Why is diversity in fund management still controversial?

Comments from Defaqto

With the introduction of gender pay gap reporting for companies in 2017 and the Investment Association merging with the careers organisation Investment 20/20, the need for diversity and inclusivity is in the spotlight.

There is a recognition that diversity within the fund management industry needs to be improved. (Note: the focus is on gender diversity due to data availability, but diversity in racial, ethnic, and other religious backgrounds is just as important.) However, why is this still controversial among some financial professionals? We consider some salient quotes found online: "At the coalface asset management companies are highly meritocratic" One argument against proactive diversity polices is that to succeed in fund management, you need to demonstrate outperformance. Fund management and...