A former senior fund selector at Aviva Investors is launching a network for women in the asset management industry as a new report points to the lack of gender diversity in the industry.
Launched by Bhavini Shah, The City Hive, which has been already backed by 15 fund groups, aims to bring together some of the UK’s most influential women in finance to make the industry more inclusive.
The initiative comes as ratings and fund research agency Morningstar reveals only one in five funds has a female portfolio manager, a ratio that has remained flat since 2008.
Morningstar looked at more than 26,000 funds across 56 countries to determine the industry’s gender representation.
Shah says: “I am not interested in gender diversity for the sake of it. It is about giving women genuine tangible support to survive and thrive in the corporate jungle, whether it is through specialised skills or a supportive network.
“It is also important to ensure the pipeline is cultivated from the schoolroom by simply letting girls know this career opportunity exists, removing the mystique and stigma around this area of the financial industry.
“Once we have female talent at the table, our role is to support the women who come through and campaign to improve the working environment for them so they can progress through the bumpy middle with fewer barriers to the top.”
Firms who backed the initiatives are: Amundi Asset Management, Artemis Investment Management, Blackrock, BNY Mellon, Fidelity International, Hermes IM, Invesco Perpetual, Jupiter AM, Kepler Partners, Legg Mason, M&G Investments, Macquarie IM, Pictet AM, PIMCO and Twenty Four AM.