The investment industry needs to do more to encourage a more diverse range of candidates into the sector if asset management is to keep up with the evolution of millennial wealth, according to HSBC Global Asset Management.
Importantly, these changes in the recruitment process encourage cognitive diversity: "I didn't attend university, but Shruti did," notes Rudd.
"That is a fantastic contrast to have because we bring completely different skills to our roles. It is this type of cognitive diversity that is essential to business success.
"In my distribution team, I've taken the opportunity to build a diverse team with people who see the world and client relationships through a completely different lens to me, so that we are all able to bring a healthy dialogue to the table.
"I am pleased to say that is a key part of the HSBC culture: we encourage openness in both the recruitment process and within the teams themselves."
Khandekar believes this type of diversity is also essential if firms are to ensure they are able to respond to a new generation of wealth: "The wealth that individuals need managing today, is not the same as 30 years ago. In place of 'old money" is the rise of the entrepreneur.
"Modern investors require things to be explained in a different way, and their money managed differently too.
"As an asset manager we need to ensure we have hired someone that not only understands that, but can respond to it. A young workforce is key to that."
Rudd agrees, adding: "This is a great industry, with responsibility for growing and protecting people's wealth and delivering strong performance for investors.
"In order to continue doing that, we need to encourage individuals from all backgrounds to enter, and prove to them that there is a place for them here. We need to ensure that the recruitment processes we currently have in place are not designed against hiring them."
Investment Week will be working with HSBC Global Asset Management over the coming months to highlight a number of Rising Stars working in the investment management industry from diverse backgrounds, be that by gender, ethnicity, social/education, or disability and more.
In highlighting their stories, these Rising Stars will aim to showcase the different routes young people have taken into the industry over the years and how they have managed their paths to success.
If you are under 35*, work in an investment management field, and would like to feature in this list, please let us know your route into the industry, and why you should be considered as one of our Diverse Rising Stars by emailing [email protected].
*As at 31 July 2019
