Alpha Female Report 2020 - Citywire€¦ · Pictet 39% 43% Since the Alpha Female annual report was first compiled in 2016 the number of mixed teams has risen by almost 60% To produce

AlphaFemaleReport

2020

Now in its fifth year Citywire’s Alpha Female report reveals how far asset managers

still have to go to achieve gender parity in investment roles

Alpha Female 2020

are male 87.9%14,092

are female 11.0%1,762

active managers in the Citywire Fund Manager database

16,018

There are 25,368 funds actively managed in the database ($15 trillion)

Turnover rate for female and male fund managers 2020

Fund size figures are from Morningstar(as at June 2020)

4,311(17%) funds are run by a woman,

a team of women or a mixed team of women and men

($2.9 trillion)

23,593(93%) funds are run by a man,

a team of men or a mixed team of women and men

($14.3 trillion)

143(0.6%) funds are run

by a female-only team ($75 billion)

8,712(34.3%) are run by a

male-only team ($7.0 trillion)

1,453(5.7%) funds are run by a

woman (single-managed funds) ($595 billion)

12,166(48%) are run by a man (single-managed funds)

($5.0 trillion)

2,715(10.7%) are run by

a mixed team ($1.8 trillion)

179(0.7%) funds are managed

by unknown gender ($12 billion)

This rate is actually worse than in 2019, when the figure was 40% for women versus 28% for men.

42% 27%

ContentsGLACIAL PROGRESS ON GENDER PARITY – BUT POSITIVE NEWS ON MIXED TEAMS

PROFESSIONAL INVESTORS TURN UP THE HEAT

LIST OF TOP 30 MANAGERS

WHERE ARE FEMALE FUND MANAGERS MOST PROMINENT?

ALL AAA RATED FEMALE MANAGERS

GROUPS RANKED BY PERCENTAGEOF WOMEN MANAGERSGroups with 100 managers and aboveGroups with 50-100 managersGroups with 20-50 managersGroups with 5-20 managers

FUND MANAGER TENUREGroup Rankings

FUND MANAGER RETENTIONGroup Rankings

SECTOR BREAKDOWN

GROUPS WITH MOST RATED MANAGERS

4

8

9

10

11

12

13

14

15

Alpha Female 2020 3

Alpha Female 2020 4

Women won’t achieve gender parity in portfolio management until the year 2215 if the current rate of progress is maintained, Citywire’s Alpha Female Report 2020 has shown.

But fund management groups are now coming under outside pressure from their clients to make changes to the gender composition of their front line fund managers. Major professional investors in Europe and the USA are asking them to provide data on their gender line ups with a view to improving the proportion of women running funds (see box on page 8).

Alpha Female draws on Citywire’s exclusive database of 16,000 individual portfolio managers worldwide. Since the report was first published five years ago the overall percentage of female fund managers in the database has crept up from 10.3% in 2016 to 11% in 2020. At that rate of change it will take 195 years to reach a point where 50% of fund managers are women.

Comparing women-only teams versus men-only teams also drives home the disparity in terms of the numbers of funds run, the percentages of funds run and the amount of money. For example, only 143 funds in our database are run by women-only teams, whereas 8,712 funds are run by men-only teams.

The position of female fund managers is just as bad when you follow the money. $14.3 trillion out

of $15 trillion that we cover in our database is managed by men, either alone or with a female colleague. That is 95.3% of the assets. Women-only teams run just 0.5% of the funds in the database, accounting for $75 billion.

Dr Nisha Long (pictured), head of cross-border investment research at

Citywire, has worked on the report since its inception.

‘Despite new initiatives to attract more female talent into asset management, the numbers remain woefully low

five years on,’ she said. ‘We’ve seen companies hiring more

females and incentives put in place. However, it’s not just about attracting women into this industry – it’s about how to keep them in fund management once they start.’

The turnover gapTurnover may hold the key for asset managers who are serious about moving the dial on that gender imbalance. Alpha Female has tracked this over the past two years and the turnover rate for female fund managers was 42% in 2020, compared with 27% for men. This rate is actually worse than in 2019, when the figure was 40% for women versus 28% for men.

Turnover percentages are calculated by looking at managers added to funds in the past 10 years, how many managers stopped running the funds and how many are active today. This does not necessarily mean they have

Grindingly slow progress on bringing women into fund management roles has seen an increase of less than a percentage point in five years. While the message that mixed teams are better appears to be getting through, some of the biggest professional investors look to be losing patience with asset managers.

Stark figures highlight asset managers’ gender problem

KEY FINDINGS

Parity is 200 years away: headline figure has barely changed in five years

Higher churn rate for female fund managers holds back progress

Steady rise of mixed-gender teams continues

Single-manager funds are in decline as star culture wanes

Alpha Female 2020 5

left the firm: in some cases they may have moved to a different role.

This matters for two reasons. One is that portfolio managers are generally the highest paid employees at asset management firms, so a lack of women in those roles has a big effect on gender pay gaps. The other is that studies have consistently shown the value of diversity in decision-making: lose your female fund managers and you lose a key part of that decision-making diversity.

‘This year we’ve done a deep dive into turnover rates of fund managers at all the companies we have in our database and the results are stark,’ said Dr Long. ‘The turnover rate at companies of female fund managers is almost double compared with male fund managers over the past 10 years. And year-on-year this figure has got worse. Retention is key, and this speaks to the culture and environment they work in.’

The numbers also show that some companies are much better than others in retaining top talent in investment roles. ‘There’s a pattern I’ve seen through my research on companies’ diversity and inclusion policies, which include gender,’ Dr Long said. ‘Those with measurable targets have fared better than those without.’

For example, Schroders has a low turnover rate for female fund managers, and has publicly committed to measurable policies. ‘They’ve had year-on-year targets which they have met so far, such as having a target of 30% of females in senior management from 2019. This is reflected in the turnover numbers we have calculated, and year-on-year they have seen continued improvement. On the flip side we’ve seen much higher turnover at firms with no stated target measures.’

‘Asset managers need to focus on exploring the underlying factors that are the real cause of this turnover. This is the key to understanding the low percentage of females in fund management and why the percentage is hardly shifting. There is no point in recruiting female managers if you can’t keep them in those roles. Is

it company culture? Flexible working? Once you get to the bottom of this, you can expect to see the number of female fund managers start moving in the right direction.

‘One reason why turnover is so high could be the maternity leave effect,’ said Dr Long. ‘When fund managers return to work after maternity leave many need flexible working or reduced hours. Sometimes it may have been easier for them to take on a different role within the firm that allowed them this flexibility. While some have left fund management entirely, for those that moved to different firms a greater level of flexibility on offer could well be a factor.’

Turnover figures broken downWe took a sample of 35 female fund managers who have left either the best or the worst firms for turnover at some point over the past 10 years.

More than 70% of the managers in this sample left the groups to manage funds elsewhere. The remaining 30% is made up of 6% retiring, 6% moving out of fund management, 6% leaving due to fund liquidations, 1% passed away and 11% moving into different roles within companies such as strategy, research or risk management.

‘The latter is indicative of roles taken within the same firm after maternity leave which may offer more flexibility – but these women then lose their lucrative fund management role,’ said Dr Long.

Turnover percentages are calculated by looking at managers added to funds in the past 10 years, how many managers stopped running the funds and how many are active today [see footnote].

The steady rise of mixed teams What is clear is that the fund management industry is increasingly using teams of managers to run funds rather than a single manager. And it is mixed men and women teams that have risen the fastest. Since the Alpha Female annual report was first compiled in 2016 the number of mixed teams has risen by almost 60%, while same-gender teams have risen by 17.5%. The Alpha Female 2018 report included a

The firms with the highest percentage of female fund managers

Top firm with 100 managers or above:1. HSBC Global Asset Management 21%2. J.P. Morgan Asset Management 20%3. Aberdeen Standard Investments 20%

Top firm with 50-100 managers:1. Eurizon Capital 33%2. Barings 24%3. Baillie Gifford 24%

Top firm with 20-50 managers:1. CaixaBank Asset Management 38%2. OFI Asset Management 35%3. New Capital 33%

Groups with the lowest turnover of female managers (100 managers or above)

Group Female turnover Male turnover

Nordea 27% 43%

J.P. Morgan Asset Management 30% 42%

Fidelity Investments 30% 37%

Schroders 39% 43%

Pictet 39% 43%

Since the Alpha Female annual report was first compiled in 2016 the number of mixed teams has risen by almost 60%

To produce the turnover figures we pulled out the number of managers who have run funds at each group in our database over the past 10 years, and the number of managers running funds at the group now. We then subtracted the current number from the 10-year total, and divided that by the 10-year total, to give the percentage of managers working at the group in the past 10 years who work there now.

Alpha Female 2020 6

study that showed that mixed teams produced better returns in the long run, with a lower risk profile, than male-only teams.

‘This idea of diverse thinking and different cognitive behaviour is a plus for performance,’ says Dr Long. ‘Research across a range of different industries has found that companies with a diverse board generally perform better.’

As we highlighted in the 2019 report, women often end up running smaller portfolios in niche sectors, while mixed teams tend to run larger

funds in more mainstream areas. This should have a positive effect on the overall assets influenced by female managers – although progress remains painfully slow.

…and the decline of single-manager fundsIn 2020, 46% of funds are managed by teams, up from 36% in 2016. This 10% rise not only reflects a recognition that mixed teams may offer the best formula for good decision-making, but also a possible waning of ‘star manager’ culture.

Funds run by a single manager, male or female, accounted for 62.6% of the total in 2016. In 2020, the figure was 53.7%.

Key man – or key woman – risk will undoubtedly be in the minds of many asset management bosses, following the spectacular downturn in fortunes suffered by some high-profile portfolio managers.

The troubles of Neil Woodford, and of Tim Haywood at GAM, could arguably have been avoided if the actions of those erstwhile star performers had been tempered by a team ethic.

Women Lagging in Global Funds World

22%SPAIN

18% FRANCE

17%SINGAPORE

6% GERMANY

7% DENMARK

5% NORWAY

IRELAND* 11%

UK 11%

11% LUXEMBOURG*

8%SWITZERLAND

11%SOUTH AFRICA

5%INDIA

11%CANADA

9%USA

12% AUSTRIA

16% SWEDEN

7%AUSTRALIA

0% – 10%10% – 20%20% – 30%

The map shows the percentage of female fund managersrunning funds domiciled in each country.*Luxembourg and Ireland are centres for fund sold internationally.

Source: Citywire

19%ITALY

12%CHILE

5%BRAZIL

19% TAIWAN

Average portfolio size:

27% HONG KONG

$447M

$621M11% FINLAND

Other countriesBelgium 8%Liechtenstein 5%Netherlands 5%

5%MEXICO

Average Portfolio Size (US$ Mill) 2016 - 2020Men Women

2020 $621 $4472019 $565 $3662018 $714 $6112017 $ 612 $3782016 $555 $279

Women lag behind in the global funds world

Alpha Female 2020 7

‘A lot of fund management groups have been burned in the past by relying on a “star” manager,’ says Dr Long. ‘When they leave, assets leave with them. And if controversy hits one manager, the fund suffers. Having a team structure helps to avoid these pitfalls and having a sturdy succession policy will help towards a smooth transition if a manager leaves.’

Who says clients don’t want change?One argument put forward in the past for the glacial pace of change is that clients like to see continuity in the management of portfolios, which works against efforts to even up the gender balance.

Anna Snider, head of due diligence for the chief investment office of Bank of America’s wealth management division,

A female portfolio manager who held a Citywire rating but recently left the industry, said:

‘With regards to representation and how much has changed, I observe that asset managers are under pressure from their clients to

hire more women and to show the diversity. I hear more and more from colleagues and friends that there is a big internal push that goes along the lines of: “We need a woman in a team” or “Great that you are a woman”.’

‘Unfortunately, it means asset managers are forced, rather than chose, to focus on attracting women into the industry. There are exceptions of course in the industry, and some companies are doing a great job, but it is a huge problem.’

‘It’s a huge problem’ – one fund manager’s view

Manager composition of Citywire fund manager database over the past five years

This chart shows the evolution of the composition of managers over the past five years.

A painfully slow climb

Percentage of funds run by women, according to Citywire’s database, for each year since theAlpha Female report was launched:

Source: Citywire

0

20

40

60

80

100

2016 2017 2018 2019 2020

Mixed team

Same-gender team

Solo manager

6.7%

29.7%

62.5%

7.9%

31.8%

59.5%

8.4%

32.6%

57.8%

9.2% 10.7%

34.4%

55.6% 53.7%

34.9%

•• Number of new mixed-gender teams being created continues to increase

•• Same-gender teams also increasing in number

•• For the percentage of funds being run by a single manager, clear downward trend continues year on year.

2016 2017 2018 20202019

10.3% 10.3%

10.5%

10.8% 11.0%

Alpha Female 2020 8

Big investors who might make a differenceGlobal wealth management firms and private banks are among the biggest clients of the asset managers and these organisations are starting to flex their muscles on diversity. Fund selectors at these firms allocate billions of dollars to external fund managers to run on their behalf. In the US in particular, diversity in all its forms has leapt to the top of the business agenda and these huge investors are starting to hold the asset management firms to account.

Bank of America’s head of due diligence for the chief investment office of its wealth management division, Anna Snider, whose team oversees $2 trillion, has just introduced a questionnaire that examines diversity within the firms that BofA chooses to run money on its behalf.

‘A lot of people are doing really good things around boards and diversity and inclusion, so with the focus on senior executives, I think lots of good stuff is going on,’ she said. ‘But, I don’t think it’s always trickled down to the investment teams and the way they think about creating a team and a process that takes in lots of diverse views.’

Her team will use the information they gather to track firms’ progress over time. ‘We have to build our own

assessment of what we believe is best practice and where certain people in the industry are lagging behind.’

Snider’s plan is to have an internal scale based on this quantitative and qualitative data by the first review cycle, within a year. Then, by the following

review cycle, her team will be able to inform managers where they

fit on the scale, and what Merrill’s target is.

‘It’s very similar to our expectations around managers underperforming,’

Snider told Citywire. ‘If you’re underperforming because of

stock selection, every time we come together we want to see you not underperforming, or we want to see you progress and have you describe to us how you think you’re going to do that.’

Beyond the moral and social case for change, investors are increasingly taking the view that diversity is key to avoiding groupthink.

Jamie Kramer, head of alternative solutions at JP Morgan Asset Management, and her team have incorporated gender equality factors into their ESG assessment. ‘Diverse teams help create a challenging and thought-provoking culture where the sum is

greater than the parts,’ she said. ‘We ask a number of questions related to social factors, such as pay, gender diversity, harassment policy and staff turnover. For each portfolio we manage we include metrics on how the portfolio scores on these criteria.’

At UBS Wealth Management, the group’s fund selection team recently began addressing the gender issue by including diversity and inclusion-focused questions for fund managers as part of their due diligence process.

Work began on this initiative about a year ago, said Eliza Pepper, UBS WM’s head of investment advisory and wealth planning for Latin America, who oversees $100bn-plus. ‘Our research teams felt that if UBS forced these questions onto the asset management industry, we could contribute to driving

change by spotlighting where change is needed,’ she said.

‘There has been ample research on the positive contribution to risk-adjusted returns achieved by teams that include more women in

investment decision making.’‘Women have historically

been an important part of the research and analytical processes, but they have also been a smaller part of portfolio management and trading teams. I believe that is gradually

runs a team which oversees some $2 trillion in third party investment funds. She describes this argument as ‘a cop-out’.

‘If someone says to me, I’m rethinking how we make decisions and making sure that we are always injecting new ideas and new thoughts into the decision-making process, I don’t think anyone is going to fault you for that,’ she told Citywire.

In a world where diversity in all its forms is under an ever-brighter spotlight, avoiding groupthink is also a key priority for many investment decision-makers.

The countries leading the wayHong Kong tops the list as the territory with the highest percentage of female managers, at 27%, with Spain and Italy once again leading the way in Europe with 22% and 19% respectively. The UK has inched up from 10% to 11%, in line with the overall findings.

But perhaps the most interesting country story is found in Germany. For the past four years it was stuck on 3-4%, but this year that figure has climbed to 6%.

‘This shows why turnover matters,’ says Dr Long. ‘Improvements in

company female manager turnover, such as at DWS, have helped the overall increase in female fund managers. So fix turnover, and you’ll increase the percentage of female fund managers staying in the industry.’ The 2019 report showed that 11% of DWS fund managers were female. In 2020, that figure is 14% and the company’s turnover rate for female managers has fallen.

Italy’s Eurizon actually has a lower turnover rate for women than men and the most female fund managers in percentage terms – 33% of its portfolio managers are women. ••

Alpha Female 2020 9

Fundmanager

Totalpoints*

Eligibilityin last

5 years

% Rated since

eligible

Group (Manager may work at additional/alternativegroup as well)

Corrina Xiao 337 100% 100% Allianz Global Investors

Joanna Kwok 324 100% 100% J.P. Morgan Asset Management

Natalie N. Trevithick 322 100% 97% Payden & Rygel

Paola Binns 318 100% 97% Royal London Asset Management

Henrietta Pacquement 317 100% 98% Wells Fargo

Eva Fornadi 313 100% 100% Comgest

Taeko Setaishi 304 100% 100% Atlantis Investment Management

Aisa Ogoshi 300 100% 100% J.P. Morgan Asset Management

Victoria Harling 300 100% 95% Ninety One

Isobel Lee 288 100% 95% BNY Mellon Investment Management (Insight Investment)

Kate Howitt 286 100% 92% Fidelity International

Chantana Ward 279 100% 100% Comgest

Marta González Labián 278 95% 90% March Asset Management

Nicole Kornitzer 277 100% 95% Buffalo Mutual Funds

Olga Karakozova 274 100% 90% Danske Fund Management Company

Luz Padilla 273 100% 95% DoubleLine Capital LP

Elina Fung 268 100% 80% HSBC Global Asset Management

Alix Stewart 264 100% 100% Schroders

Anne Walsh 264 92% 90% Guggenheim

Elena Tedesco 260 100% 95% Calvert Funds (*sub-advised by Federated Hermes)

Dina DeGeer 260 88% 87% Mackenzie

Elizabeth Soon 256 100% 88% PineBridge

Tatjana Greil Castro 256 100% 95% Muzinich & Co

Sharon Bentley-Hamlyn 254 85% 85% TreeTop Asset Management

Jian Shi Cortesi 253 100% 98% GAM

Miyako Urabe 249 95% 93% J.P. Morgan Asset Management

Nancy G. Angell 247 100% 98% AMG Funds

Wen-Yan Zhu 246 100% 98% Uni-President Asset Management

Jane Andrews 243 100% 90% Smith & Williamson

Erin Xie 243 100% 100% BlackRock

List of Top 30 managers The list shows the top 30 female fund managers in the Citywire database based on the manager’s ratings consistency over the last 5 years.

Source: Citywire

Please note that Citywire data covers 280 sectors and 16,018 fund managers. We do not cover every sector and managers of purely institutional funds or who only run segregated mandates would not be included in the group tables analysis showing percentages of women fund managers. A detailed assessment of Citywire’s methodologies can be found in this report from independent actuaries AKG. bit.ly/cw-akg

* The individual fund manager’s monthly ratings are converted to points – AAA = 6, AA = 5, A = 4, + = 3 and these are added up over the five years.

Alpha Female 2020 10

Solo women or women-only teams by country compared with men

DomicileNumber of

managers running funds in domicile

% of Femalemanagers in

domicile

% Funds run by lone female managers/

female team

% Funds run bymixed teams

% Funds run by lone male managers/

male team

Hong Kong 139 27% 17% 28% 52%

Spain 360 22% 20% 15% 65%

Taiwan 313 19% 20% 1% 43%

Italy 184 19% 9% 9% 82%

France 1277 18% 13% 12% 75%

Sweden 250 16% 13% 5% 82%

Austria 228 12% 9% 2% 89%

Luxembourg 4658 11% 5% 11% 83%

Finland 169 11% 5% 5% 90%

United Kingdom 1519 11% 5% 9% 86%

Canada 683 11% 4% 14% 82%

Ireland 1621 11% 5% 11% 83%

South Africa 409 11% 3% 9% 87%

United States 5051 9% 2% 19% 79%

Switzerland 363 8% 5% 3% 92%

Belgium 113 8% 12% 7% 81%

Denmark 216 7% 2% 4% 94%

Australia 267 7% 5% 2% 94%

Germany 601 6% 5% 2% 93%

Brazil 293 5% 6% 1% 93%

Liechtenstein 100 5% 4% 1% 94%

India 284 5% 3% 4% 93%

Norway 143 5% 3% 3% 94%

Netherlands 128 5% 1% 3% 95%

Poland 101 3% 0% 3% 96%

Source: Citywire

Where are female fund managers most prominent?This table shows the percentage of female managers running funds in each country, based on fund domicile, and the percentages of funds run by female teams, male teams and mixed teams. The list is limited to countries where we have 100 or more managers running funds.



NameGlobalRatingsPosition

May 2020Citywire Rating

TotalManager AUM

(US$ Millions,May 2020)

Group

Corrina Xiao 5 AAA 367.56 Allianz Global Investors

Tiffany Hsiao* 10 AAA 467.94 Matthews Asia

Victoria Stevens 11 AAA 1,409.75 Liontrust

Felise Agranoff 22 AAA 9,055.23 J.P. Morgan Asset Management

Kate Fox 35 AAA 663.69 Baillie Gifford

Julia Angeles 35 AAA 663.69 Baillie Gifford

Aimee M. Eudy 50 AAA 257.06 Legg Mason

Eva Fornadi 56 AAA 1,740.03 Comgest

Erica Lau 62 AAA 26.85 Lion Global Investors

Suzanne Senellart 140 AAA 2,327.72 Mirova

Valerie Schueler 151 AAA 280.44 DWS

Joanna Kwok 180 AAA 3,188.01 J.P. Morgan Asset Management

Amy Zhang 189 AAA 5,647.63 Alger

Sophia Li 193 AAA 289.59 First State

Nicole Kornitzer 201 AAA 419.97 Buffalo Mutual Funds

Elaine Morgan 274 AAA 299.80 Kames Capital

Sanjeet Mangat 286 AAA 326.02 Aberdeen Standard Investments

Chantana Ward 295 AAA 2,911.14 Comgest

Victoria J. Higley 298 AAA 10,121.39 MFS

Anna Lundén 325 AAA 30.02 Wellington Management

Aisa Ogoshi 331 AAA 1,647.47 J.P. Morgan Asset Management

Source: Citywire

All AAA rated female managersThis table shows all female AAA-rated managers, based on three-year risk-adjusted performance to 31st May 2020. Citywire Fund Manager Ratings are based on managers’ three-year risk-adjusted returns. Around 25% of those in Citywire’s 16,000-strong fund manager database achieve a rating, and only about 2.5% of active managers will earn the highest Citywire rating, a AAA.


* Tiffany Hsiao left Matthews Asia in August 2020.


Groups with 100 managers and above

Top 5 GroupsNumber of

managers running funds in Citywire Database

%Female

managers

HSBC Global Asset Management 118 21%

J.P. Morgan Asset Management 231 20%

Aberdeen Standard Investments 134 20%

Franklin Templeton Investments 144 17%

BNP Paribas Asset Management 173 17%

Source: Citywire

Groups ranked by percentage of women managers These tables show the percentage of female managers at each group in the Citywire Fund Manager Database. Citywire does not track the performance of index-tracking funds or funds run by teams of more than four managers.


For further enquiries about Citywire’s gender diversity data at the individual asset management group level please contact Felicity Kneeshaw ([email protected]).

Click here to access the full list of fund group rankings.

Groups with 50 to 100 managers

Eurizon Capital 58 33%

Barings 55 24%

Baillie Gifford 51 24%

Santander Asset Management 65 22%

SEB 67 19%

Groups with 20 to 50 managers

CaixaBank Asset Management 32 38%

OFI Asset Management 34 35%

New Capital 21 33%

PineBridge 40 30%

Sycomore Asset Management 20 30%

https://citywire.co.uk/alpha-female


Average time a portfolio manager stays with the company: Male vs Female

Top 5 Groups%

Femalemanagers

Average yearsfemale managers run funds

at group

Average yearsmale managers run funds

at group

J.P. Morgan Asset Management 20% 5.8 5.4

Schroders 14% 5.4 5.4

Columbia Threadneedle Investments 12% 5.3 5.0

Invesco 9% 5.3 5.6

Allianz Global Investors 12% 5.0 5.0

Source: Citywire

Fund manager tenure (at groups with 100+ managers) This table shows the average number of years a manager runs funds at each group.


For further enquiries about Citywire’s gender diversity data at the individual asset management group level please contact Felicity Kneeshaw ([email protected]).

Fund manager retention (at groups with 100+ managers)This table shows the turnover rate of male and female fund managers at each fund management group in the last ten years. The percentages were calculated by looking at managers added to funds in the last ten years, how many managers stopped running the funds and how many are active today.

Top 5 GroupsNumber of managers

running funds inCitywire database

Femaleturnover rate

Maleturnover rate

Nordea 133 27% 43%

J.P. Morgan Asset Management 233 30% 42%

Fidelity Investments 192 30% 37%

Schroders 186 39% 43%

Pictet 181 39% 43%

Source: Citywire

Click here to access the full list of fund group rankings.

https://citywire.co.uk/alpha-female


Sectors - 20 managers or more

Sector Total funds in sector % Funds run by women

Bonds - Asia Pacific Local Currency 51 31%

Equity - China 129 31%

Equity - Asia Pacific Small & Medium Companies 36 31%

Equity - ASEAN 28 29%

Equity - Greater China 110 27%

Bonds - Euro Medium Term 78 27%

Bonds - Euro Corporates Short Term 46 24%

Bonds - Euro Short Term 208 24%

Bonds - South African Rand 69 23%

Bonds - Eurozone Short Term 31 23%

Bonds - Euro Inflation Linked 40 23%

Equity - Taiwan 72 22%

Bonds - US Dollar Short Term 86 22%

Bonds - Convertibles Europe 89 21%

Bonds - Asia Pacific Hard Currency 80 21%

Equity US - Pacific/Asia ex-Japan Stk 30 20%

Bonds - Canadian Dollar Short Term 25 20%

Bonds - Euro Corporates 273 20%

Equity - Emerging Markets Europe 86 20%

Equity - Biotechnology 36 19%

Bonds - Swedish Krona 58 19%

Mixed Assets - Aggressive USD 58 19%

Equity US - China Region 37 19%

Equity - Italy 32 19%

Bonds - Eurozone 150 19%

Equity US - Health 43 19%

Bonds US - Muni National Long 87 18%

Equity - Asia Pacific Excluding Japan 282 18%

Equity - Consumer Discretionary 39 18%

Property - European Physical 28 18%

Equity - Russia 34 18%

Source: Citywire

Sector breakdown This table shows the percentage of funds run by female fund managers in all Citywire investment sectors that contain more than 20 managers



Groups and ratings

Group

Number ofmanagers

running fundsin Citywiredatabase

% Femalemanagers

Number of rated

managers

Number offemale rated

managers

Number ofmale ratedmanagers

J.P. Morgan Asset Management* 231 20% 64 18 45

Fidelity Investments 141 11% 56 2 54

Allianz Global Investors 178 12% 50 5 45

BlackRock 185 15% 44 3 41

Columbia Threadneedle Investments 135 12% 44 3 40

Schroders 149 14% 35 4 31

Nordea 127 17% 34 4 30

T Rowe Price 95 6% 34 2 32

MFS 73 11% 34 1 31

DWS 170 14% 33 5 28

Transamerica 73 5% 33 0 33

Wells Fargo 94 7% 32 1 31

American Century Investment Mgt 68 10% 32 1 31

Baillie Gifford 51 24% 31 6 25

Legg Mason 111 14% 30 4 26

PGIM Investments 83 11% 30 6 24

Aberdeen Standard Investments 134 20% 29 7 22

Franklin Templeton Investments 144 17% 28 2 26

Principal Global Investors 64 9% 28 1 27

Janus Henderson 110 8% 27 1 25

Fidelity International 89 15% 27 4 23

Invesco 183 9% 26 2 24

Eaton Vance Management 67 9% 26 3 23

CIBC 63 11% 26 3 23

Harbor Capital Advisors Inc 55 9% 26 4 22

BNP Paribas Asset Management 173 17% 25 8 17

MassMutual Life Insurance Company 63 6% 25 0 25

Wellington Management 55 13% 24 2 22

Neuberger Berman 85 9% 23 2 21

Source: Citywire

Groups ranked by number of rated managers This table shows the number of male and female rated managers at each group, ordered by the number of rated managers at the group, in the Citywire Fund Manager Database as at 31/05/20.


* One manager gender unknown.


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For more information, please contact Nisha Long

NISHA LONGHead of cross-border investment research [email protected] +44 (0)207 840 2197

KATHARINE ARAM-DIXONLead Data Specialist [email protected] +44 (0)207 840 2162

ALEXANDRA STANCIULESCU Research Analyst [email protected] +44 (0)207 840 2173

ANGUS FOOTEDirector, Europe [email protected] +44 (0)207 840 2276

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