at BlackRock, said, “Empowering young black women early in their careers is key to advancing and retaining black female leaders, whose positive impact within our workforce drives better results for our customers, our shareholders and all our stakeholders.
“That’s why we’re excited to sponsor BWAM and work together to drive the positive impact of talented black women working in asset management.”
The new institutional members are:
- Management of Ares
- black rock
- Federated Hermes
- Helios investment partners
- JP Morgan Asset Management
- Capital Maniyar
- the morning star
- State Street Global Advisors