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The Irish Association of Investment Managers (IAIM) held a Diversity & Inclusion Symposium titled All Things Are Not Equal at Chartered Accountants House in Dublin in March 2023.
The Diversity Gap in Asset Management
The statistics paint a stark picture of gender disparity in the asset management industry. Recent research suggests it could take 200 years to reach gender parity among those managing money, according to the Financial Times.
Currently, only one half of the population is largely being selected to manage money on behalf of investors. Globally, only 12% of fund managers are women, as per Citywire’s Alpha Female report, and just 5.5% of funds in the Citywire database are headed by a woman.
Keynote Speaker: Seema Hingorani
The guest speaker for the symposium was Seema Hingorani, founder and Chair of Girls Who Invest and Managing Director at Morgan Stanley Investment Management (MSIM).
Girls Who Invest is a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership within the asset management industry.
Since its inception in 2015, the organization has raised more than $10 million to fund summer programs for over 1,400 diverse college women across the US, offering training, mentorship, and internships with 100 asset management firms in the US, UK, and Canada. Its proactive recruitment strategy targets participants from diverse academic backgrounds, including humanities majors, to broaden the talent pool and counter gender norms.
Seema Hingorani, who previously served as Chief Investment Officer for New York City’s pension fund managing $160 billion, has long championed gender diversity. During her tenure, she challenged asset managers to diversify their teams, emphasizing the importance of multiple perspectives in investment strategy.
Ireland’s Role in Driving Diversity
Ireland has a unique opportunity to lead global diversity efforts within the asset management industry. While Irish pension funds invested on behalf of Irish citizens amount to €273 billion, the country is home to €4 trillion in total investment funds domiciled here.
Michael D’Arcy, CEO of IAIM, emphasized the critical role of the association in promoting and attracting more women to the industry.
“To sustain growth and create more jobs, increasing diversity in asset management is essential,” he said. “This is an industry of growing importance to Ireland, with 3,604 full-time employees and assets managed from Ireland increasing by 58% in the past five years.”
Industry Growth and Progress
The asset management industry in Ireland has seen significant growth. IAIM has doubled its membership in the past 18 months and increased assets under management by €700 billion, from $1.6 trillion to €2.3 trillion.
This growth aligns with the Ireland for Finance strategy, which includes diversity as a key theme and launched the country’s first Women in Finance Charter in April 2022.
Event Sponsors and Focus
The event, sponsored by Maples Group and Davys, focused on improving the representation of women in asset management and leadership roles, fostering better gender balance, and creating a more inclusive working environment.
Guest Speakers
Seema Hingorani
Founder and Chair of Girls Who Invest and Managing Director at Morgan Stanley Investment Management (MSIM).
Raised over $10 million to support diverse college women entering asset management.
Named one of Barron’s 100 Most Influential Women in US Finance and The Bloomberg 50's Ones to Watch.
Awarded the insignia of the Chevalier of the National Order of the Legion of Honor from France in 2021.
Former CIO of New York City’s pension fund with $160 billion in assets.
Jennifer Carroll MacNeill
Minister of State for Financial Services, Credit Unions, and Insurance.
TD for Dún Laoghaire Constituency since February 2020.
Former Vice Chair of the Fine Gael Parliamentary Party and Spokesperson for Equality.
Academic achievements include a PhD in Public Policy and Political Science from University College Dublin, awarded the 2015 Basil Chubb Prize for best PhD thesis.
Conclusion
The IAIM All Things Are Not Equal symposium highlighted the urgent need for diversity in asset management and Ireland's potential to lead change globally. By fostering gender balance and inclusivity, the industry can ensure sustainable growth and greater innovation for the future.