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I’m proud to be supporting this important initiative: #100BlackInterns.
Dawid, our co-founder, has joined forces with three friends (Jonathan Sorrell, President of Capstone Investment Advisors, Wol Kolade, Managing Partner of Livingbridge EP and Michael Barrington-Hibbert Founder and CEO of Barrington Hibbert Associates) to invite 100asset management firms and self-managed pension funds to commit to offer a six week internship to a Black candidate next year in a portfolio management position This is to address the specific issue that there are currently just 15 Black PMs working within the entire UK asset management industry. Our premise is that 100 internships for Black candidates ought to lead to a measurable increase in the number of Black PMs in coming years.
Please do share this post, and get in touch if you would like to get more details, or learn more about #100BlackInterns. I've shared a copy of the press release below.
Fund management community comes together to tackle Black
underrepresentation in the City
Many of the City’s leading fund managers have agreed to back an initiative to address the chronic underrepresentation of Black talent in British financial institutions.
Launching today, #100blackinterns will bring together many of the U.K. investment management industry’s most influential players to give meaningful opportunities to young, university-educated Black people trying to break into the City.
As the investment management industry reflects on its lack of Black employees in senior front office roles, a group of 80 firms (listed below) have so far committed to offering a paid internship to a Black candidate next summer in a frontline investment position, with more expected to be signed up in the next few weeks. The roles on offer are in critically important investment teams that make key decisions worth billions of pounds. The programme has firms participating from all parts of the investment management industry including long only and hedge funds, private equity, credit and real estate managers, together with consultants and pension funds.
This programme is designed to address the specific issue that, according to a 2018 study by New Financial, there are only 12 Black portfolio managers in the entire UK investment management industry. The programme’s premise is that providing 100 internships for Black candidates each year ought to lead to a measurable increase in the number of Black portfolio managers in the long-term.
This initiative is being coordinated by Dawid Konotey-Ahulu, co-founder of Redington and Mallowstreet, Jonathan Sorrell, President of Capstone Investment Advisors, Michael Barrington-Hibbert, founder and managing partner of Barrington Hibbert Associates and Wol Kolade, Managing Partner of Livingbridge.
Jonathan Sorrell, President of the global, alternative investment management firm Capstone Investment Advisors, said: “We felt we wanted to do something really tangible to build a bench of compelling Black talent in our industry for the long-term. By providing such a special entry point into portfolio management, we hope to attract great Black students to a career path they may not have otherwise contemplated.”
Dawid Konotey-Ahulu, co-founder of pensions advisory group Redington and online pensions forum Mallowstreet, said: “In over two decades in the City, I have rarely come across anyone who looks like me. It is so powerful that the investment management industry has agreed to help welcome more Black talent into our industry. We hope other professions will follow suit and have an impact on the representation of Black talent in their own industries.”
Wol Kolade, Managing Partner of Livingbridge, the mid-market private equity company, said: “The support for this initiative from the industry has been absolutely terrific. If there are other firms we have not yet contacted that would like to provide an internship, they would be very welcome to join the programme.”
Michael Barrington-Hibbert, founder and managing partner of Barrington Hibbert Associates, the executive search firm focused on the financial sector, said: “We want as many applications as possible from Black university students – those at University, about to start or graduated since 2019 – from any academic discipline, who might be interested in a career managing investments. This is a really unique opportunity to gain exposure to the role at one of the world’s leading firms.”
Applications are welcome from Black university students from any academic discipline and from any year group, including those on gap years and those who have graduated since 2019. Those applications should comprise a one page CV and a cover letter of up to 400 words. The deadline for applications is 13th November. Internships will be for a minimum of six weeks beginning in the summer of 2021. Further details can be found at www.100blackinterns.com. Any additional investment management firms that wish to provide an internship in a portfolio management function as part of the programme can make contact through the website.