Diversity and inclusion is not only core to our talent strategy and culture. But it is also critical to our success. One of the best ways to nurture bold ideas is through creating a diverse team with diverse perspectives. In some ways, we've been an industry leader when it comes to diversity. But it's far from sufficient.

We need to make much more progress and create our own path. We can't constrain ourselves with the reality we know. We have to create a new reality. One of the reasons I've stayed at JP Morgan for over 30 years is because of our people and the culture we've built together, a culture of promoting and developing the best talent regardless of who they are, which alone has resulted in diverse representation across all seniority levels. We're proud that almost 40% of our AUM is managed by women portfolio managers, nearly double the industry average.

But we're also aware that there is so much more to do. And we're focused on driving progress. We've outlined a number of focus areas, including driving accountability for all managers and employees and review processes, increasing our focus on hiring and retaining diverse talent through recruiting and development programs, and improving data. We need to measure progress in order to make progress.

In fact, as chair of the Investment Company Institute, I worked on a proposal to begin measuring and reporting aggregate industry demographics. If you measure it, you will make progress. While there is more work to do on the road ahead, I'm confident that our core values and long-standing culture will ground us in taking the right next steps towards meaningful change.

We have a lot to be proud of in terms of our culture, talent, and diversity and our aspirations moving forward. I'm committed to making progress to bring new and unique perspectives to the table. At JP Morgan Asset Management, we are extremely well-positioned. We have a clear plan to serve our clients and grow our business. We're executing on that plan with speed, expertise, and unmatched determination. And we're prioritizing our culture, building more diversity, inclusion, and collaboration.