Super fund Rest and international equity manager Platinum Asset Management have been welcomed as new partners to industry initiative Future IM/Pact.
The initiative was established in 2018 with the goal of attracting more diverse talent into the investment teams of fund managers, super funds, and industry participants.
Platinum’s head of investments, Douglas Isles, said that the new partnership would help the $19 billion international equity manager support more high potential women to launch a career in investing.
“Thinking differently is the cornerstone of our investment philosophy and gender diversity is one way we can bring new perspectives to find the best investment ideas,” Mr Isles said.
“We’re excited to join Future IM/Pact and are eager to play a leading role in helping young women to build an investment management career.”
Meanwhile, Rest chief investment officer Andrew Lill said that the $70 billion super fund would use the partnership to provide further opportunities for young women aspiring to forge investment management careers.
“Rest represents more than one million women in our membership, and are dedicated to promoting greater gender equality,” commented Mr Lill.
“Our partnership with Future IM/Pact builds on our existing program of offering internships to women in actuarial studies, while also helping us source great female talent for our investment team. It’s also consistent with Rest’s commitment to contribute to five of the UN Sustainable Development Goals, including ‘Gender Equality’.”
Additionally, Future IM/Pact has welcomed private wealth manager LGT Crestone, becoming the first wholesale investor investment advice business to join the initiative.
“Investing on behalf of family offices, high-net-worth investors, and for-purpose organisations presents incredible career pathways for women,” said LGT Crestone chief operating officer Michelle Inns.
“Future IM/Pact helps us grow our female talent pool so we can continue to build high-performing and diverse teams.”
The initiative’s other partners include Australian Ethical, Australian Retirement Trust, Cbus, Fidelity, HESTA, Jarden, Macquarie, Mercer, Munro Partners, Perpetual, QIC, Schroders, TCorp, VFMC, Vinva, UniSuper, Aware Super, Pinnacle Investment Management, and TDM Partners.
Future IM/Pact founder Yolanda Beattie said that widespread industry collaboration would be necessary to tackle the entrenched structural and cultural barriers that stop women from becoming professional investors.
“With 23 partners now working with us to address these issues, we’re better placed than ever to shift the dial on this issue,” she said.
An exclusive partnership between Future IM/Pact and financial services recruitment specialists Platinum Pacific Partners has also been announced, which is set to help accelerate Future IM/Pact’s ability to build a pipeline of future female investors.
“Because few investment teams recruit graduates, these roles usually require two to five years’ work experience,” said Ms Beattie.
“This strategic partnership allows us to connect with more exceptional women in key feeder roles like investment banking and corporate finance, while sharing the career insights Platinum Pacific Partners have gained over decades to help early career women land sought-after analyst roles.”
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.