In recent years environmental, social and governance (“ESG”) factors have become a key discussion point within asset management, with many managers now incorporating ESG considerations into their investment processes. One significant ESG factor is diversity and inclusion (“D&I”) which is, of course, also a broad topic in its own right. Indeed, a number of key ESG texts focus on D&I, including the United Nations Sustainable Development Goals (which cover both reducing inequality in general and improving gender equality more specifically). D&I impacts the asset management industry at a number of pressure points and managers should expect it to arise with increasing frequency and in different guises. This is due to a long-term shift in culture (as demonstrated by the recent #MeToo campaign, for example), coupled with factors such as more millennials (who have grown up versed in these issues) moving into more senior, decision-making roles in the industry, both as investors and managers.