Redington is leading an initiative designed to increase the representation of black talent in the investment industry by working with a group of black students to challenge the industry’s existing approaches.
The scheme, run by Entrepreneurs in Action as part of its Classroom to Boardroom initiative, will see more than 25 black students, primarily from schools across South London, work with firms to "increase the applications, opportunities and development of young black people in entry-level roles".
These students will be encouraged to challenge the industry's existing approach to encouraging young black talent into those roles through their own experience and market research, with findings and solutions to be presented digitally on 17 July.
The problem they have been asked to solve is:
"Despite decades of running Diversity & Inclusion initiatives, as an industry the representation of black employees in our organisations (at all levels) is not good enough.
"What problems/obstacles do we need to understand?
"What blind spots can you illuminate?
"What solutions can you suggest, specifically for bringing more entry level black talent into our organisations?"
Alongside Redington, nine other Diversity Project member financial services firms will support the initiative: Aon, Fidelity International, Invesco, LCP, Lincoln Pensions, Mercer, Morgan Stanley, St James's Place and Wellington.
Derek Browne, CEO of Entrepreneurs in Action, said: "I am excited to be part of this initiative. As someone who joined the industry 30 years ago, I am aware it has made slow progress to identify and recruit black talent despite a range of entry programmes under the banner of diversity.
"This initiative provides a unique platform to engage some of the highest profile investment management and consulting firms with a range of talented young individuals who are excited about the industry.
"Working with GenZ to solve industry challenges is the way forward and I hope this is the first of many programmes for Entrepreneurs in Action to work with the industry."
Mitesh Sheth, CEO of Redington, added: "This is a timely opportunity for us as a group of industry executives to hear directly from young black students about the obstacles they face and their suggestions for increasing access for young black talent into our firms.
"It is a chance to step out of our echo chamber, hear their perspectives and hopefully identify some talented young people too."