Diversifying Wall Street
Political stability is one of Wall Street's best friends. But traders, brokers and investment funds have another good friend, and it is called cultural diversity.
While corporate America is still fundamentally a white men area, the surging business of exchange-traded funds, or ETFs—investment funds that generally track an index like the S&P 500 and are traded on exchanges like stocks—looks a little different.
ETF workers say that they see more diversity in their business than elsewhere in finance, reports The Atlantic. Laura Morrison, the head of exchange-traded products at Bats Global Markets, says that women make up half of the team that works to get funds listed on Bats’s exchanges around the world. At iShares, the largest provider of ETFs in the world, which was acquired by the financial giant BlackRock in 2009, seven out of the 14 members of the global executive committee are women. A group called Women in ETFs, started three years ago by five prominent female executives, now counts more than 2,000 members.
The higher presence of women and people of color in ETF is part of a revolution in the way money is invested.
Success factors like entrepreneurialism, the newness, the growth increase both with gender and racial diversity in their teams.
As reported in The Atlantic.