Over 100 Investment Firms with $11.2T in AUM Sign CFA Insitute’s DEI Code
CFA Institute announced that more than 100 finance industry organizations across the US and Canada representing $11.2 trillion in assets under management have signed the voluntary Diversity, Equity, and Inclusion (DEI) Code, an initiative the global association of investment professionals launched in February 2022.
The code revolves around signatories filing to the CFA Institute confidential annual reports on upholding six main principles: expanding talent pipelines; hiring and onboarding; promoting and retaining personnel; leadership accountability; fostering DEI throughout the industry; and constant measuring and reporting of progress.
Organizations who have signed on represent about 10% of the industry’s global total. Signatories include the California Public Employees’ Retirement System, Cambridge Associates, Nuveen, LGIM America, Alberta Investment Management, the California State Teachers’ Retirement System, the Massachusetts Pension Reserves Investment Trust, Northern Trust Asset Management and Wellington Management.
DEI Code signatories commit to providing a confidential, annual progress report to CFA Institute using an accompanying reporting framework. CFA Institute will aggregate reporting data to provide new industry-level DEI action data, beginning in the second half of 2023.
“Industry leaders who adopt this Code as their own are leading through example. We have provided a roadmap that can guide organizations to advance best practices with sound data and analysis that demonstrates the value diversity, equity and inclusion brings to the investment industry,” expressed Marlene Timberlake D’Adamo, Chief Diversity, Equity and Inclusion Officer, CalPERS, and Chair of the CFA Institute Diversity, Equity, and Inclusion Steering Committee.
In addition, CFA Institute has started working with European investment industry leaders to explore how the DEI Code can be introduced in the UK and across Europe.