The Independent Investment Management Initiative has become part of City Hive’s ACT Alliance, a group which follows the ACT framework for social and governance around culture and inclusion.
City Hive’s goal with ACT, which stands for action, challenge, and transparency, is to create norms around discussing company culture and inclusion, and to create disclosure methods that allow for clear metrics of this area. The ACT now has over 125 firms reporting through its framework.
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Rose Beale, IIMI deputy chair & responsible investment lead at Findlay Park, said: “We’re delighted to join the ACT Alliance. Culture is key for smaller, independent firms and it is often a core reason for why our firms were established and what we offer to our clients.
“But no culture is perfect, and we know we can all improve. Sharing best practice on how to grow more inclusive, resilient, and high-performing cultures is a priority for IIMI.”
IIMI, which consists of over 40 independent asset management firms, looks to support smaller and independent asset managers in areas such as best practice and financial regulation.
Bev Shah, co-CEO of City Hive, said: “We welcome IIMI to the ACT Alliance – industry collaboration across large and small firms is vital to moving the dial for all. ACT enables the business leadership to centre building the right foundations and structure aligned with behaviour-focused regulations including Consumer Duty, as they also look to grow their assets under management.”
City Hive launched its ACT framework in 2022 with 15 firms as signatories, including Schroders, M&G, Aviva, LGIM, and Federated Hermes.
