Like most goals worthy of pursuit in life, the asset management industry’s focus on diversity, equity, and inclusion (DEI) is not a one-time initiative but an ongoing effort requiring continuous commitment, compromise, and even course corrections.
“We have to fight hard against short-termism when talking about DEI — and serving our clients well from an investment perspective,” Carol Geremia, President of MFS Investments, told attendees of Nicsa’s 2022 Fearless Leadership Symposium. “Oftentimes, we’re so fearful of not getting it right that we lose focus on the journey necessary to make our efforts successful.”
The session, moderated by ABC News Anchor & Chief National Correspondent Byron Pitts and also featuring Lisa Jones, Head of the Americas President and CEO of Amundi US, Inc., explored why DEI is necessary to sustain the asset management industry. Geremia and Jones shared insight from decades of real-life leadership experience rising to the top in a largely male-driven industry.
Both agreed that finding the right cultural fit is vital to the success of emerging leaders from traditionally marginalized groups.
“I’ve experienced super positive cultures and the magic that brings to an organization; I've experienced organizations where the culture was toxic and detrimental to productivity and motivation,” Jones said. “I wanted to be in a leadership position so that I could help shape the culture from the top and promote an environment where people treat each other with respect.”
Geremia stressed the importance of fostering a sense of belonging among employees from the beginning. “I was in a culture that allowed me to make mistakes, learn, and grow, as long as I was willing to do some self-reflection,” she said. “Even though we feel like we have only one shot sometimes, I needed a lot more than that. As long as I was passionate about working on getting it right and admitting when I got it wrong, I felt like I could keep growing and keep belonging even more.”
Jones said Amundi began a deliberate focus on DEI created both top-down and bottom-up (via an ambassador program) within the organization. Compensation is tied to her success in this area, and her executive team has KPIs to measure performance. Aiming to increase representation for women and people of color, the firm made a few changes, such as removing names from resumes, recruiting from different pipelines, and implementing mandatory unconscious bias training.
Amundi is also changing the average years of experience required for particular positions.
“Over the years, I have seen young women come to me and say, ‘I want to interview for this position. It says you need five years. I have four years, eight months, and 47 minutes, so I don't think I'm qualified for it,’” Jones said. “Whereas I would have a man come in and say, ‘I've been here for about an hour; I'm going for the job.’”
Geremia said that for MFS, supporting DEI also means setting expectations for the investment companies within their portfolios.
“We can't underestimate the influence that we have as an organization to press the idea of workforce equality in the companies that we own for clients — whether it’s voting against boards that don't have diversity or holding companies accountable for the future of their workforce as it relates to DEI,” she said. “But as we do that, we then have to make sure that we're holding the same mirror to ourselves.”
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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