Black senior members of the asset management industry have urged colleagues and employers to start unpacking the BAME (black, Asian and minority ethnic) acronym, place more emphasis on race equality in their diversity & inclusion policies and to be more active in standing against workplace and societal racism, warning that "every single one of us is either part of the solution or part of the problem".
This comes less than three weeks after the murder of George Floyd, a 46 year-old black man who was murdered by a police officer during an arrest for allegedly using a counterfeit bill.
On 28 May, three days after the killing, then-Franklin Templeton executive Amy Cooper threatened to call police after Christian Cooper - unrelated to her - asked her to put her dog on a lead in a wooded area of Central Park, New York, as it was against policy.
On phone footage taken by Christian, Amy then threatened to call the police and "tell them there is an African American man threatening my life".
Franklin Templeton fired her shortly after the video was released, but black members of the asset management community say this is far from an isolated incident and that racism in the workplace, and across the UK, is often overlooked or misunderstood.
Gavin Lewis, managing director at BlackRock, said the issue is far from just a US one and that the UK has a "long history of racial injustice".
"These things haven't been captured as candidly on camera as they have in the US, but we have had our own challenges here that have hit the headlines.
"We had the fire at Grenfell Tower and the Windrush scandal, not to mention the number of individuals who have died in police custody.
"The Tottenham riots in 2011 were the result of innocent people dying at the hands of the police," he said.
"This isn't just pertinent to the US, and the reaction to what has happened is not because the Floyd murder is more outrageous than anything else that has happened; it is just that people have reached a point where they cannot take it anymore.
"Even with Covid-19 - the consequences have a disproportionate impact on minority communities but black communities in particular. It highlights this health and social inequality that is still very much a part of society."
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The industry's wake-up call to end racism and boost diversity