U.K. GENDERPAY GAP REPORT
2022

UNDERSTANDING OUR METHODOLOGY
The gender pay gap demonstrates the difference in the mean and median hourly pay of men and women across theorganization, regardless of the role or area of the business. It does not compare the pay of men and women who arecarrying out similar or equivalent work, known as equal pay.
As we see throughout the asset management industry and wider financial services sector, female representation
declines with seniority. As such, the gender pay gap is complicated by the structural challenge of having more males
in more senior, and higher paid positions.
At Barings, our process for determining compensation is gender neutral, subject to multiple rounds of review
throughout the year, and involves collaboration between managers, HR personnel and the DEI team. We areconfident that men and women carrying out equivalent work in equivalent roles, accounting for experience level,
tenure and performance, are rewarded in the same way.

INTRODUCTION
At Barings, we know that the diversity of our people and the independence of thought they bring to our culture isfundamental to the success of our business as investors and our future as a leading global asset manager.
As McKinsey’s 2021 Women in the Workplace report notes, across industries, for every 100 men who get tomanagerial levels at the start of their careers, only 86 women do. This early imbalance causes women’s career
progression to slow down at the start of their careers, creating further imbalance in the pipeline at more senior levels.
At Barings, we’re committed to furthering diversity, equity and inclusion in all ways through talent processes thatare equitable. We are pleased to share this year’s gender pay gap statistics in this report, and to note improvements
across nearly all metrics. As we focus on evaluating our internal metrics, we recognize the opportunity to work
towards the development and promotion of women—our goal remains to achieve gender balance at all levels.
Over the past year we built out our Diversity, Equity and Inclusion (DEI) team, developed our DEI strategy, andfurthered strong community partnerships. Our Chief DEI Officer sits on our Senior Leadership Team and works
with senior leaders to implement inclusive habits across the firm. We have seen all employees at Barings complete
inclusive culture training, expanded flexible work options, and launched the Barings Development Program fordeveloping leaders, which is 50% female. To date, our internship and incoming analysts classes have been genderbalanced, an outcome we are intentional about maintaining with future classes.
We understand the importance of retaining women at mid- and senior levels. To support this, we are developing
further our Talent Management center of excellence, implementing the disciplines needed to ensure we have robustand objective processes in place for succession and talent management planning.
At Barings, we see diversity as fundamental to our success and our focus remains on building a broad talent pipeline
fit for the future, and advocating for the importance of addressing gender imbalance wherever we see it. Our
intentional efforts have resulted in modest improvements in our gender pay gap. We will continue to work at this.

MIKE FRENO

CH A S I T Y B OYCE

Chairman & CEO, Barings LLC

Chief Diversity, Equity & Inclusion Officer

B A R I N G S U. K . G EN D ER PAY G A P R EP O R T 2022 | 2

BARINGS’ 2021 GENDER PAY GAP STATISTICS
The comparison for BISL shows a year on year improvement in pay and bonus gap statistics, both mean andmedian, by a few percentage points. The proportion of females receiving a bonus has also increased.

20212020

2019

Year Over Year Change

Mean

18%

20%

23%-2%Median

19%

18%

24%

+1%

Mean

56%

59%

55%

-3%

Median

42%

53%

57%

-11%

Male

95%

94%

94%

+1%

Female93%90%90%+3%

Gender Pay Gap

Gender Bonus Gap

Portion of Males & Females Receiving a BonusPortion of Pay

2021

2020

Quartile

Males

Females

Males

Females

Lower

46%

54%

43%

57%

Lower Middle

61%

39%

62%

38%

Upper Middle

71%

29%

70%

30%

Upper

73%

27%

71%

29%

Note:
•
Mean is the difference between mean pay received by men and women, expressed as a percentage of the mean men’s pay.
•Median is the difference between median pay received by men and women, expressed as a percentage of the median men’s pay.
• Gender pay gap is based on hourly rates of pay as of April 5, 2021.
• Gender bonus gap reflects bonuses received in the 12 months leading up to April 5, 2021.
• We are pleased to note an improvement in year on year scores in all cases, except the median gender pay gap, where the gap
marginally increased (by one percentage point, after last year’s improvement of six percentage points).

B A R I N G S U. K . G EN D ER PAY G A P R EP O R T 2022 | 3

ACTIONS WE’RE TAKING TO CLOSE THE GAP
AT TR AC T
• Continued partnership and mentorship with organizations
that aim to educate girls on financial services careers,such as GAIN, Girls Are Investors (A-Level and universityage), ‘Inspiring Tomorrow’s Leaders’ (African CaribbeanENGAGE• Chief Diversity Equity and Inclusion Officer and DEI teamstrategy focused on learning, measurement and programs• Growing number of active Employee Resource Groups(ERGs) that help create community at Barings.

heritage), The Amos Bursary (girls and boys of African
Caribbean heritage) and Girl’s Network.

• Barings Women’s Networks focused on peer support, as
well as personal and professional development. Each has• Extended partnership with the Investment Management
Association’s Investment 20/20 program, welcominga 2022 apprentice class of young diverse talent froman executive sponsor within the Senior Leadership Team,
which underscores the priority we place on leaders being
torch carriers for advancing DEI.

varying socioeconomic backgrounds.
• Continued participation in CEO Action for Diversity and• Gender-balanced internship program and incoming analyst
class as key entry point to develop careers at Barings. In

Inclusion, the largest CEO-driven business commitment
to advance diversity and inclusion in the workplace.

summary, we saw 50% female interns in 2021, while to date,55% of analysts converted to full-time are women, and 50%of interns converted to full time analysts are women.

• UNGC Target Global Equity Accelerator participant(focused on supporting female talent across ourrespective organizations and providing best practices).

• When making strategic hires, we challenge our talentacquisition team and recruitment partners to provide agender-balanced list of candidates.

• Active member of the Diversity Project, utilized to continue
to bring inclusive practices and programs to enhance
Barings’ community and team member experiences.

DEVELOPRE TAIN• HRBPs deepen engagement with business units and• Regular review of external market intelligence, assessing

encourage focused approach to employee learninginternal equity among teams, similar roles and functions,and development.

to ensure compensation practices are competitive with• Mandatory employee training on inclusive culture andleadership with examples focused on gender differences
and continuous learning through micro-learning videos
and LinkedIn Learning.
• Launched development programs geared towardmid- and senior-level professionals to help accelerate
leadership skills and business acumen, with 50% female
inaugural class.

industry peers.
• HRBPs and HR Centers of Excellence aspire to help every
team member reach their full potential.
• Set representation and retention targets to increase
females at the Director level, a key pipeline to the mostsenior levels of the firm.
• New hybrid work environment to encourage employees
and their managers to find an in-office and work from homeschedule that maximizes productivity and work-life balance.
• Ten (10) days of emergency backup care, to help makenavigating work and home life easier.
• Extensive annual pay equity analysis to proactively identify
and address any compensation discrepancies.

B A R I N G S U. K . G EN D ER PAY G A P R EP O R T 2022 | 4

Barings is a $391+ billion* global investment manager sourcing differentiated opportunities and building
long-term portfolios across public and private fixed income, real estate and specialist equity markets. With investment
professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its
clients, communities and employees, and is committed to sustainable practices and responsible investment.

IMPORTANT INFORMATION
Barings is the brand name for the worldwide asset management or associated businesses of Barings. This
document is issued by Baring Asset Management Limited, which is authorized and regulated by the Financial
Conduct Authority in the United Kingdom (Ref No. 170601) and is a Company registered in England and Wales(No.02915887) whose registered address is 20 Old Bailey, London, EC4M 7BF.
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The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patentand Trademark Office and in other countries around the world. All rights are reserved.

LE ARN MORE AT BARINGS.COM*As of December 31, 2021
22-2103654