Boris Johnson backs Henderson's Investment 2020 initiative

More than a dozen of the City's biggest players are to collaborate to help youngsters forge a career in financial services.

Investment 2020 is being backed by the likes of Aberdeen Asset Management, BNP Paribas Securities, Cazenove Capital, First State, Henderson, Jupiter and JO Hambro Capital Management, and will aim to help hundreds of teens land their first job in the City.

Throughout 2013, the firms involved will offer 12-month paid trainee roles primarily to school leavers and recent graduates, regardless of their background or education.

Investment 2020 trainees will be given the opportunity to gain experience across all areas of business, including marketing, IT, infrastructure, operations and investment.

At the end of the year the trainees will have the experience and business knowledge to seek a full time role, either within the company they have been training with or another City firm.

London Mayor Boris Johnson has also thrown his weight behind the scheme, hailing it as a chance for young people to get their foot int he door of some of Britain's biggest companies.

'By learning the ropes as Investment 2020 trainees they will get an invaluable chance to build their CVs and boost their long-term chances of securing top jobs in the City,' Johnson (pictured) added.

Investment 2020 is the brainchild of Henderson’s chief executive, Andrew Formica who has been running the scheme at Henderson for the last three years. He has been supported by former JO Hambro chief executive Nichola Pease.

'Our firms are on average receiving 50 applicants per role, 25% more than three years ago.  The Catch 22 is that 50% of recruiters say they will only hire someone with work experience, and often only from an education at one of a small group of universities,' Formica said in a statement.  

'But how can most young people in Britain get that work experience if they haven't been to one of the top universities? We want to look at what individuals can offer in the future, not just what they have achieved in the past.'