Where are the women fund managers? Only 7% of retail funds are managed by women - Bestinvest11 June 2014
Despite a handful of successful women in the fund management industry including Alliance Trust’s Katherine Garrett-Cox, Newton’s Helena Morrissey, Aberdeen Asset Management’s Anne Richards and Schroders Julie Dean, it continues to be a male-dominated career.
Figures released today from leading private client investment and financial planning group Bestinvest, estimates that only 7% of retail investment funds, such as unit trusts and OEICs, are managed or co-managed by female fund managers.
Bestinvest’s assessment is based on analysis of the five largest Investment Management Association sectors which show that the percentage of funds run by women ranged from just 4% in the UK Equity Income sector to 10% in the Mixed Investment 40-85% sector.
The remaining three IMA sectors under scrutiny show there is an estimated:
- 7% of women fund managers in the UK All Companies sector
- 8% in the Corporate Bond sector and;
- 8% in the Global sector
These figures show an increase from June 2013 when Bestinvest last ran the research, when the overall percentage of women fund managers was found to be just 5% but the numbers remain tiny. By comparison, women currently account for 20.7% of board positions in the FTSE 100, although as yet this has not reached the original target set by the Government in 2011 of achieving 25% in 2015.*
Using our proprietary research database of fund manager career records available at www/bestinvest.co.uk/managercareers in addition to those women such as Morrissey, Garrett-Cox and Richards in senior leadership roles, Bestinvest has identified a number of women fund managers who have delivered a combination of index beating returns over their careers and consistency of performance.
** The Bestinvest Manager Record Index (MRI) is a statistical measure developed by Bestinvest to access the probability of a fund manager’s track record being a result of skill rather than luck
Bestinvest’s Managing Director Jason Hollands: “Among well – established managers the leading star in our view is Julie Dean, who manages money in the ultra-competitive IMA UK All Companies Sector. Her Schroder UK opportunities fund, which she has managed since 2002, has beaten the All Share Index for five years on the trot. Also deserving recognition is Kames Capital’s Audrey Ryan, a towering figure in the ethical investment world.
“Other up and coming female fund managers include Newton’s Sophia Whitbread, Martin Currie’s Penny Kyle and JP Morgan’s Sophie Bosch.
“What is clearly important for the long-term health of the industry is that it attracts people from the widest pool of talent and potential. The fact that there are already some great role models should be a source of encouragement for women considering fund management as a career.”
* Department for Business, Innovation and Skills (BIS)
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Founded in 1986, Bestinvest has grown to become a leading private client investment adviser, looking after £5 billion of assets. We offer a range of investment services from the Online Investment Service for self-directed investors to Investment Advisory and Investment Management services for clients who do not have the time or inclination to manage their own investments.
All of our services are underpinned by rigorous research aimed at identifying those fund managers we believe will deliver long-term superior performance. We also have a team of expert financial planners with nationwide coverage to help clients with their pensions, retirement or Inheritance Tax planning. At Bestinvest, we pride ourselves on offering the highest levels of professionalism and expertise with transparent, competitive prices. We are pleased that our greatest source of new business is from personal referrals from existing clients.
Bestinvest has won numerous awards including Stockbroker of the Year, Low-Cost Sipp Provider of the Year and Self-Select ISA Provider of the Year at The Investors Chronicle and Financial Times Investment Awards 2013. Bestinvest also won UK Wealth Manager of the Year 2013 and Best Wealth Manager for Investments at The Investors Chronicle and the Financial Times Wealth Management Awards 2013.
Headquartered in Mayfair, London, Bestinvest employs more than 200 staff and has an extensive network of regional offices. For further information, please visit: www.bestinvest.co.uk
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