Recent Morningstar research revealed that only 105 out of 1,496 UK-listed open-ended funds were managed by women in 2019 - with more funds (108) being run by managers called David or Dave.
In the same week as International Women's Day, this seemed like something worth examining, so Insider talked to Kirsty MacLean, a client reporting analyst for Walter Scott & Partners, who has become involved in the Growing Future Assets project, mentoring young women interested in investment management.
Each year, the nationwide competition aims to find the country’s most promising new business brains in the investment world. The 2022 competition saw a 90% rise in the number of girls taking part.
They are paired with a mentor from an investment management company to provide advice, inspiration and career insights, and have the chance to attend a range of online masterclasses.
MacLean came to learn of the world of investment management via an event arranged by Future Asset’s parent charity, Didasko Education Company, and The Robertson Trust, which aims to support students experiencing financial or social barriers throughout university.
She believes in the benefits that gender diversity can bring to the workplace, and in the importance for young women to recognise how empowering and impactful working in finance is - and how it can help them recognise their own potential.
Can you run me through how you got to this point, especially in terms of the assistance from Didasko and Future Asset?
During my final year as a management student at the University of St Andrews, my interest in the world of investment management was sparked at an event arranged by Future Asset.
After attending, I signed up to be part of an Investment Management Mentorship Scheme, which provided me with a deeper insight into the industry and confirmed my desire to embark on a career in this sector.
I now work in Edinburgh as a client reporting analyst at an investment management firm; namely Walter Scott & Partners.
What has your personal experience been as a young woman entering the traditionally male-dominated world of investment management?
Personally, I have not felt that I’ve experienced major barriers due to my gender.
The industry has evolved tremendously over the years, to the point where now women are not only welcome, but encouraged to progress in this field.
It’s not uncommon for there to be occasions where you’re the only female in the room, however I feel that you should never allow that to set you apart from your male counterparts, nor view it as a disadvantage by any means.
Other than Future Asset, what else could be done to support more women - and other minority groups for that matter - in to this sector?
I believe more could be done to showcase the array of different roles within the industry.
There’s often a misconception surrounding investment management that everyone that works in the industry must have exceptional mathematical skills and have a degree in a certain subject; but that’s far from accurate.
I think that if more young people understood the vast teams and departments within the sector it could help support them in identifying where their strengths would lie and what role suits them best.
Given your work to help mentor schoolgirls, what do you think are currently perceived as the barriers to entry?
Alas, based on my own personal experience, I feel that one of the fundamental barriers inhibiting young women from entering the field comes down to self-confidence.
It’s important that young women don’t doubt their skills, abilities and talents and rather deem themselves worthy of the empowering and impactful work that a career in investment management can bring.
And how do you see the future - are we on the right path, or is there more that can be done by firms and the government?
Due to my positive experience of working in investment management, I have every reason to feel optimistic about the future.
It’s great that there are charities the likes of Future Asset around to introduce girls to the sector and it’s crucial that these strong relationships between such charities and investment management firms continue to flourish.
The Growing Future Assets competition is challenging teams of girls in Scottish schools to research, analyse and pitch a company to a group of investment professionals.
It aims to introduce girls to the world of investment - its operation, relevance and impact - as well as the range of careers available within the sector.
Future Asset is supported by investment management firms in Scotland that are committed to informing young women about opportunities and improving diversity in the sector.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
