Asset management faces 'talent crisis' with little background diversity

Barriers to social mobility

Asset management and the rest of UK financial services face a "talent crisis" with staff commonly of the same background and with little or no experience of any other sector, KPMG research reveals.

The firm found 41% of people working in asset management had parents who also worked in financial services, compared to 41% and 54% in banking and insurance respectively, while 35% of those polled in the industry said money was their main motivation - more than double the national average of 16%. Diversity case studies: How are groups stepping up to the inclusion debate? KPMG's poll of financial services workers also found just 46% of those employed in asset management have held a role outside the sector. Head of asset management at KPMG Tom Brown said this was an issue as "the sec...