The Investment Association, the UK trade body which represents the country’s £7.7tn asset management industry, has published a wide-ranging set of recommendations to help increase the number of black professionals working in the sector.

The UK’s fund management industry is overwhelmingly white, with black people accounting for less than 1% of the workforce, according to the IA. Black people account for around 3% of the overall UK population, rising to 13% in London, where the majority of fund management companies are based.