US financial services company State Street Corporation is to work with industry groups to increase Black and Latinx talent representation.

The firm, which has $3.6 trillion in assets under management, will work with four organisations “to provide career exploration, inclusion, diversity, equity best practices, employment, and professional development opportunities” to further diverse representation in the asset management industry globally.

These organisations include A Better Chance Inc, which procures scholarships for students with academic potential from underrepresented backgrounds to attend leading US preparatory schools; National Association of Securities Professionals, which advocates for more women and other minorities in the securities industry, The Toigo Foundation, a leadership platform to promote diverse finance leaders, and Europe-based Association of Luxembourg Fund Industry, which organises conferences to share D&I best practices and collaborates with industry participants to provide scholarships and internships to underrepresented talent in asset management.

This follows a series of actions already made by State Street to address racial inequality in the workplace and attract more Black and Latinx talent; this included support and participation in a ‘Management Leadership for Tomorrow’s (MLT) Black Equity at Work Certification’, a certification programme addressing the “persistent inequities faced by Black professionals across corporate America.” In March, they also announced their commitment to “expanding relationships and increasing financing partnerships with Minority, Women and Veteran Business Enterprises.”

Kathy Horgan, Executive Vice President and Chief Human Resources and Citizenship Officer at State Street, said: “Working together with these organisations will help us to address the societal challenges and inequities facing Black and Latinx talent by providing education on, access to and career opportunities in the asset management industry. We are committed to fostering an inclusive culture as well as a diverse pipeline of talent within and across the industry.”