Aware Super, UniSuper, Pinnacle Investment Management and TDM Growth Partners have joined the Future IM/Pact initiative to improve diversity in Australian investing.
Future IM/Pact was founded in 2018 to connect top Australian investors with university and early career women and educate them about a career in investing.
Six of Australia’s 10 largest asset owners now support the scheme, with the $150 billion Aware Super and $105 billion UniSuper alongside the Australian Retirement Trust, QIC, VFMC and HESTA.
“We are seeing more and more super funds and investment management firms recognizing the importance of working across the industry to build the pool of female investors,” said the founder of Future IM/ Pact, Yolanda Beattie.
“Having 20 industry partners on board gives us more opportunities to share with our growing pool of female talent, more mentors to support their career journeys, and more funding to inspire the passion of a greater number of women for a career in this hugely influential industry.”
Other Future IM/Pact partners currently include Australian Ethical, Cbus, Fidelity, Jarden, Macquarie, Mercer, MLC, Munro Partners, Perpetual, Schroders, TCorp and Vinva.
Under the initiative, events, mentoring and investment competitions are used to inspire and engage young investors and create a talent pool for intern, graduate and analyst roles.
By joining the initiative, Aware Super said it recognizes the link between diversity and stronger investment results and further said it is committed to closing the gender super gap through a strategy. diversity holistic.
“To address imbalances such as Australia’s 14.1% gender pay gap and the resulting erosion of women’s pension security, we recognize the need for a wide range of experiences and insights to make the best investment decisions for our more than 1.1 million members,” said Aware Super CIO, Damian Graham.
“Currently, we have approximately four times as many men as women applying for investment roles, and we are actively advocating for initiatives to focus our industry on attracting women to frontline investment positions. .
“It’s also why we are committed to working with our peers through Future IM/Pact.”
UniSuper CIO John Pearce said the super fund’s commitment to diversity, equity and inclusion (DEI) was a key part of its talent management strategy.
“Different perspectives, experiences and skills are essential for successful teams. With a significant amount of internally managed funds, we have plenty of leeway to develop exceptional talent, which in turn ensures that we provide the best service to our members,” he said.
Meanwhile, Pinnacle said building a wave of local female talent was a necessary part of the industry’s approach to addressing the lack of gender diversity.
Additionally, TDM Growth Partners said people and culture are a core part of its investment process and said joining Future IM/Pact is in line with this philosophy.
Jon Bragg is a reporter for Investor Daily from Momentum Media, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.