Do Daves still outnumber women in fund management?


It has become a Morningstar tradition to mark International Women’s Day by looking at how many fund managers in the UK are women, and whether that number exceeds the number of funds managed by men named Dave.

In the last two years there have been more funds managed by Dave than by women, will this trend continue in 2022 as well? We take a look.

This year we changed our methodology and as a result the number of women exceeds the number of fund managers named Dave. In our fund data, we found 184 female fund managers who manage 329 funds between them (some manage more than one mandate) – 17.8% of all UK funds.

On the other side, we found 59 fund managers in our sample with the name Dave or David. They run 133 funds in total, or 7.2% of the UK-domiciled sample.

So what did we do differently this year? As always, we have selected actively managed funds domiciled in the UK, but instead of only selecting capitalization shares, we have selected the own share class for each fund.

The resulting sample, after removing all funds whose managers were not disclosed, is 1,846 funds – a considerably higher number than the samples we have worked with in the past (last year, l sample was 1,226 funds). The funds in our sample together hold assets worth £835bn.

Notably though, several of the funds are managed by multiple Davids (now known as “Double-Daves”). Premier Miton’s David Hambridge and David Thornton lead several of the firm’s multi-asset strategies, for example, Premier Miton Multi-Asset Absolute Return (along with two other managers); David Horner and David Taylor run MI Chelverton’s UK equity income fund; Allianz Global Multi-Sector Credit has David Newman and David Butler; and David Millar and David Jubb lead Invesco Managed Growth.

If we were to count the Double-Daves twice, we end up with 145 Dave-led funds. The same is true if we count the funds several times with more than one female manager; the number increases from 329 to 354 boxes.

Only two funds in our universe have three female managers, and only one of them is exclusively female in its management: ASI UK Sustainable and Responsible Investment Equity, led by Louise Kernohan, Lesley Duncan and Rebecca Maclean. Meanwhile, the nine-person leadership of Margetts Fund Management‘s North American equities includes Ann M. Holcomb, Jennifer O’Hara Martin and Susan Bao.

In total, 21 funds have two female managers, eight of which are exclusively female. Among the funds managed by women, 77 are managed by a single (female) manager.

The numbers continue to improve when looking at fund size. While it is true that women hold only 11.8% of fund manager positions, they manage 20.8% (or £173bn) of all assets in our dataset.

It is also evident that while there are not many Daves in the industry (although 3.5% is a notable amount), they manage 8.6% of the total assets managed by funds in the UK. -United. Along with all other active male fund managers, they are in charge of assets worth £662bn (79.2% of our dataset).

What’s in a name?

So it may seem important to have the right name. But it’s not just people named Dave who are thriving. Those named Mark, James and John are all popular too; there are at least 50 fund managers of each name. People named Andrew, Paul and Christopher also dominate in fund management, if the big names are any indication, as do Richards, Matthews and Simons.

Meanwhile, all of the top 10 men’s names are more than twice as common as the name of the top female fund manager: Kate (and that includes HSBC’s head of global fund selection, Kate Morrissey).

Before grouping together different spellings of the same names (and apologies to any men whose full name is Jon and not Jonathan), we had to scroll down to 90th in my list of the most common money manager names. to find the first woman entered. So while Kate and Katies are most likely to succeed in money management, they unfortunately remain unrepresented compared to their male counterparts.

However, women working in the fund management space say it’s something more women should consider. Last year, Alexandra Jackson, fund manager of the Rathbone UK Opportunities fund, pointed out that it requires emotional intelligence, attention to detail, common sense and care, making it “brilliant work, period, and it’s brilliant work for women.” .

Ruli Viljoen, head of manager selection at Morningstar, says it’s “nice” to see women having the opportunity to make money.

“Last year, we highlighted the fact that the rights of minority groups were being increasingly put forward,” she says.

“This, combined with the ‘new normal’ we increasingly find ourselves in, where working from home is seen as a benefit and not an excuse to ‘slack off’, has undoubtedly helped to further level the playing field. rules of the game. Women no longer have to choose between having a career or being available to support their families.”

“In addition, men have realized that they too can help, and Morningstar has seen an increase in the number of fund managers who have quit to ‘spend more time with their families as they realize how, over the years,’ they may have lost.

“While it’s nice to see an increase in the number of female fund managers, it’s even nicer to see how their profile is also being raised, as evidenced by the appointment of Katie Trowsdale to lead the team. abdrn Multi-Manager Strategies in 2021,” she added.

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