Fund managers’ conviction that the best candidates rise to the top of their industry is a “meritocracy myth” that puts hurdles in the path of female and ethnic minority professionals, according to a hard-hitting new report.

The report, published by the City think-tank New Financial on September 24, and based on interviews with around 100 staff at 40 fund managers, found widespread concern that “the bar is set higher for women and people of diverse backgrounds”.