Women represent just 11% of fund manager positions on investment trusts, despite calls for more female representation in fund management, research from the Association of Investment Companies (AIC) has found.
The figure has remained relatively unchanged since previous results, with AIC research in 2024 and 2022 finding just 12% of investment trust managers were women at the time.
Annabel Brodie-Smith, communications director at the AIC, said: “There is far more to be done to increase the number of female fund managers, where little has changed.” She added: “There won’t be more women fund managers unless they are appointed, and more needs to be done to make this happen.”
Sue Noffke, manager of the Schroder Income Growth fund, said “the industry had to be honest with itself” about gender representation.
The gap between perceived and actual opportunities for women was still high, leaving many young women with the wrong impression of the industry, she said. “When young women don’t see people like them running money, many assume – understandably – that they don’t belong.”
That said, a career in fund management can be appealing for women, particularly if they have the right set of skills, according to Noffke. The career rewards long-term judgement and independent thinking, and allows young women to demonstrate intelligence and independence, while having an economic impact, she said.
“If you want to influence the future rather than comment on it, fund management gives you that seat at the table – and more women should be at that table,” the Schroders manager said.
Laura Foll, manager of the Law Debenture Corporation and Lowland Investment Company, said the role could be well-suited to anyone, including women who are interested in learning about companies and economics. “The reasons I think it’s an attractive career for women are the same as why it’s an attractive career for a man,” she said.
Charlotte Cutherbertson, manager of the MIGO Opportunities Trust, said: “Women should be doing jobs they enjoy and are good at, and there’s no reason why that shouldn’t be fund management.”
By contrast, investment trusts’ boards have been making strides, with 42% of non-executive directors (NED’s) now women, up from 31% in March 2022.
The trade body attributed this to initiatives such as the Hampton-Alexander review, which proved to be a “game-changer” for increasing diversity on boards.
See also: FTSE 350 surpasses gender target with women in 43% of board positions
However, it is only a minor increase from 2024, when 41% of investment trust directorships were held by women, meaning there is still work to be done.
Cathy Pitt, non-executive director of the AIC, Baillie Gifford UK Growth and Gresham House Energy Storage, said: “Despite considerable progress in female board representation, there is still a perception that investment trusts, and investing, are the domain of men.” More women on boards will help broaden perspectives and further encourage investor engagement, Pitt added.
Lucy Walker, chair of Aurora UK Alpha, agreed: “I spent much of my career in investment as the only woman at the table, and that is often the case even today.”
“If women are considering becoming NED’s, I say go for it,” she said.
See also: The gender lens: What needs to be done to bridge the investment gap?
