Large securities firms are leading the way for the industry in implementing formal programs to increase the diversity of their workforce and clients, according to a survey released today by the U.S. Securities Industry Association.

“The survey results show a strong commitment to diversity by firms that is demonstrated through a variety of initiatives,” said Stephen Young, SIA’s Diversity Committee chairman and senior vice president corporate diversity at JP Morgan Chase.

Of all the firms surveyed, 52% reported having formal diversity initiatives, including all of the large firms (8,000 or more employees).

Women now account for 41% of all employees, and minorities accounted for 17.8%, according to 39 firms who gave demographic breakdowns of their workforces. The data indicate that minorities and women hold only 25% of positions categorized as “executive,” 15% of the branch office manager positions, and 20% of the broker’s jobs.

Since 1999 the percentage of women and minorities identified as brokers rose from 15.9% to 21.3%. “These figures point to increasing diversity of both gender and race in some of the industry’s key roles,” said Young.

Twenty percent of the firms responding said that they are involved in marketing targeted at minorities. “We will work with securities firms to help them tap into these potential markets,” said Young.

SIA retained Catalyst Inc., a non-profit research and advisory organization, to conduct the survey.