A recently published academic study suggests that fund managers who had fewer economic advantages as children tend to outperform their more moneyed peers. Recruiters and industry executives say the issue is broader than just the investment team and that a lack of diversity of any type exposes shops to groupthink, creating a competitive disadvantage. George Wilbanks is of the view that a “lack of socioeconomic diversity translates into a lack of thought diversity, which in turn can put a crimp on the bottom line.” Furthermore, varied backgrounds yield very “different perspectives on what makes the world tick, how to solve problems and how to perceive risk.” By Jill Gregorie
