CFA SOCIETY BOSTON AND BOSTON BASED FIRMS SOME OF THE FIRST SIGNATORY ORGANIZATION TO CFA INSTITUTE DEI Code
Early Adopter Firms Signal Strong Commitments in Boston and Beyond
BOSTON –March 22, 2022 – CFA Society Boston, New England’s largest membership organization for investment professionals, today announces that the Society and Boston based firms Cambridge Associates, GMO, MassPRIM, and Payden & Rygel are part of the 16 organizations that have become inaugural signatories to the newly launched voluntary CFA Institute Diversity, Equity, and Inclusion Code for the Investment Profession in the United States and Canada (“DEI Code”).
Leaders and members of CFA Society Boston served in integral roles as part of the CFA Institute working group that developed the DEI Code. The DEI Code aims to foster commitment from institutions to DEI action that will lead to greater inclusion of wider viewpoints from the best talent, which will lead to better investment outcomes, help create better working environments, and generate a cycle of positive change for future generations. DEI is a core pillar of CFA Society Boston’s strategic plan and our commitment represents the desire of the society and the local investment management community to make real progress as it relates to DEI. We encourage members and Boston firms to join us in supporting the DEI Code
The organizations, first in the industry to adopt the DEI Code since its February launch, together represent some US$4 trillion in Assets under Advisement, more than US$2.5 trillion in Assets under Management, and leadership in the industry. The complete list of signatory organizations announced today are: BentallGreenOak, Callan, CalPERS, Cambridge Associates, Creative Investment Research, Crescent Capital, Fiera Capital Corporation, First Nations Financial Management Board, GMO, MassPRIM, Northern Trust, Payden & Rygel, SLC Management, and Trident. CFA Institute became the first signatory to the DEI Code at launch, with CFA Society Boston and CFA Society Montréal also announcing today their adoption of the DEI Code.
Comments from Boston based signatory organizations announced today are:
Melinda Wright, Global Head of Diversity, Equity and Inclusion, Cambridge Associates:
“Cambridge Associates represents ‘a room of the willing’ – people who want to see change and are committed to being part of it. We want our firm to be a highly impactful organization and exceed expectations for our clients. Diversity, equity and inclusion, when done well, helps accomplish these business objectives. Becoming a signatory of the Code is one example of the incredibly thoughtful work happening to create meaningful impact.”
Jeanne W. Wolf, CAE, Chief Executive Officer, CFA Society Boston:
“CFA Society Boston has been at the forefront of DEI since the founding of our women’s initiative in 2015. Since then we have collaborated with our member firms to recruit diverse talent to our industry. We are proud that our local society leaders were instrumental in the creation of the CFA Institute DEI Code. CFA Society Boston is committed to promoting the Code in our local market to ensure we build an inclusive and equitable investment profession, both in Boston and globally.”
Scott Hayward, Chief Executive Officer, GMO:
“GMO has always valued diverse perspectives and has a deep commitment to respecting and celebrating differences. Recognizing the importance of diversity, equity, inclusion, and belonging is a hallmark of our culture. We know that using multiple lenses to solve investment problems creates better results for our clients. Seeking out these views also leads to stronger employee engagement. Through our commitment to the DEI Code, we are working to further social awareness at GMO and accelerate these critical priorities across our industry.”
Michael G. Trotsky, CFA, Executive Director and Chief Investment Officer, MassPRIM:
“Commitment to diversity and inclusion has to come from the top; this Code is based on principles which provide best practices, lays out best practice guidance, and represents an important stake in the ground for companies to signal that they are ready and willing to improve. During my more than 10 years at PRIM, I’ve seen the impact of making cultural changes at our organization to foster a diverse and inclusive environment. By adopting this Code, signatories can lead our industry to be more inclusive and ensure the trust of employees, partners, and members of the public at large.”
Joan A. Payden, CFA, Founder and CEO Payden & Rygel:
“From our inception 38 years ago, our emphasis on collaboration where competition is external rather than internal has allowed us to cultivate an inclusive culture where all voices are heard, respected, and where constructive debate is encouraged. At Payden, we believe this cultural feature, coupled with a focus on passion and commitment, enhances our client relationships and allows us to attract the best talent, which supports improved investment results. We see the importance of being a leader in our industry, which suffers from underrepresentation of various groups, and we are committed to being part of solutions like the CFA Institute DEI Code to close those gaps.”
DEI Code signatories commit to six metrics-based Principles and to accelerate and amplify the impact of their commitment by making the economic, business, and moral case for diversity, equity, and inclusion. Further, in Canada, signatories commit to implementing the Truth and Reconciliation of Canada Call to Action #92 and to embracing Indigenous reconciliation. To view the Diversity, Equity, and Inclusion Code for the Investment Profession (United States and Canada) and accompanying materials, visit: cfainstitute.org/deicode.
About CFA Society Boston
CFA Society Boston is a not-for-profit professional society founded in 1946 that has been a point of connection for the Boston investment community, providing an open forum for the exchange of fresh perspectives on industry issues and promoting ethics and integrity. More than 6,000 investment professionals locally and globally are members of CFA Boston, representing over 650 investment firms. 95 percent of CFA Boston members hold the Chartered Financial Analyst designation from CFA Institute. CFA Boston is a founding society of CFA Institute. For more information, visit www.cfaboston.org or contact Renee Russo.
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