T. Rowe Price has hired Raymone Jackson as its new global head of diversity and inclusion.
Jackson, who will join the firm in late October, has been serving as the national diversity officer for Morgan Stanley’s wealth management business where he developed and oversaw a diversity and inclusion strategy that spanned 600 offices and 20,000 employees.
He replaces Thomas Kazmierczak Jr., who has been serving as head of diversity and inclusion at T. Rowe Price and will return to a role supporting the firm’s clients. T. Rowe has now added “global” to the job description.
“Raymone’s track record of success in attracting, developing, advancing and retaining diverse talent in the financial services will accelerate our progress,” said Bill Stromberg, president and CEO of T. Rowe Price, in a statement.
Jackson will partner closely with the firm’s management committee and Black Leadership Council as well as with employee-led resource groups for women, LGBTQ+, Black, Latinx and Asian workers and veterans to expand the progress the firm has made on diversity and inclusion issues over the years. He will be based at firm headquarters in Baltimore.
As of Dec. 31, 2019, 29% of T. Rowe Price’s U.S. associates were ethnically diverse. Overall, Black and African American associates account for 12% of the firm’s U.S. workforce, while Latinx associates represent about 3.8%. Women account for 44% of the firm’s global workforce.
In addition to its business resource groups, T. Rowe Price has instituted bias training programs for management and associates and a multicultural competency training designed to help associates and managers better understand, communicate and effectively interact with people across cultures. It expects to introduce a new Inclusive Leadership development training to strengthen manager skills for supporting our collaborative culture.
The focus on diversity and inclusion is growing among asset management firms but, according to Natixis, “is not yet embedded in the DNA of all of them.” The SEC’s Asset Management Advisory Committee, formed in January, has held two meetings that included a focus on the issue.
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