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At Man Group, we believe in diversity because it is the right thing to do, because it makes us a better place to work and it makes us a better business.
Our Paving the Way Campaign
Paving the Way is our dedicated campaign to help address the “pipeline” issue, encouraging a more diverse range of talent to apply for positions at Man Group and across the investment industry more broadly. We believe it is our responsibility to address factors which lead to a lack of diversity in our workforce; this campaign represents our firm-wide commitment to do so robustly and vocally, and is well aligned with our longstanding charitable focus on promoting literacy and numeracy at a grassroots level.
We hope these efforts will not only attract more diverse candidates, but support them into senior positions and front-office roles. Under the banner of Paving the Way, we focus on a number of internal and external initiatives, partnerships and programmes that help us to attract and develop talent from more diverse backgrounds and encourage diversity and inclusion.
At Man Group, we want everyone to know what we stand for, which is an absolute and unequivocal commitment to inclusiveness. We want to be upstanding, rather than bystanders, in the drive to build a more diverse and representative investment industry. It’s a team effort that requires commitment and collaboration. I’m proud of what we’ve achieved so far, but I know there is still work to be done and I’m convinced that this firm and our industry will be better in the long-term because of the steps we are taking today.
Our Diversity & Inclusion Initiatives
Man Group is committed to diversity and inclusion, and has introduced a number of initiatives in recent years. We focus on external and internal initiatives, partnerships and programmes that help us to attract and develop talent from more diverse backgrounds and to encourage diversity and inclusion across our firm and industry.
We seek to attract and elevate the best people, and foster an environment where everyone has the opportunity and support to reach their full potential.
Drive
Drive is our global internal diversity and inclusion network, run by our employees and sponsored by the senior management team. Drive is designed to inform, support and inspire our people. The network’s mission is to advance Man Group’s efforts in promoting inclusion and valuing diversity in all its forms, including gender, sexual orientation, ethnicity and disability. Its activities include events, training, resources and peer engagement across the firm. We believe that through creating a collaborative, supportive environment, where diversity is celebrated and individuals are empowered to achieve their potential, we can ultimately deliver the best solutions for our clients.
We are committed to paving the way for potential future candidates in the investment industry. There is evidence that certain groups self-select away from qualifications in subjects that may more naturally lead to a career in finance and/or technology. Our 'next generation' efforts focus on those in full time education, from school age to university.
King’s College London Mathematics School
We are a charitable supporter of King’s College London Mathematics School ('King's Maths School'), a specialist state-funded school for gifted mathematicians aged 16-19 that is run in partnership with King's College London. The school brings high quality mathematics education to students who have a particular aptitude and enthusiasm for the subject, and it offers a genuine access route for students who come from backgrounds that are often underrepresented in mathematical sciences.
Man Group's charitable contributions support four areas of activity to help advance the education of the school’s students: 1) developing a network between new mathematics schools across the UK; 2) helping the school continue to attract highly qualified, outstanding teachers and staff; 3) establishing an alumni programme to benefit existing and future cohorts; and 4) building new partnerships and improve external relations within the academic community and industry. We have also facilitated an engagement programme between our colleagues and the students at King's Maths School, which includes bespoke internship and work experience programmes; access to the firm’s events, including machine learning and technology seminars; as well as a speaker programme led by Man Group employees.
NSPCC Number Day
Sponsored by Man AHL through The Man Charitable Trust, the NSPCC’s annual Number Day is the largest nationwide numeracy event for children and young people in the UK. The initiative provides teachers with a wide range of fun, curriculum-focused activities which have been designed to promote enthusiastic attitudes towards numeracy, while encouraging schools to raise funds for the NSPCC.
The Young Women’s Leadership Network
Man Group’s employees in New York participate in various volunteering programmes with the Young Women’s Leadership Network (YWLN), which aims to nurture the intellectual curiosity and creativity of young women by supporting its network of all-girl schools in order to maximise academic achievement, social-emotional wellbeing, and post-secondary success for a diverse pipeline of young people from low income communities.
Girls Who Invest
Man Group, through Man Numeric, sponsors Girls Who Invest (GWI) and works with them to identify summer interns for our research team in Boston. The women participating in the GWI program are highly skilled university students who are not all from traditional finance or business backgrounds, and are given intensive training in these subjects by GWI before being placed in internships with asset management firms. Man Numeric has also worked with GWI to integrate quant-specific training into their curriculum and had members of their research team present in GWI’s intensive training sessions.
Codman Academy
Man Numeric partners with the Codman Academy, a charter school known for fostering diversity. Billed as ‘CodeMan Academy’, Man Numeric hosts students one evening a week for ten weeks to teach them about how mathematics, coding and statistics are applied in the real world, and particularly in the realm of finance. The lessons include activities such as an introduction to basic coding logic through a tic-tac-toe simulation, using statistics to identify the NBA’s best basketball player and the first steps to writing a video game character.
Our recruitment efforts focus on reaching and attracting a diverse group of candidates. In addition to inclusive hiring practices, we engage in partnerships and programmes that provide access to and opportunities for under-represented groups in our industry.
Apprenticeship programme
We run an apprenticeship programme in partnership with City Gateway, a London focused charity that works to transform the lives of children and young people impacted by social and economic disadvantage and exclusion. The apprenticeship offers candidates valuable work experience, which helps them develop their careers, and a number of apprentices have gone on to take up full time roles at Man Group.
Sponsors for Educational Opportunity (SEO) London
We partner with SEO London, an organisation which works with talented students from ethnic minority groups and disadvantaged backgrounds for career success. Through our partnership, young people supported by SEO London are able to access a range of opportunities across Man Group’s talent programmes.
Bright Network
Man Group works with Bright Network, a career network that helps us identify the brightest students from all backgrounds who may be suitable for career opportunities at Man Group. Bright Network places particular emphasis on ensuring diversity within their cohort as part of their mission to help the smartest students get ahead in their careers.
Returner programme
Man Group operates a Returner programme, in partnership with Woman Returners, with the aim of tapping into the predominantly female talent pool of professionals seeking to return to work following a career break. We are confident that, with the right support, more highly-qualified women will return to work and progress to or take up senior roles.
Maria joined Man GLG through the Returner Programme after a three and a half year career break. To read about her experience on the programme, please click here.
If you would like to express your interest in Man Group’s Returner programme, please contact us.
The Partnership
Man Group engages with The Partnership, Inc., in Boston. The Partnership works with organisations to build racially and ethnically diverse leadership pipelines in a myriad of ways, including through its job board, consulting services and range of Leadership Development Programs.
Gender Pay Statistics
Man Group welcomes the requirement for employers in the UK to calculate and publish their gender pay gap, a measure designed to show the difference between the average earnings of men and women across an organisation.
We recognise the “diversity gap” faced by our industry and we have put in place a number of major initiatives seeking to address the problem of inequality within financial services more broadly and at Man Group in particular.
Our figures show that progress has been made across the firm over the past year, with particular improvement being shown in mean hourly pay (a 24% improvement y-o-y) and median bonus pay (a 19% improvement y-o-y). While these statistics are encouraging and demonstrate the significant efforts being made to address the “gap” throughout the organisation, we recognise that there remains a great deal of work to be done, particularly when it comes to the representation of women in front-office investment management roles and at senior levels within Man Group, where compensation is typically the highest.
For front-office investment management roles, the variable performance-related bonus is highly correlated with fund performance and the delivery of results for clients. Our bonus pay gap therefore also reflects the lower female representation in senior investment positions. We are committed to ensuring there is not a gender imbalance when it comes to compensation for similar roles. Alongside our ongoing diversity initiatives, Man Group has a compensation monitoring process in place, which reviews pay across the firm globally to ensure that it is fair and proportionate. However, we are conscious that we need to make greater progress in attracting and elevating women and other diverse talent and, as this report shows, are actively addressing the issue headon. We are therefore confident that we will continue to see a narrowing trend in our UK gender pay gap figures over time as our initiatives drive meaningful change.
Women in Finance Charter
We have been a signatory to the Women in Finance Charter since 2018. Signatories to the Charter pledge to promote gender diversity, including setting internal targets and reporting publicly on progress.
Upon signing the Charter, we set a target of 25% female representation in senior management roles by December 2020. We have seen a positive trajectory in the proportion of women in senior management roles increase from 16% in 2016 to 20% at the end of 2019. As of September 2020, we are pleased to report that we have achieved our target of 25%. Attaining this target is well-aligned with our efforts and initiatives to support and develop women within the firm, and we will now target 27.5% female representation in senior management roles by the end of 2022, and 30% by the end of 2024.
