More financial services industry entry help for young people, says Boris Johnson
He added “Investment 2020 is a fantastic scheme set to help thousands of young people from a wide range of backgrounds to get a step on the ladder to success.”
In its first year, the 20 leading investment firms that support Investment 2020 have created 87 new high potential jobs, primarily for school leavers and recent graduates as trainees, regardless of background and education. This year, 120 roles are already pledged. The goal is to have 2,020 trainees in investment management firms and related financial services providers by the year 2020.
Investment 2020 is the brainchild of Henderson Global Investors chief executive officer, Andrew Formica who has been running the scheme at Henderson for the last four years. Speaking at the lunch today, he said “we’re trying to do our bit to help tackle youth unemployment while broadening the gene pool of those entering our industry. We’re seeking people from less traditional entry points it’s about what you can do, rather than who you know.” He added “We want to encourage new ideas from people who challenge the status quo.”
He has been supported by Nichola Pease, former Chief Executive of JO Hambro Capital Management and a Non-Executive Director of Schroders. Together, they have helped craft the programme which today is run by Managing Director, Clare Sellers, with support from Victoria Nye, Director, Training and Education at the Investment Management Association (IMA).
Pease commented, “Based on the selection process systems used now, I don't think, if I were starting my working career, that I could get hired with the credentials I brought to the employment table. It makes good business sense to find people who can offer more than just good academic results from a few universities. We need to give wider consideration to future potential. Indeed, our industry is at its best when it has meritocracy and inclusivity at its heart.”
Speaking on behalf of the trainees hired under Investment 2020 this year, Fraser Weir, trainee at Legal & General Investment Management thanked all those involved with the initiative and added, “With your continued support we will have an industry that not only expands, but also diversifies its pool of talent, and provides a real return in young people.”
Twenty of the UK’s leading investment firms support Investment 2020 through a shared commitment to offer hundreds of young people from diverse backgrounds a first job – they are: Aberdeen Asset Management, Artemis Investment Management, Architas, BlackRock, BNP Paribas Securities, F&C Asset Management, First State Investments, Henderson Global Investors, Invesco Perpetual, JO Hambro Capital Management, JP Morgan Asset Management, Jupiter Asset Management, Legal & General Investment Management, M&G Investments, Old Mutual Global Investors, Pension Insurance Corporation, Record Currency Management, Schroders, Standard Life Investments and Threadneedle Asset Management.
Collectively, these firms play a key role in the Investment Management industry, which itself has experienced significant growth over the last 5 years and now manages £5 trillion – over 60% of which is for UK based institutions and retail investors. The UK Investment Management industry stands 2nd in the world – after the US – in terms of Assets under Management and the forecast is for continued growth as retirement savings products become increasingly important. Managing this growth depends on the quality of our people, a key feature of the Investment 2020 initiative.
Investment 2020 trainees are employed in a wide range of roles across the investment management business, including in marketing, IT, compliance, infrastructure, operations and investment. During the year they receive training, mentoring and invitations to a series of educational and networking events organised by Investment 2020. The aim is that they gain the experience and business knowledge to seek a full time role, either within the company they have been training with or another investment firm. Over its four years running the scheme to date, 90 per cent of Henderson’s trainees have found full time roles.
Young people wishing to be considered for the scheme should visit Investment 2020’s website at www.investment2020.co.uk to learn more about the programmes being offered by the sponsoring firms. Each of the firms will offer different programmes.