The Investment Association (IA) has published its gender pay gap (GPG) figures, revealing a disparity of 38.5% in the average earnings of men and women on a mean basis, relative to men's salaries.
Legislation introduced in April 2017 requires UK companies with 250 or more employees to publish their GPG on an annual basis in a move to tackle workplace discrimination.
Although the IA is not required to publish its figures, with just 69 emplyees as at 5 April 2018, the trade body said that as a representative of the asset management industry, "we consider it the right thing to do to voluntarily publish our own gender pay gap when many of our members need to do so".
The gender pay gap in the financial services industry, including asset management, is higher than other sectors of the UK at 25.9%, compared to a mean average of 14.5% among UK companies, according to data by Staffmetrix.
The IA admitted in its Gender Pay Gap report that the GDP is "too wide" and said it is actively working with its members to address it, both internally and across the industry.
"Reporting this data for the first time is an important step in helping us to understand the drivers of the gap and the steps we can take to help close it," the report said.
"IA has a significantly higher proportion of women than men in administrative roles in the lower quartile and a higher percentage of
men than women at the most senior level. This reflects the fact that in previous decades, women have not always had opportunities to join financial services organisations and to progress within them.
"More encouragingly, there is an almost even split between male and female employees in the upper middle quartile, which shows that progress is already being made."
The IA launched its diversity and inclusion strategy this month on the back of its first equality and diversity staff survey. An IA staff diversity and inclusion group is also looking at suggestions to help the IA innovate in this area.
Chief executive Chris Cummings added: "I am personally committed to ensuring diversity, inclusion and meritocracy are firmly at the heart of the Investment Association and the wider asset management industry.
"While some progress has been made, it is clear that we have more work to do to increase the representation of senior women at the IA and across the industry. This is a priority for me and the IA Board and I look forward to taking on that challenge."
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