Australia’s largest investors connect the dots between diversity and investment outcomes

Yolanda Beattie

Future IM/Pact has announced four new partners of its program to improve diversity in Australian investing: the $105bn UniSuper, $150bn Aware Super, $83bn Pinnacle Investment Management and $2bn TDM Growth Partners.

The announcements means six of the top 10 Australian asset owners are now backing the program (ART, Aware Super, UniSuper, QIC, VFMC and HESTA).

Founded in 2018 by Yolanda Beattie, Future IM/Pact connects Australia’s leading investment houses with women at university and in their early career, and informs them about a career in investing. Events, mentoring and investment competitions inspire and engage young investors, creating a talent pool for partners’ intern, graduate and analyst roles.

Aware Super Chief Investment Officer Damian Graham said as one of the nation’s largest superannuation funds, Aware not only acknowledged the link between diversity and stronger investment outcomes, but was committed to redressing the gender super gap through a holistic diversity strategy.

“To address imbalances such as Australia’s 14.1% gender pay gap and its resulting erosion of women’s retirement security, we recognise the need for a wide range of experience and perspectives to make the best investment decisions for our more than 1.1 million members.

“Currently we have around four times as many men as women apply for investment roles, and we are actively championing initiatives so our industry focuses on attracting women to front-line investment roles.

“It’s also why we are committed to working with our peers through Future IM/Pact.”

Better diversity, better outcomes

UniSuper CIO John Pearce said the fund’s commitment to diversity, equity and inclusion (DEI) was a key component of its talent management strategy.

“Different perspectives, experiences and skills are key to high performing teams. With a significant amount of funds managed in house, we have a lot of scope to develop exceptional talent, which in turn ensures we best deliver for our members. ” Mr Pearce said.

Pinnacle Founder and Managing Director Ian Macoun said building a groundswell of female talent at the grassroots level had to be part of the investment industry’s approach to addressing its lack of gender diversity.

“Pinnacle has been supporting and inspiring great female talent for several years through scholarships and internships. There are so many exciting pathways a career in finance can take and the highly diverse nature of our global multi-affiliate business provides great opportunity for young professionals.

We have a responsibility to promote these pathways, particularly to up and coming female talent, and ensure students and graduates have the support they need for a long and successful career in finance. Our partnership with Future IM/Pact will help achieve this and ultimately promote greater gender diversity in Finance.”

Head of TDM Growth Partners Foundation, Roly Clifton-Bligh, said people and culture was a critical element of the fund’s investment process and joining Future IM/Pact was consistent with that philosophy.

“We only invest in companies that have a proven track record in attracting great people and building a strong culture that supports people to do their best work. We know DEI is a key ingredient of that recipe. Future IM/Pact helps us walk that talk by deepening the talent pool of great women working across our industry,” he said.

Future IM/Pact Founder Yolanda Beattie said momentum was clearly growing across the sector. “We’re seeing more superfunds and investment management firms recognise the importance of working across industry to build the pipeline of female investors,” she said.

“Having 20 industry partners on board gives us more opportunities to share with our growing pool of female talent, more mentors to support their career journey and more funding to inspire a passion among more women about a career in this hugely influential industry.”