When Silvia Trillo began her career at J.P. Morgan Asset Management Inc., she said there was no industry-wide recognition for efforts in diversity and inclusion.
But more than a decade later, Ms. Trillo, New York-based portfolio manager for the multiasset solutions group, and dozens of other professionals, have been recognized as leaders and rising stars by the Defined Contribution Institutional Investment Association for their efforts in advocating for a more inclusive workplace.
"What it means for me is, if I could provide representation and hopefully inspire someone in the audience to say, 'Oh, people of color can rise to the positions of leadership' that's all I can ask for," she said in an interview.
The recognition strikes a chord with Ms. Trillo because she said that while growing up and watching people succeed in certain professions who didn't look like her, it seemed as if those jobs weren't meant for people like her.
DCIIA's third-annual Diversity, Equity and Inclusion Awards program, held in Charlotte, N.C., recognized 26 leaders and 38 rising stars during the March 7 event.
The awards spotlight those "advocating for or otherwise contributing to member organizations' diversity, equity and inclusiveness," according to DCIIA's website.
"We are thrilled once again to utilize the DCIIA Diversity, Equity and Inclusion Awards to shine a spotlight on rising stars and leaders from among our member organizations," said Lew Minsky, DCIIA's president and CEO. "Their efforts around DEI initiatives are making a meaningful impact within their organizations and more broadly in the industry, and they are a crucial source of inspiration and insight for us all."
In pre-event interviews with five leaders who participated on a panel during the program, honorees said that the world of defined contribution is taking initiative when it comes to fostering a more inclusive workplace, though work still remains.
Kenneth Mouning, Hartford, Conn.-based director and client services specialist for real estate and private markets at UBS Realty Investors LLC, said that after the national reaction to George Floyd's murder in Minnesota in May 2020, the company re-examined its diversity efforts.
"Part of my work on the (firm's) diversity council is trying to find ways to help educate our employees and to have some very tough and honest conversations to help people understand better as to what's been our history and some of the challenges we've had even amongst employees," he said in an interview.
One way he said UBS has emphasized diversity was by having author Debby Irving, who describes her work as a racial justice educator, speak to UBS employees and encourage them to participate in a "21-day racial equity challenge," he said.
The challenge consisted of listening to podcasts, reading articles and other learning activities each Friday, with the next few work days containing discussions among employees on what they'd taken away.
"And it became some very helpful conversations where people are talking about things that they don't feel comfortable normally talking about, but we told them upfront that this was a safe space, a safe space to talk and to learn and to grow," Mr. Mouning said.
But in addition to fostering understanding of diversity and inclusion in the workplace, several winners noted that diversity is also playing a major role in the awarding of new investment mandates.
"It's even more important in the retirement channel specific to the public clients that I face off with," said Joy Booker, New York-based managing director and head of U.S. retirement client relations at PineBridge Investments LLC.
Requests for proposals issued by asset owners regularly ask for numerous facts from the asset managers hoping to win the client's business, Ms. Booker said, including performance, leadership, growth plans and returns, among other factors.
"Increasingly there is a complete section that addresses or that expect answers on diversity and inclusion," she said. "What do your statistics look like? What's your hiring plan? How do you give back to communities? What's the split of diverse employees that are front office vs. portfolio manager vs. administrative?"
She added that five years ago, such questions were not asked, but now they're almost a given, especially from public clients.
Before the COVID-19 pandemic, Ms. Booker said PineBridge undertook a self-assessment on its diversity and inclusion.
PineBridge considered a variety of consultants to help it complete its self-assessment, an 18-months long project that examined the company.
"We had listening tours with every person that identified as diverse as well as (non-diverse) employees. So we really got a good sense of what their lived experience was, what their expectation was, and seemingly where there may be any mismatches ... Right after that, you saw employees, realizing the firm was committed to this...putting forward grassroots efforts and establishing employee resource groups."
Diane McNally, senior vice president and principal, insurance practice leader, at The Segal Group Inc., a benefits and human resources consulting firm, said that many of her firm's clients are looking to improve the equity of their benefits.
"(Clients are) looking at their investment portfolios, and looking to support their broader workforce, and to promote (diversity, equity and inclusion) values and we see that across the spectrum at Segal's different practices," said Ms. McNally, who is based in New York.
When she began her career, Christine Akins, Baltimore-based head of client engagement for individual investors at T. Rowe Price Group Inc., said diversity was focused more on representation and counting the differences one could see.
"We now understand that inclusion has to be part of the solution, recognizing how an employee experiences the firm and its commitment to diversity through its policies, practices, and processes," she said in an email.
However, many of those interviewed said that while they're generally pleased with steps the asset management industry has taken toward improving diversity, they still feel there is room to grow.
Mr. Mouning said that as UBS Realty and other firms venture more into the defined contribution space, the diversity of plan participants must also be taken into consideration. That also requires more diversity among staff members serving those plan participants.
"We have to have salespeople that are diverse, we've got to understand the wealth gap scenarios that we have here in America, of Black and white (people) and all that and what challenges that are there and how we can offer products and services to various different communities to help meet their needs," he said.
Ms. Akins expressed a similar sentiment, describing progress as slow and the industry as playing catch-up with a talent and client landscape that continues to change.
"Society is becoming more diverse, and our profession is falling short of matching that rate of growth," she said. "We have an opportunity to increase the diversity of our practitioner community and our leadership. At the current pace, financial services may take another 25-30 years to get to the tipping point of 30% of women in executive positions."
The industry also shouldn't forget about individuals without access to an employer-sponsored retirement plan, such as the self-employed, many of whom are Hispanic, and how they can save for retirement, she added.
"That's what worries me and it's a sincere worry, because you see people working in these service jobs where they're not formally (saving for retirement) and I'm like, 'You can't do this forever'," she said. "So what's that plan? I would love to see more of a concerted effort around that."
