A massive 83% of those surveyed were of white origin, while a paltry 2% identified as Black, African, Caribbean or Black British.
Just 9% identified as Asian or Asian British.
And only 4% of respondents reported as having one or more disabilities, compared with the 11% of the general population.
Far from dispelling the myth of the investment industry as an “old boys’ club”, the landmark study reinforced that the current sector is male dominated, majority white and favours individuals between 31 and 50.
The study conducted by Mercer on behalf of the Project, surveyed more than 3,755 individuals from 24 firms, with assets under management in the UK totalling £2.2trn.
Of the sample size, 650 responses (33%) were from current and former investment managers.
Three out of four, or 77%, of investment managers in the survey population were male.
Also, the vast majority of respondents, 93%, identified as heterosexual. Around 95% of participating investment managers identified as straight, which is slightly higher than the general UK population overall at 94%.
However, there were a few unexpected surprises in the study’s findings. For one, a greater proportion of investment managers currently working in the industry attended state school as opposed to private school (42% versus 38%). However, nearly half (47%) of today’s investment managers went on to complete a Master’s degree.
One could also argue that the gender disparity among investment managers was not as pronounced as outsiders might expect that it would be. But this is still a far cry from the UK workforce population, which is 53% male and 46% female.
All in all, the study’s findings painted an all too predictable picture of the average investment manager in the UK – a white, straight, male between 31 and 50 years of age.
Although the Diversity Project has been in existence less than a year, founder Helena Morrissey, said it is exciting to see just how much momentum the initiative has gained.
Mammoth players like Aberdeen Standard Investments, Jupiter, Invesco Perpetual, M&G and Old Mutual are current members of the advisory council, as is the Investment Association.
Most recently, in association with The Buy-Side Club, the Project launched a “Returners Database” on Monday, a portal which provides the tools for individuals who have taken an extended career break and are keen to return to the investment industry.
Morrisey, who is also head of personal investing at Legal & General Investment Management, said: “There is now a real sense of urgency, with the recognition that improving diversity is a key aspect of creating a modern industry, able to deliver strong performance and connect better with customers and society.
“There is no discussion now about whether we should do this, it is all about what we’re doing to get results.”
If the results of the benchmarking study are anything to go by, the industry still has a very long way to go.
