We’re using cookies, but you can turn them off in Privacy Settings. Otherwise, you are agreeing to our use of cookies. Learn more in our Privacy Policy.


To evaluate diversity, equity, and inclusion efforts, the Experimental Partner Program collected data from 41 investment organizations in the US, Canada, and Australia. This report provides an analysis of the findings and proposes new strategies.

Accelerating Change: Diversity, Equity, and Inclusion in Investment Management

Read the report (PDF)


Through the CFA Institute Experimental Partners Program, 41 investment organizations with $26trn AUM responded to the challenge to make the investment industry more inclusive by implementing ideas in the CFA Institute guide Driving Change: Diversity & Inclusion in Investment Management. The guide, which inspired the Experimental Partners Program, includes 20 ideas generated in concert with the industry through a series of roundtables with more than 300 participants and was reviewed by experts in the field. 

This new report, Accelerating Change: Diversity, Equity, and Inclusion in Investment Management, captures the vast array of data, both qualitative and quantitative, we collected over the Program’s duration. Most importantly, it records the seismic shift from diversity, equity, and inclusion (DEI) leadership being centered in HR to ownership by business heads, supported by increasingly expert DEI leads.

In the Experimental Partners Program, each firm was asked to focus on up to three of the ideas from the list and developed action plans that were implemented over 18–24 months. Some began as early as January 2019, and the program concluded in December 2020. Along the way, participants provided confidential quarterly updates to CFA Institute about what was working and what was not, and they collaborated with other participating firms to learn from each other.

The organizations that participated range from relatively small, one office firms, to global companies with multiple locations and thousands of employees. Overall, these organizations employ more than 234,000 people; 83% are headquartered in the United States, 10% in Canada, and 7% in Australia. The majority are asset managers, but the Program also included asset owners and data providers. The combination of the different sub-sectors, locations, and scale provides a wide overview, combined with in-depth analysis of each DEI area the Experimental Partners (XPs) targeted.

The main body of the report gives detailed reviews of the actions taken by XPs to achieve a desired impact—from recruiting more individuals from underrepresented communities, to advancing those already employed. We discuss what is required to start the work for those beginning their DEI initiatives and what more mature DEI strategies and programs involve. We conclude with an industry call to action, including information on our DEI Code, which is currently in public consultation.

About the Authors

Sarah Maynard
Sarah Maynard ASIP

Sarah Maynard is Global Head, External Inclusion & Diversity, Strategies and Programs at CFA Institute, the global association of investment professionals that sets the standard for professional excellence and credentials.

Based in London, Sarah leads a global, industry-recognised portfolio of Inclusion & Diversity programs for CFA Institute stakeholders, including candidates, CFA charterholders, CFA member societies, and investment institutions in order to champion the cause of greater diversity in the investment management industry.

An experienced investment professional, Sarah joined CFA Institute in 2019 from Majedie Asset Management, an independent global investment firm based in the UK, where she was Head of Stewardship and Client Communications Director. In the role, Sarah focused on ESG, especially governance, with a keen interest in how companies can achieve success through improving inclusion.

Previously, Sarah was Director of Career Development at CFA Society of the UK, and a founder of the society’s Women’s Network, which she transformed into the Inclusion & Diversity Network, which now has a membership of over 1,200 investment professionals.

Prior to that, Sarah was a fund manager and analyst at both an asset manager and an asset owner, for which she managed an equities portfolio of $3.3bn. She has an MA in English Literature and Language from Trinity College, Oxford, holds the ASIP and is an Associate member of the Chartered Institute of Personnel & Development. She currently serves on the Advisory Board of Girls Who Invest, and on the CEO Advisory Council of Diversity Project North America. Sarah has also been a state (public) school governor for over a decade and a charity trustee mainly working with disadvantaged communities.

Paul Andrews
Paul P. Andrews

Paul Andrews oversees the strategic direction and leadership of the Research, Advocacy, and Standards function at CFA Institute, where he seeks to position the organization as an innovator and thought leader in investment management. Previously, he served as secretary general of the International Organization of Securities Commissions (IOSCO). Mr. Andrews also served as vice president and managing director, international affairs, at the Financial Industry Regulatory Authority (FINRA), where he directed the organization’s international engagements and worked closely with key regulators and regulatory bodies worldwide, including IOSCO. In addition, he worked at the US Securities and Exchange Commission, where he worked in the Division of Market Regulation and the Office of the General Counsel. Mr. Andrews has also worked in private legal practice. He is a graduate of the Catholic University School of Law and Villanova University.