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Fund Spy

Women Are Scarce Among Fund Managers

A Morningstar study finds that less than 10% of fund managers are women.

More women in the United States are making their own investment decisions than ever before. In one recent study, 19% of women reported being a primary decision-maker for couples’ long-term retirement savings--a figure that has doubled since 2011.[1] The numbers of U.S. female financial advisors also are on the rise, with women now comprising more than a fourth of a growing profession.[2]

Yet the ranks of professional money managers who are women remain exceedingly small. We examined the gender of U.S. open-end fund managers in our database and found that only 9% are women. Women exclusively run only 2% of assets under management in the $12.6 trillion U.S. open-end mutual fund universe. The likelihood that a woman is managing a core multiasset allocation fund is even lower.