Investors unconcerned about gender diversity
Almost half of all individual investors do not believe gender diversity is a major issue in investment management, which could offer an explanation as to why women are underrepresented in all levels of the financial profession, the CFA Institute said.
In its global survey of 5,259 investment management professionals on the issue of gender diversity to date, the CFA Institute found that top female investment professionals held only 17.3 per cent of personal financial advisers or planner roles, 9.8 per cent of chief executive roles, 10.2 per cent of chief investment officer roles, 11 per cent of chief financial officer roles, 14.9 per cent of portfolio manager positions, and 15.1 per cent of investment consultant roles.
The research also found the gender gap in the sector was a reflection of the divide that was evident in homes: 65.9 per cent of women reported they were responsible for 50 per cent or more of family care, versus 22.4 per cent of men.
CFA Institute chief executive, Paul Smith, said: "It's unacceptable that a young woman today might feel that the doors of opportunity in the investment management profession are shut to her simply based on her gender. In 2016, this is something our industry cannot and should not tolerate".
Most female CFA members (70 per cent) and nearly half of all CFA members (48 per cent) diverse gender teams of investment professionals resulted in more diverse view points, while only 12 per cent of female CFA members and 27 per cent of male CFA members believed gender diversity did not matter when managing investments.
However, 46 per cent of retail investors and 45 per cent of institutional investors said gender diversity did not matter for managing investments.
Suggestions to close the gender gap included providing young women early exposure to the investment industry in their university years and early career, stressing the need for gender diversity and its positive impact to investors, and bridging the work-life balance gap that unduly affects women.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.