LONDON (UK) – The death of George Floyd in the US threw up the question as to why there were fewer Black people among the top brass in top companies. As a result top banks and private equity firms have promised to do better.
But the hedge fund industry has come out with fewer public statements.
Hedge funds are small entities that employ people who made a name in banking. Their small size and the talent pool from which they hire make ensuring ethnic diversity a challenging task.
“Those who land in hedge funds are those who have been successful within the banking system in general, so the onus is really on banks creating the talent that will become hedge fund managers,” said Alain Nkontchou, co-founder of Enko Capital who worked on JPMorgan’s proprietary trading desk and at BlueCrest.
According to Blacks in the industry, there has been little progress in hiring and promoting people belonging to their race in two decades.
Think tank New Financial’s report in 2018 found the asset management industry in London had only 12 Black fund managers.
“I hoped we’d be further on today than we are,” said Marcus Gibbs, head of operations for Europe at an American hedge fund platform, adding that he is the only Black person in the room at industry events.
US 2019 regulatory data reveals that 8.9% of hedge fund firms were owned by ethnic minorities, including Hispanic, Black, Asian and Native Americans, and they hold just 2.7% of assets.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
