Research

Evidence-led. Implementation-focused.

IiFE research is designed to do one thing: turn evidence into action. Each study builds on the last, moving the industry from awareness to implementation.

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Research programme 2024 → 2025 → 2026

Three studies. One direction. From benchmark to evidence to action.

Our research programme

Three studies. One direction. From benchmark to evidence to action.

Since 2024, IiFE has built a systematic, evidence-based case for inclusion and cognitive diversity as drivers of performance in European asset management. Each study answers the question the previous one raised.

2024

The benchmark

Embracing Inclusion in European Asset Management

Diversity Project Europe in partnership with PwC Switzerland

European asset management firms recognised that inclusion was good for business. Most had made strategic commitments. Few had translated those commitments into how decisions were made, talent was developed or performance was delivered.

This study established the first comprehensive benchmark of inclusion maturity across 10 European countries, mapping the regulatory landscape and identifying the critical gap between strategic intent and operational reality across Gender Equality, Social Mobility and Inclusive Culture.

(PwC / Diversity Project Europe, 2024)

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Key findings

4 in 5 organisations recognise the business benefits of inclusion.
14% of leaders are held accountable for inclusion objectives, with rewards tied to achieving them.
3.3 out of 5 was the industry’s average inclusion maturity score. Strategy is strong. Implementation is lagging.
1 in 5 organisations collect social mobility data.
4% have measurable social mobility goals, compared with 66% for gender.

2025

What the research shows

Skills diversity delivers the strongest results. Professional and educational background diversity shows the most consistent positive correlation with investment team performance.
Cognitive diversity is most valuable in idea generation. It helps teams identify opportunities, challenge assumptions and avoid groupthink.
Psychological safety is not optional. People only contribute different perspectives when they feel safe doing so.
Large meetings work against you. Meeting structure determines whether diverse perspectives emerge or disappear.
Leadership is the differentiator. Leaders determine whether cognitive diversity translates into better decisions.
Inclusion before diversity. Without inclusion, cognitive diversity can actively harm performance.

The evidence

The Power of Diverse Thinking. How the Best Teams Make Decisions

Professor Alex Edmans, London Business School

Commissioned by Inclusion in Finance UK. In collaboration with Inclusion in Finance Europe and Inclusion in Finance North America.

The 2024 benchmark identified the gap. The next question was fundamental: does inclusion and cognitive diversity actually drive better investment performance?

Professor Alex Edmans of London Business School set out to answer that question rigorously, combining a comprehensive review of academic literature with first-hand insights from investment professionals across the industry. The brief was explicit: find what the evidence shows, not what anyone hoped to see.

The answer is compelling and more nuanced than the industry has previously acknowledged.

The central argument

Cognitive diversity, properly implemented, can have a significantly positive effect on investment performance.

The key words are properly implemented.

Simply adding diversity does not work. The “add diversity and stir” approach assumes benefits arise automatically. They do not. Firms that succeed in harnessing cognitive diversity will enjoy a significant competitive advantage precisely because it is difficult to get right.

(Professor Alex Edmans, London Business School, 2025)

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2026

The action

Social Mobility. An Untapped Opportunity

Inclusion in Finance Europe

The 2024 research identified social mobility as the most underdeveloped dimension of inclusion in European asset management. The 2025 Edmans research demonstrated that life experience and professional background are among the most valuable sources of cognitive diversity.

The 2026 research brought those findings together, examining social mobility as a source of cognitive diversity and competitive advantage. Drawing on insights from 30 leading asset managers, interviews with senior HR and talent leaders across industries, and a review of social mobility practices and regulations across Europe, the research moved from insight to practical action.

(Inclusion in Finance Europe, 2026)

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Key findings

Social mobility remains the least developed dimension of inclusion. Awareness is increasing, but practical action remains limited.
Measurement remains a significant barrier. Few firms actively collect socioeconomic background data.
Social mobility is a source of cognitive diversity. Different life experiences strengthen challenge, judgement and decision making.
The industry has an implementation gap. Nearly half of surveyed firms express willingness to progress, but very few have measurable objectives.
Asset management is lagging behind other sectors. Law and professional services have made more progress.
The opportunity is practical and within reach. The challenge is no longer why social mobility matters. It is how to act.

The pattern across three years

The findings tell a consistent story.

The 2024 benchmark showed that firms recognise the value of inclusion but struggle to translate commitment into action.

The 2025 research demonstrated that cognitive diversity can improve investment performance when supported by inclusive leadership, psychological safety and effective decision-making processes.

The 2026 research identified social mobility as one of the most underutilised sources of cognitive diversity and highlighted practical steps organisations can take to broaden talent pipelines and strengthen decision making.

The business case is understood. The implementation gap remains.

4 in 5firms recognise the business benefits of inclusion.

14%hold leaders accountable for delivering it.

4%have measurable social mobility goals.

Implementation is where the opportunity remains.

That gap is precisely what IiFE exists to close.

What comes next

Research that feeds directly into action.

IiFE research does not stop at insight. Each study feeds directly into our communities, frameworks and member programmes, ensuring that findings translate into practical action across the industry.

Future research will continue to build the evidence base and practical guidance that help member organisations move from intention to implementation.

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Different Thinking. Better Outcomes.

Evidence without action is just information.

IiFE helps member organisations translate research into practical implementation.

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Evidence-led. Implementation-focused.

Three studies. One direction. From benchmark to evidence to action.

Embracing Inclusion in European Asset Management

Key findings

What the research shows

The Power of Diverse Thinking. How the Best Teams Make Decisions

The central argument

Social Mobility. An Untapped Opportunity

Key findings

The findings tell a consistent story.

The business case is understood. The implementation gap remains.

Implementation is where the opportunity remains.

Research that feeds directly into action.

Evidence without action is just information.

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