Citywire Top 20 Female Fund Managers in the US

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N EWS ANA LYS I S

TOP 20 FEMALE FUND MANAGERS IN THE US DATA TO OCTOBER 31, 2019 / SOURCE: CITYWIRE DISCOVERY

in our database was $590 million versus $381 million for women. One reason for this disparity is that where there are women running funds, whether solo or in a team, they are often in more niche or capital-constrained categories. This is borne out in the top 20, with nine of the managers running money in regional and sector-focused categories or small caps. Gatekeepers are in a unique position to affect change within the asset management industry, given the scale of their influence on fund flows. ‘We collectively have a responsibility and an accountability to ensure that our pipeline is robust, and I don’t think we see that necessarily,’ said Anna Snider, head of due diligence for the global wealth and investment management chief investment office at Bank of America Merrill Lynch. ‘I think that is really hopeful, it will take time, but the seeds are there.’ MAKING THE CUT Gatekeepers like Snider cannot just pick funds because they are run by women, but they have been searching for ways to incorporate diversity into their manager selection processes. Mercer began incorporating identity diversity into its manager research and ratings process this year. Other firms, such as Morningstar, are starting to figure out how to integrate this research into their processes. Deb Clarke, global head of investment research at Mercer, said the firm conducted research that showed that a diverse portfolio management team is more likely to outperform a non-diverse team. As a result of this, about 20 months ago, Mercer started incorporating what Clarke calls identity diversity into its ratings and research. ‘I think it's fair to say that we believe that if you have a diverse team that has got shared values and goals, then it’s more likely to outperform than a non-diverse team. I think you must have that belief before you start this discussion. Otherwise, you’re ultimately going to just play tokenism to it,’ Clarke said.

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