City Hive teams up with Simmons & Simmons to improve industry culture

Collaborating on evolving the ACT Standard and Framework

Law firm Simmons & Simmons has joined forced with City Hive to push for improved corporate culture within the investment management industry.

Simmons & Simmons has becoming the founder of a collective of firms committed to the principles of City Hive’s ACT Standard and Framework – standing for Action, Challenge and Transparency. The framework allows companies to demonstrate their movement towards being diverse, equitable and inclusive, and show alignment between external and internal values. It was launched a year ago with the backing of 15 investment managers representing $6.5trn in assets under management at the time.

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Together Simmons & Simmons and City Hive will encourage best practice when it comes to creating a positive culture of inclusion within firms highlighting it is no longer a ‘nice to have’ but a consumer duty and “imperative for firms to remain future proof”.

Stakeholders increasingly want more evidence of how investment firms are being responsible stewards of capital,” said a statement from the groups.

“We are proud to have a recognised global leader in Simmons & Simmons standing with us and supporting the ACT Framework and Standard,” added Bev Shah and Mandy Kirby (both pictured), co-CEOs at City Hive. “We’re looking forward to collaborating on evolving ACT and helping the investment industry deliver on its consumer duty.”

“We are delighted to be working with City Hive to help build an inclusive Investment Management Industry and an equitable and sustainable society. We are an integral part of the asset management and investment funds ecosystem working with multiple stakeholders to create opportunities and develop ideas for greater diversity & inclusion in the sector,” said Louise Tudor-Edwards, partner at Simmons & Simmons.