City fund managers back #100black interns initiative
The #100blackinterns initiative has launched to provide opportunities to young, university-educated black people trying to break into the British financial industry.
The programme addresses the lack of black employees in senior front office roles. According to New Financial’s 2018 study, there are only 12 black fund managers in the UK investment management industry. The initiative aims to provide 100 internships for black candidates each year as a way to increase diversity levels across fund managers in the long-term.
It is currently backed by 80 City fund managers, across private equity, credit, real estate and hedge funds, which will start by providing a paid internship next summer in a frontline investment position. “The support for this initiative from the industry has been absolutely terrific,” said Livingbridge managing partner Wol Kolade. “If there are other firms that would like to provide an internship, they would be very welcome to join the programme.”
#100blackinterns is coordinated by Dawid Konotey-Ahulu, co-founder of Redington and Mallowstreet; Jonathan Sorrell, president of Capstone Investment Advisors; Michael Barrington-Hibbert, founder and managing partner of Barrington Hibbert Associates; and Wol Kolade, managing partner of Livingbridge.
Applications are open to black university students across all academic disciples and year groups, including those on gap years and those who have graduated since 2019. According to Sorrell, by providing such a special entry point into portfolio management, #100blackinterns hopes to attract great black students to a career path they may not have otherwise contemplated.