The Investment Association is merging with careers provider Investment 20/20 as part of a drive to improve diversity in the asset management industry.
The IA said the new partnership will help make the investment industry more accessible and attractive to those from different backgrounds and at all stages of their career.
Investment 20/20 will retain its own brand, with a focus on growing its trainee programme and grassroots involvement with school-leavers and graduates.
The combined organisation will also develop new projects that aim to improve how well women who have left the industry to have children return and attract career change professionals.
IA chief executive Chris Cummings says: “A diverse workforce and a strong pipeline of talent are key to the success of any forward-looking industry, helping businesses to encourage innovation and new ideas.
“Our industry must also better reflect the customers it serves and that means raising awareness of careers within our sector and proactively growing an inclusive workforce.”
Founder of City Hive, a network for women in the asset management industry, Bev Shah says: “I believe this is a positive step as Investment 20/20 are a great organisation who work to bring young people from different socioeconomic backgrounds into our industry.
“Changing the demographics of the industry requires true action and collaboration amongst all diversity groups to ensure we are all pulling in the same direction and not duplicating our efforts.”
The news comes after recent gender pay gap data shone a light on diversity issues within the investment management industry.
New legislation requires public and private firms with more than 250 employees to publish details of the difference in pay between men and women.
The data revealed that the salaries of men in the fund industry are up to 46 per cent higher than those of women, while for bonuses the difference is as high as 80 per cent.
The figures highlight the need by companies to do more to boost the recruitment of women and improve the gender balance at a senior level.