It’s International Women’s Day, a global day celebrating the social, economic, cultural and political achievements of women. While there are women doing incredible work within the industry, the wealth and investment management industry has seen little growth in female representation. Globally, the percentage of women fund managers was the same at the end of 2019 as it was in 2000, 14%.
However, there are uneven levels of female representation from firm to firm, proving that there are organisations that have made significant progress and are leading the way when it comes to gender parity.
While firms across the globe have seen an increase in the number of women attracted to junior-level roles within the wealth and investment industry, the real challenge will be keeping them and pushing them to the top.
Here are just a few initiatives that are geared towards empowering women within the wealth and investment management industry:
Envestnet, Women’s Initiative
Created five years ago, the Envestnet Women in Wealth Management Mentorship Program was started to create awareness, educate and support women within the industry. The program is open to graduates who are partnered with leaders in the industry with the objective to promote and relationships between females in the industry, as well as introduce new perspectives and ideas.
Women in wealth
Women in the financial services account for less than 17% of the industry, 17-25% of which hold professional credentials, therefore, making it more difficult for women to reach senior positions. The Women in Wealth initiative, headed by the Investments & Wealth Institute, aims to equip more women the foundation the need to elevate their career within the financial industry. This initiative offers professional credentials, as well as scholarships, to women in order to arm them with the knowledge and tools to advance career within the wealth and investment industry.
Invest in Women Hub and Investing in Women Code
The Council for Investing in Female Entrepreneurs (CIFE) was set up in response to the Alison Rose Review of Female Entrepreneurship, which revealed the barriers women faced when starting and growing businesses in the UK. The council has since implemented initiatives, such as the Invest in Women Hub and the Investing in Women Code, to encourage UK-based institutional and private investors to further support and invest in female entrepreneurs. These initiatives are backed by a range of financial institutions, advisory service companies and government organisations, with the goal to increase the number of female entrepreneurs by half by 2030, equivalent to nearly 600,000 additional female entrepreneurs.
CFA Institute Young Women in Investment Program
Gender diverse firms have been found to lead to better returns for investors, making a strong case for gender diversity within asset management firms. The CFA Institutes’ Women in Investment Management initiative encourages gender diversity in the investment management sector with the aim of improving investor outcomes. The goals of the initiative are to increase the number of women in the investment industry, retain women within the profession and create more demand for diversity. This initiative includes a CFA Institute Women in Investment Management Network to encourage networking between women of the industry and the CFA Program Women’s Scholarships to encourage women interested in a career in investment management. The initiative also targets up and coming women in the industry with the Young Women in Investment: empowering careers in investment management program, which aims to create awareness and encourage interest in the industry as well as enable women to view the investment management industry as a viable long-term career option.
Girls Who Invest
A vital part of empowering women within the industry is inspiring and supporting future female asset and fund managers. The Girls Who Invest initiative focuses on bringing more women into portfolio management and leadership roles through education, internships, mentoring and fostering a supportive community. This US-based initiative offers college sophomores the opportunity to participate in a Summer Intensive Program or Online Intensive Program. The programs include four weeks of classes followed by a six-week paid internships at a leading investment firm. The initiative has a 30 by 30 goal: To have 30% of the world’s investable capital managed by women by 2030.
How we are (IM)powering women in the industry
At IMpower we know more needs to be done to equal the gender balance in the asset management industry and on our stage. We are committed to welcoming 30% female speakers and 30% female attendees this year. It doesn’t sound that high, I know, but this would be a significant increase on previous years and represents a challenge the team is excited to rise to.
- Victoria Chatterton, Brand Strategy Director at IMpower
Here are two specific initiatives we are running to also help make positive change:
The Voice
For 2022 we are running our fantastic ‘The Voice’ project again, which aims to give women and people within minority groups access to a programme that aims to get them not only a foot through the door and a seat at the table but also a voice on the stage. To do this, we partner with a professional coach to equip our group with the tool kits and confidence to present, a guest pass to the conference, a safe space to share experiences and present to each other and then a position on the programme for the best presentations (as voted for by the programme members).
IMpower Future Leaders
The IMpower Future Leaders programme is launching in 2022 with the promise of ‘35 for the under 35’. This initiative offers 35 guest passes to the event to people under 35 who are tipped as future leaders in their field. We will be approving applications to ensure a broadly 50% male/female split of passes are awarded. Each future leader awarded a guest pass will:
- Receive a guest pass to the conference
- Participate in a survey aimed at showing industry CEO's what their young talent are really thinking and feeling
- meet and greets with other future leaders during a special get together
- The chance to be interviewed for a video profiling the industry's future leaders
Hear from some of top women in the industry this year in Monaco. Find out more about the 2022 event speakers and agenda here >>