The Investment Association has outlined steps fund managers need to take to make the City more welcoming to homosexual and transsexual employees, as data shows that 40% of such individuals in investment management have heard of homophobic “banter” at work.

The trade body, which represents firms with nearly $7tn of assets, released its first report on LGBT+ inclusivity on the eve of Saturday’s Pride march in London. LGBT+ stands for lesbian, gay, bisexual and transgender, while the plus sign indicates the inclusion of other minority-sexuality groups.