City firms sign up to #100BlackInterns to tackle underrepresentation
A group of 80 leading City fund managers has committed to hiring at least 100 black interns per year, starting in 2021, to make up for the lack of black staff in the industry.
Legal & General, Goldman Sachs, Standard Life Aberdeen and Schroders are among the firms that have signed up to the #100BlackInterns initiative, aimed at helping young, university-educated black people break into the sector by placing them in frontline roles.
Organisers did not disclose how many interns they hire each year but said their proposals would lead to an increase in the number of portfolio managers from black backgrounds. A study in 2018 by the think tank New Financial showed that the industry was dominated by “white, middle class, straight men”, with only 12 black fund managers across the UK investment management profession. That is out of an estimated 3,000 fund managers, according to a spokesperson for the #100BlackInterns initiative.
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