Morgan Stanley Announces “The Equity Collective,” a Diversity Collaboration Between 23 Wealth and Asset Management Firms | Business
NEW YORK – (BUSINESS WIRE) – November 17, 2021–
Morgan Stanley today announced the launch of The Equity Collective, an industry-leading group of wealth management and asset management companies that have come together to educate, empower and develop the next generation of diverse leaders in the financial sector. The Equity Collective is made up of 23 members. Senior leaders from each member organization have agreed to participate in education and awareness events and initiatives as part of this multi-year commitment. Led by Morgan Stanley, members include American Century Investments, BNY Mellon Investment Management, Columbia Threadneedle Investments, Diffractive Managers Group, DWS, First Eagle Investment Management, Franklin Templeton, FS Investments, Goldman Sachs Asset Management, Hartford Funds, Invesco, Janus Henderson Investors, John Hancock Investment Management, Macquarie Asset Management, Morgan Stanley Investment Management, Natixis Investment Managers, New York Life Investments, Nuveen, PGIM Investments, PIMCO, Putnam Investments, T. Rowe Price and Virtus Investment Partners.
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Research through Morgan Stanley’s Investor Pulse 1 survey found that among various groups of high net worth investors and entrepreneurs, finance repeatedly ranked first as the industry with the potential to have the most impact. on racial inequalities. “By coming together we can be a force multiplier to have a significant impact on our industry,” says Andy Saperstein, Co-Chairman of Morgan Stanley and Director of Morgan Stanley Wealth Management. “The Equity Collective is committed to investing early in underrepresented communities, focusing our efforts on increasing the pool of interested and qualified people who are considering a career in financial services. “
A study from Mercer 2 found that black and Latino students‘ interest in working in financial services crystallized in high school, compared to college years for white students. For this reason, The Equity Collective has established three key sponsorships to generate a spark of interest in finance among youth: Boys & Girls Clubs of America, Team IMPACT and HIVE Diversity.
With a focus on raising awareness and demystifying career opportunities in financial services in order to break down barriers while reaching motivated future leaders wherever they are, The Equity Collective will dedicate resources to Boys & Girls Clubs of America’s Career launch, an employment preparation and career launching program that can reach 4.6 million young people between the ages of 13 and 18. Work with the IMPACT team will focus on supporting varsity athletes as they become empathetic leaders through community engagement. By working with the HIVE Diversity virtual recruitment platform, members will engage with next-generation talent representing an ever-evolving range of diverse backgrounds and backgrounds; HIVE focuses on entry-level internship and placement opportunities, as well as creating earlier and fairer pipelines through virtual programming to expose all candidates to the careers that exist within the industry.
“We recognize that our industry needs to do more to reach diverse talent. We are committed to increasing access for young talent and proactively raising awareness of the incredible opportunities in our field, ”said Margaret Flynn-Martin, Head of Relationship Management, Morgan Stanley Wealth Management. “Finding established organizations with which to do this in order to move forward with intention and speed was one of our main goals. “
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, investment management and wealth management services. With offices in more than 41 countries, the firm’s employees serve clients around the world, including businesses, governments, institutions and individuals. For more information on Morgan Stanley, please visit www.morganstanley.com.
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1 Morgan Stanley Investor Pulse survey, 2021
2Thank “Bridging the Diversity Gap” June 2019
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CONTACT: Media Relations
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING CONSULTING PROFESSIONAL SERVICES FINANCE
SOURCE: Morgan Stanley
Copyright Business Wire 2021.
PUB: 11/17/2021 9:00 a.m. / DISC: 11/17/2021 9:02 a.m.
Copyright Business Wire 2021.