Surveys Provide Data on Industry, Fund Board Diversity

The Investment Company Institute and Independent Directors Council conducted separate surveys about the number of women and members of racial and ethnic minority groups throughout the industry. ICI partnered with data firm McLagan to conduct a survey of management companies throughout the asset management industry. The Independent Directors Council collected data on fund boards through the IDC/ICI Directors Practices Study. According to the management study, women represent 41.8 percent of the asset management industry’s workforce while minorities make up 30.5 percent. The survey results show the percentages of minorities in six categories:

  • Asian American: 16.2 percent
  • Black or African American: 6.5 percent
  • Hispanic or Latino: 5.8 percent
  • Native Hawaiian or other Pacific Islander: 0.2 percent
  • American Indian or Alaska Native: 0.2 percent
  • Employees identifying with two or more races: 1.7 percent

The survey looked at demographics for a range of job levels, as defined by the federal government’s EEO-1 reporting categories for employers—the metric used by the Securities and Exchange Commission’s Office of Minority and Women Inclusion. The data show that women and minorities are significantly less present at management and executive levels than at administrative and staff levels. 

The director survey is part of the IDC/ICI Directors Practices Study, a proprietary survey that provides information about common fund governance practices and offers data on independent directors, including newer independent directors. The study shows that as of 2019:

  • Women represent 29.7 percent of all independent directors and 45.5 percent of independent directors who were nominated and started serving in 2019.
  • Minorities represent 10.7 percent of all independent directors and 22.5 percent of independent directors who were nominated and started serving in 2019.

The director survey breaks down minority representation among reporting directors in four categories:

  • Black/African American: 6.5 percent of all independent directors, 16.9 percent of independent directors who were nominated and started serving in 2019
  • Hispanic/Latino: 1.4 percent of all independent directors, 2.8 percent of independent directors who were nominated and started serving in 2019
  • Asian/Pacific Islander: 1.9 percent of all independent directors, 1.4 percent of independent directors who were nominated and started serving in 2019
  • Other: 0.9 percent of all independent directors, 1.4 percent of independent directors who were nominated and started serving in 2019