Super management changes help female industry entry

3 December 2021
| By Laura Dew |
image
image
expand image

The move by superannuation funds to manage assets in-house is helping to even the gender divide in financial services, according to Future IM/Pact.

A report by the organisation titled ‘Where are all the Women? How the Australian investment management industry is grappling with its lack of gender diversity and ideas to accelerate progress’, found the changing super industry was breaking down traditional barriers.

There was a growing trend towards super funds moving to manage assets in-house with UniSuper managing as much as 70% of its funds under management in-house.

Future IM/Pact founder, Yolanda Beattie, said large super funds were able to offer a larger range and number of front-office investing roles across bigger investment teams, creating more junior roles and clearer career pathways that are key to attracting and developing junior female talent.

The organisation had partnered with Sunsuper, which was set to merge with QSuper, which was looking to boost its pipeline of female talent through mentorships and connections with women at university. IT was also working with Australian Ethical and Munro Partners in the fund management space.  

However, structural barriers remained in the industry such as less awareness of investment management as a career option, lack of confidence in competing for roles, lack of mentors and sponsorship.

Many fund management houses also only had small teams, compared to super funds, which made it difficult for people to get a foot in the door.

“Too many funds believe they’re too small and their staff turnover is too low to have an impact on this issue,” Beattie said.

“These are examples of funds who are determined to add to a collective effort that overcomes the issue of size.

“Because most funds only hire candidates with a minimum of two to three years’ experience, it’s not enough to just engage them at university.

“We need to be engaging women at scale in the traditional feeder roles of investment banking, management consulting, corporate finance and law, as well as at university.”

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Ralph

How did the licensee not check this - they should be held to task over it. Obviously they are not making sure their sta...

9 hours 47 minutes ago
JOHN GILLIES

Faking exams and falsifying results..... Too stupid to comment on JG...

10 hours ago
PETER JOHNSTON- AIOFP

Must agree to disagree with you on this one Keith, with the Banks/Institutions largely out of advice now is the time to ...

10 hours 56 minutes ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 2 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 1 week ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND