GADFLY: More women means enhanced business — so where are they?
Few industries have moved at a slower pace than Wall Street, particularly on the investing side, in letting more women join the ranks
By now we know that having more women on leadership teams enhances businesses. We also know that women have qualities that make them good investors, such as their approach to risk. Why then are there still so few women money managers? The figures are even starker than you might imagine. According to a 2015 analysis by Morningstar (the most recent year for which data is available), only 2% of the assets in the more than $12-trillion US open-end mutual fund universe were managed exclusively by women, and just 2.5% of the funds had a woman as sole manager. Sadly, the rates are unlikely to have changed much since then. At a time when there’s a broad push to create more career opportunities for women, the fund-management space still seems walled off. What’s less clear is why, though last week provided a glimpse into a familiar issue: Sara Tirschwell, a former fund manager at TCW Group, a Los Angeles-based investment firm that oversees $205bn of assets, alleged in a lawsuit that she was i...
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