Last week, we published the Women of CCM – a six-page report highlighting the members of our team who are women. Coincidentally, this report was printed just at the start of a series of holidays honoring women, including National Girls and Women in Sports Day, International Women’s Day, and Harriet Tubman Day. These days of national observance celebrate the extraordinary achievements of women and recognize the progress in gender equality across the globe.
Reporter: “There will be talk of you going down as one of the greatest female athletes of all time.”
Serena Williams: “I prefer…’one of the greatest athletes of all time.”
However, we are still far away from achieving gender equality and a majority of the globe continually struggles to narrow the large gap. Recent media attention has focused on the pay gap between men and women, most notably with Citigroup Inc. revealing that female employees earn 29 percent less than male employees. 1 In 2018, only 24 companies in the Fortune 500 are run by a woman CEO. And that percentage, 4.8 percent, is down from 2017’s 6.4 percent. 2
Surprisingly, the asset management industry has a better average of woman in managerial roles than the Fortune 500, although still only 9.1 percent of the CEOs and 6 percent of the chief investment officers of the largest institutional U.S. money managers are women.3 According to research from Morningstar Inc., 7 percent of investment managers in the $15 trillion mutual-fund industry in 2015 were female. This is down from 10 percent in 2009.4
Image Source: http://www.pewsocialtrends.org/fact-sheet/the-data-on-women-leaders/#ceos
While the asset management industry still has a long way to go in gender equality, we are optimistic more women will enter the field in the years to come. We are encouraged by programs such as the CFA Institute’s Women in Investment Management Initiative and Girls Who Invest that are transforming the asset management industry by bringing more women into portfolio management and leadership. Girls Who Invest has a goal to have 30 percent of the world’s investable capital managed by women by 2030. We have confidence that they will reach, if not surpass, their goal and are thrilled to contribute to the increase and success of women in the investment management industry.
We are extremely proud to boast that CCM defies these industry statistics. Forty-six percent of our team members are women – including 57 percent of senior management and 29 percent of the investment team. Read our Women of CCM report to learn more about our talented team and some of their fun facts.