The investment management industry must collaborate if it is to close its gender pay gap (GPG), which is expected to be "worse than last year", according to asset management diversity network City Hive.
Between now and April 2019 asset managers with more than 250 employees will publish their GPG figures for 2018, which will demonstrate the difference between the average earnings of men and women, expressed relative to men's earnings.
Last year's figures revealed overall UK firms have a GPG of 14.5% and a mean gender bonus gap (GBG) of 15.1%, while some in the asset management sector reported mean GPG as high as 49% and GBG in excess of 80%.
Two notable examples of asset managers that have already published their figures for this year are Quilter and AXA Investment Managers, which both reported little to no progress on their previous year's figures.In response, City Hive, which expects this year's figures to be "worse than last year", is calling for "far greater collaboration between and among firms and organisations within the investment industry, as acting alone is unlikely to achieve the necessary impact to address the GPG".
Chief strategist and co-founder of City Hive Mandy Kirby said: "The old arguments about incremental change look increasingly weak. It is time to set a new, positive cycle of professional development and a global industry standard to reflect modern times. What we want to see now is action.
"According to the lobby group, 17% of companies in financial services have reported so far this year as of 25 Feb, with a combined median GPG and GBG of 20.6% and 28.3% respectively, compared to 22.2% and 13.4% respectively last year.
The company with the highest median GPG so far is Barclays Bank, at 44.1%, while the lowest is AXA ICAS Limited, at -3%.Chief executive of Hermes Investment Management Saker Nusseibeh said "financial services is one of the worst in terms of its gender pay gap and diversity", adding "there is still a great deal more [progress] to be made".
He added: "Our industry needs to widen the pool of people from which we recruit irrespective of their specific qualifications and create channels of growth that allows them to flourish over the long-term."
At Janus Henderson Investors, which is partnering with City Hive for International Women's Day, chief financial officer Roger Thompson added: "A diverse workforce, drawn from a variety of backgrounds, cultures and experiences, brings a better understanding of our clients and better informed investment decisions.
"We remain committed to our diversity and inclusion initiatives, which include raising gender-equality standards."