The Diversity Project and CFA have launched a pair of initiatives on International Women’s Day to attract more women to the investment industry and nurture the next generation of female talent.
The Diversity Project’s Future Female Fund Managers Programme plans to double the number of women fund managers from 10% to 20% by 2026 by offering training created by 10 investment firms: HSBC Asset Management, Schroders, BGF, JO Hambro Capital Management, Fidelity International, Newton Investment Management, Abrdn, Aviva Investors, Artemis, and Columbia Threadneedle.
The group hopes more will sign up before the course launches in 2023.
In 2020 the diversity group said it would target a 50/50 gender split of individuals in fund management roles, and halve the investment industry’s gender pay gaps, by 2030.
Baroness Helena Morrissey (pictured), chair of the Diversity Project, said: “Workplace culture has changed considerably for the better over the three decades since I entered the sector as a graduate trainee, yet women still remain woefully underrepresented in the field of fund management. We need a programme that is very targeted to correct that – otherwise it just won’t happen.”
Each participant of the new programme will have a sponsor from her firm and be coached in how to navigate cultural barriers and life events, allyship and “overcoming challenges when the only woman in the room”.
The programme will offer a mix of online and in-person training, and will be suitable for both recent entrants, or women with more experience – working as an assistant, alternate or junior fund manager.
“This programme is what the industry needs for a step change in female fund manager numbers,” said Joanna Munro, global CEO HSBC alternatives at HSBC Asset Management.
Mitesh Sheth, CIO for multi-asset at Newton, added: “In addition to the initiatives we already run within our own firms, we need to collaborate as an industry to develop a new generation of female fund managers.”
See also: Helena Morrissey leads AJ Bell campaign to close £1.7trn gender investment gap
CFA Young Women in Investment
The second educational effort launching on International Women’s Day is the expansion of the CFA Institute’s Young Women in Investment programme to France, the UK and Spain.
Running in India, Qatar and Brazil, the programme, which began in 2018, is an annual initiative where selected women from any educational discipline, and who are final-year students graduating or graduated, participate in a training programme to gain exposure to the investment management industry through an immersive working experience. It features a four-week intensive boot camp that includes online classroom sessions on core finance and business skills, followed by an internship for a period of three to six months at a reputed financial institution.
Internships are currently offered by AXA IM, BlackRock, BNY Mellon, Bradesco Asset Management, Credit Suisse, Deutsche Bank, State Street, Itaú Investment Services and more.
“As an industry, we need to find women who have not been attracted to our industry and welcome them to a career,” said Sarah Maynard, global head, external diversity, equity, and inclusion at CFA Institute.
Frédéric Clément, global head of human resources at AXA Investment Managers, added: “Attracting women into investment roles and retaining them in the asset management industry is key. We are proud to support CFA Institute in their critical efforts to bring greater diversity to the investment management industry.”
