Gender pay gap widens at UK investment management firms
The average gender pay gap in the UK’s fund management sector has increased by 0.8% to 31% in a two year period.
According to a report by PwC and the Diversity Project group, the fund management sector has a widening gender pay gap, although there are signs of “resentment” from some professionals who believe the matter to be more a matter of political correctness.
The pay gap was the second largest after that in the banking industry, where women earn about 32% less than men on average.
Furthermore, it was the only sector amongst the five worst that did not manage to narrow the gap in two years.
Women only make up 23.2% of the upper quartile of the pay scale, the smallest fraction in any of the industries PwC said.
Helena Morrissey, the chair of the group in charge of the report and head of personal investing at Legal & General Investment Management, said the pay gap data was “both depressing and galvanising”.
“No amount of talk will convince this group – in fact, it is likely to be counterproductive,” Morrissey said.
“Instead, diversity and inclusion needs to be treated just like any other business issue, featured on every strategy day agenda, in every performance review, every hiring, promotion and reward decision, every risk and culture assessment.”