by May 3, 2021, New York, NY—Montieth & Company, a global communications consultancy, announced today that it has engaged with the Association of Asian American Investment Managers (AAAIM), a national 501 (c)(3) non-profit organization, to increase awareness of the lack of equitable representation of Asian Americans and Pacific Islanders (AAPIs) in the financial services industry.
The Association of Asian American Investment Managers is the only U.S. organization dedicated to supporting the growth of AAPI investment managers. Under the leadership of CEO Jim Park, the non-profit is a coalition of seasoned and rising investment managers that are committed to mentorship, promoting access to capital, and educating the industry and public at large about prejudice experienced by AAPIs.
“As gatekeepers to the media for financial institutions, we recognize the role we can play as PR professionals in addressing systemic racism in the financial services industry,” said Becky Nye, Director of Financial Services at Montieth & Company. “This can be achieved both by raising awareness of the lack of representation among AAPIs who are in senior management roles and managing AUM, and by helping elevate and make their voices heard as investment experts in the news media.”
A study by AAAIM and Bella Private Markets published in December 2020 showed that, while individuals who identify as AAPI represent 6% of the U.S. population and account for 15-20% of graduates from the top 25 business schools, U.S. asset management firms that are majority-owned by AAPIs manage only 0.7% of assets in the industry.
Jim Park, CEO of AAAIM stated: “Becky and the team at Montieth & Company have been so generous with their time in getting the important story out about the AAPI experience. AAPI professionals face being overlooked for career opportunities and capital allocation in the investment management industry because the ‘model minority’ view persists. In reality, the data clearly shows that while AAPIs represent a significant number of recruits entering into analyst roles, the bar for advancement is set higher for them reach. To achieve greater inclusion among AAPIs in investment and executive roles, we need to change people’s perceptions about AAPIs and bring to light the challenges faced by this diverse group.”
Montieth & Company has supported AAAIM on its media and marketing activities, including the publication of an op-ed in Pensions & Investments authored by Jim Park, titled “Asian Americans, Pacific Islanders Face ‘Bamboo Ceiling’ in Money Management,” which explores how Emerging Manager Programs can be a platform for increasing representation among AAPI managers. In addition, Lananh Nguyen, a reporter at Bloomberg, included data from the AAAIM/Bella study in her recent article on the experiences of Asian Americans facing racism in the financial industry. AAAIM co-chair, Brenda Chia, also had the opportunity to address State Street Global Advisor’s decision to hold portfolio companies accountable for not disclosing the racial and ethnic composition of their boards and workforce in a FundFire article.
As part of its diversity, equity, and inclusion initiatives, Montieth & Company has sought to support underrepresented voices, including AAPIs, in gaining access to the media by offering free virtual media training to clients and non-clients. (For more information on how to participate, please contact us).
“We look forward to continuing our work with AAAIM in addressing the challenges that Asian Americans and Pacific Islanders face in the financial services industry, as part of our wider work around diversity, equity, and inclusion,” added Montieth Illingworth, CEO and Global Managing Partner of Montieth & Company.
To find out more about membership and sponsorship of AAAIM, please visit their website.
About AAAIM
The Association of Asian American Investment Managers (AAAIM) is a national 501 (c)(3) non-profit organization dedicated to increasing diversity and inclusion in the investment management industry, serving as a powerful voice for the Asian American and Pacific Islander (AAPI) community. This investment manager association’s goal is to elevate underrepresented groups through education, networking, and empowerment.
About Montieth & Company
Montieth & Company is a global communications consultancy that provides a fully integrated set of communications solutions to deliver high-value, measurable outcomes for your organization. We help you to achieve influence, realize your ambitions, and solve critical problems. Through our flexible, integrated and budget-efficient cross-border model, we reach into multiple money and media markets through our global hubs in New York, London, and Hong Kong.