Asset managers have made chunky improvements in narrowing their gender pay gaps this year, however, the suspension of mandatory reporting due to the Covid-19 global pandemic has left gaps in the diversity statistics.
According to analysis of government figures by Investment Week's sister title Professional Pensions, asset management companies working with institutional pension scheme clients improved their gender pay gaps by an average 2.6 percentage points during the past 12 months.
While the figures do not disclose whether men and women are paid different rates for the same job, they are often indicative of gender equality in the upper tiers of an organisation.
Legislation introduced in April 2017 requires UK companies with 250 or more employees to publish their gender pay gap annually in a move to tackle workplace discrimination.
However, this year, due to the coronavirus pandemic, the reporting requirements were suspended. Therefore, the analysis only relates to the firms who had submitted before this decision, or chose to do so afterwards.
In addition, some firms' disclosures are completely voluntary as the rules only apply to organisations with more than 250 members of staff.
While many investment firms made gender pay gap improvements, the 51 firms in this cohort reported an average 29.6% mean gap, analysis found.
The mean gap is the gap between the simple average pay of males and that of females; the median gap is the difference between the pay of the middle-paid male and the middle-paid female.
T. Rowe Price reported the best overall narrowing in gender pay. Its mean pay rate was 30.2% lower for women employees this year.
However, that is an improvement of 17.1 percentage points on last year when it stood at a 47.3% gap.
Averil Hamilton, head of human resources, EMEA, said: "We have seen a positive trend since we started reporting our gender pay gap data in 2018, but we know that there is still more work to do.
"Change can be slow, and we recognise diversity and inclusion strategies should be enterprise-wide and integral to the way we do business.
"The reasons for gender pay gaps are often multi-faceted, and like many of our peers, we are faced with a legacy of the industry not attracting enough women.
"This does not deter us from continuing to push our diversity and inclusion agenda forward, recognising that change in our industry will take time."