Nature provides a free lunch, but only if we control our appetites.

– William Ruckelshaus, former US Deputy Attorney General

2021 roared to life with no slowdown in the tumult that engulfed us last year. These first few weeks have included a pair of populist uprisings (the first directed at the Capitol, the second at capital markets) and a change in administration. All of these carry the prospect of redefining their respective ecosystems for years to come.

Two other forces are continuing to shape the worlds of investing and hiring: the desire for greater diversity, and the trend of investing to have impact beyond profits. Both of these topics are explored here.

As buyside firms look beyond the usual source pools for talent, there has been increased interest in finding top tier candidates in other pockets of financial services. Those in Equity Research have received attention from private markets investing firms as well as public markets investors, which is the more obvious destination. We set out to explore this population further. Based on our own Q4 2020 industry survey, we report here on the state of diversity amidst Equity Research, as well as compensation and how people are thinking about career choices.

On the Impact Investing front, we follow up after three years since our last look at Environmental, Social and Governance investing, and examine how the strategy is shaping the industry. Who are the key players? How are they faring with their investment criteria? Need there be a tradeoff between doing good and doing well? How is hiring being affected? We explore on all fronts. Can 2021 see progress on diversity, progress on the environment, and progress on the virus?

Here’s hoping.
The Odyssey Search Team