Part 1: Diversity, Equity, & Inclusion
10x10第一部分：
资产所有人和管理人关于多元化和包容性的观点
研究咨询公司Cerulli Associates独立执行的10x10报告从10家世界领先机构投资者的角度阐述了这些议题，并将其与10家世界领先资产管理人的观点进行了对照比较。
Kate El-Hillow
Chief Investment Officer, Russell Investments
About the 10x10 report
In 3Q 2021, Russell Investments held its annual Partner Innovation Lab, a roundtable event where large asset owners from various geographies brainstorm their greatest concerns and areas of interest. We asked Cerulli Associates to interview participating organizations, as well as some of our asset management partners, to extract individual perspectives on topics discussed at the event.
The result is a three-part series:
与会的机构投资者包括以下企业养老金计划发起人（按字母顺序排列): The Boeing Company, Fujitsu Global, Mazda Motor Corporation, Microsoft, Mitsubishi Electric, Nestlé, Roche and Unilever. .还包括以下非盈利投资者: The New York Presbyterian Hospital, Robert Wood Johnson Foundation and Thomas Jefferson University..
与会的另类投资资产管理人包括: Brevan Howard, Hamilton Lane and Oaktree Capital Management. 与会的固收资产管理人包括: BlueBay Asset Management and Western Asset Management Company. and Western Asset Management Company.与会的多资产类别管理人包括: BlackRock, J.P. Morgan Asset Management, Morgan Stanley, Putnam Investments and Wellington Management.
多元化与包容性背后的推动力是什么？
参与者的普遍共识是，虽然外部需求推动了气候变化相关举措，但多元化与包容性多由内部压力推动，因为资产所有人和管理人均认为多样化的团队会带来更优的结果。这并不是说没有外部压力。对于机构投资者而言，外部需求来自于最终受益人；对于公司而言，来自于其服务的客户；对于管理人而言，外部需求通常来自于机构客户。
也就是说，内部压力被认为是多元化与包容性最大的驱动力。大多数组织表示增加多样性的需要通常源自公司和团队会议。有一些则表示他们的年轻员工特别关注多元化努力。
虽然大多数资产所有人和管理人或多或少都有一些自下而上的主动权，但许多人也提到是组织的领导力推动了这一进程。通常是首席执行官、董事会或执行委员会将多元化列为公司目标这种形式。除了向公司传达多元化是一项重要举措外，组织的高层还可以通过高管薪酬激励的方式推动多元化。接受Cerulli访谈的一位管理人解释说，高管5%的奖金与团队多样性指标的改善挂钩。另一位管理人表示公司总奖金包中的一部分基于多样性的改善，而不是将个别员工奖金与团队多样性挂钩。访谈中经常被提及的另一个自上而下的措施是要求招聘经理接受多元化培训，以确保招聘经理意识到自己的偏见。
Comparing Perspectives on D&I: Asset Owners v. Asset Managers, 2021
Asset Owners |
Asset Managers |
|
|---|---|---|
 Internal diversity efforts |
Size Characteristics | |
For small organizations, challenging to gain exposure to every demographic |
Large organizations can evaluate and promote diversity more granularly |
|
Small level of turnover has large impact on investment office diversity |
Small level of turnover has minor impact on firm diversity |
|
 External diversity efforts |
Evaluating diversity at third parties relatively large resource constraint for small investment offices |
Evaluating diversity at third parties relatively minor resource constraint for large firms |
| External Party Perspective | ||
Consider diversity at asset management partners and investment holdings |
Consider diversity at vendors and investment holdings |
|
| Industry Perspective | ||
May promote diversity in financial industry, but are often focused on corporate sponsor's industry instead |
Promote diversity in their own industry |
|
From the experts:
“The era of good intentions is coming to an end. There needs to be a genuine commitment and those results are going to take some time. It takes at least a generation for those things to develop.”
- Asset manager
"I would say there would not be as much of a focus on DEI if we hadn’t had that top-down review and the push from the firm to include DEI."
- Asset owner
"Our CEO has made it one of his top-three priorities. With that, we have objectives we need to meet. Starting last year, our head of diversity is now on the operating committee of highest-level leaders."
- Asset manager
多元化的定义
资产所有人和管理人提出的关键挑战之一是应该如何定义多元化与包容性。他们必须先定义而后才能推广，而且他们必须定义什么是成功。大多数10X10参与者从性别、种族和民族这几方面定义多元化，而且通常根据招聘办公室所在国家的多元化指标设定多元化目标（或设定期望基准）。
另外，几乎所有参与者都提到了背景、环境、年龄和性取向的多样性。没有参与者提到宗教多样性是他们评估的一项指标。当10x10参与者提到性取向的多样性时，这更多地被划归包容性措施而非多元化。
一些资产管理人描述了他们看齐同业的做法。一些资产所有人和管理人告诉Cerulli，他们并没有具体的多元化基准或目标。这些组织更多是“定向性的”，采取“我们需要做更多”的方式。尽管他们在考量多样性措施方面并不一定会落后， 但他们在取得成果方面往往要落后很多。 .
From the experts:
"There’s been an inflection point and people want to actually see results. That’s tough to do. DEI can mean different things to different people. [It is] difficult to define what success is going to be."
- Asset manager
"There’s a number of dimensions to this. I think about diversity, mainly in terms of diversity of thought which comes from different circumstances, backgrounds, age, and other things."
- Asset owner
"We track our diversity statistics monthly. And we have targets in terms of what we hope to look like in a three-to-five-year time frame."
- Asset manager
多元化与包容性的执行
谈到多元化与包容性的成功实施，与Cerulli交谈的一位管理人将成功因素分为四个方面：招聘、发展、晋升和保留。
机构投资者和管理人都通过招聘流程来执行多元化措施。几乎所有10x10参与者都谈到有必要寻找未开发的人才库，通常是从非传统渠道进行招聘。部分组织通过扩大目标院校名单解决了这一问题。其他组织实施了盲选流程，即他们并不瞄准任何特定院校。一些参与者（包括资产所有人和管理人）表示，他们的公司也已开始扩大所关注的目标专业。
除了获得人才外，与Cerulli交谈的资产所有人和管理人也表达了采取措施留住人才的必要性。尽管晋升是组织可以用来留住多样化人才的工具，但没有10x10参与者提到多元化是晋升决策的一个重要考量。相反，各组织似乎更多地侧重培养多样化的人才，以便日后他们凭借自身的实力得到提拔。用于培养人才的工具包括导师计划，即为初级员工匹配一名高管导师。
许多组织认为留住中层多样化的员工难度较大，其中一个原因是，各公司都在同一个数量有限的候选人池里面抢夺人才，以匹配资管行业要求经验的职位。人力资源、市场和运营部门往往多样性更丰富，但对于严格要求投资管理经验的职位，各组织只能在行业培养出来的人才库里面竞争，而这样的人才库往往多样性有限。为了提升自身公司的多样性，管理者会从同业公司招募人才（或像一位管理者所说，“挖多样性人才”），而不是在整个行业建立多样性。因此，不少组织已经花费了大量的精力扩大资管 领域的候选人才总池子。
From the experts:
"We are conscious that we don’t want to just be poaching diverse talent from our peers."
- Asset manager
"I don’t think that we’ve added to the industry-wide pool of diversity because we are taking elite, diverse, talent from elsewhere."
- Asset manager
"That departure of early career hires is something we’ve tried to fix through development and mentorship programs. The jury is still out on trying different things. Large firms have the resources to do those things. Do smaller firms have the ability to do that? I don’t know."
- Asset owner
外部各方多元化的评估
虽然许多资产所有人传统上根据股权结构评估资产管理人的多元化与包容性，但有些机构正在扩大关注点至管理人的整个组织。一位资产所有人最初评估了其公开市场投资组合中管理人的多元化与包容性，而后扩展至私募市场投资。值得注意的是，多个资产所有人提到，由于缺乏报告要求，评估另类投资领域的多元化比评估传统管理人更为困难。最后，为数不多的一些资产所有人已经走得很远，甚至已经评估基金控股/投资组合公司的多样性。
大多数组织并没有制定正式的多元化政策，而只是整个程序中的一个考虑因素。一些资产所有人寻找在多元化举措方面不断取得进展的管理人，而不是根据某一既定时间点的多元化水平来对他们进行判断。
From the experts:
"We started moving away from ownership, to who are the decision-makers, the partners, the managing directors. If all of the low-ranking employees are women or minorities [while ownership is male/white], that doesn’t say great things about the culture of diversity."
- Asset owner
"We tend to favor metrics that are broader than just ownership structure. We want to look at the whole employee base because that’s more representative of diversity than just one or two owners."
- Asset owner
"It was at an annual meeting; three principals walk in and I was about to ask about the lack of diversity and they brought it up before we could even get there. They had just lost a diverse group of associates and they had a plan to do better. And a year later they did everything they said they would do. So you have to be in the maintenance mode with every manager."
- Asset owner
借力战略伙伴
尚不具备外部多元化与包容性评估方法的资产所有人提到，他们打算通过咨询投资顾问或外包首席投资官(OCIO)的方式来启动该计划。其中一些资产所有人目前正处于集思广益阶段，试图找到评估和实施多元化措施的方法。他们依靠这类合作伙伴向他们介绍其他客户的做法。通过使用中介机构，这些投资人可以发现最佳操作方法。
结论
这项研究的一大启示是促进多元化需要积极行动。一个组织必须定义多元化、设定目标并执行相关措施来实现这些目标，同时部署系统跟踪进展，以全面推进。一个组织还必须维持包容性的环境，以利用多样化的视角。另一个启示是多元化不是免费的——一个组织必须投入资源来获取和维护多元化，否则会承担巨大的机会成本。
"We aren’t doing anything with D&I right now. Once we get ESG to a place we are comfortable with, then we will shift our focus to D&I. We would turn to our investment manager to take on this project and see what their capabilities [are] and see what the best practices are. If you have a small team, this is just not something that you will be able to take on."
- Asset owner
以上仅是该研究的概览。若想获取 Diversity & Inclusion 的完整报告，敬请联络我们的中国团队
Please kindly read our Privacy Policy first before you request the full copy of research. In requesting this information you are agreeing to our Privacy Policy.