Studies of professional fund managers have found female managers outperforming male counterparts on particular measures of performance. Yet women remain a minority of active fund managers globally, and that proportion has fallen again this year.
According to the Alpha Female Report, the percentage of women among active fund managers has dropped for the first time in eight years, even as the assets managed by women and mixed-gender teams continue to grow.
Women now account for 12.6% of active fund managers globally, down from 12.9% in 2025. The number of female managers has fallen from 2 371 to 2 283, the first decline in both measures in the 11-year history of the report.
At the same time, assets managed by women or mixed-gender teams have risen from €4.7 trillion (about R87.7 trillion) to €5.7 trillion (about R106.2 trillion).
The findings come from London-based Citywire, the independent financial information and publishing company founded in 1999. Its proprietary database tracks 18 117 portfolio managers responsible for 28 649 active funds across more than 240 categories worldwide.
There is some interesting research behind the question of how women perform once they are in those roles. A 2024 study of India’s mutual-fund industry found that female managers performed better than male managers when their independent performance was measured, although the study does not provide a single percentage-point advantage.
Research on Taiwanese equity funds similarly found that female managers achieved higher double-adjusted alpha than male managers, although the result did not hold when conventional factor-adjusted alpha was used.
And lest this becomes a “whatever you can do, I can do better” debate, these findings do not show that women consistently outperform men. They are also based on different markets and methodologies. But they do put Citywire’s latest numbers in a different light, particularly when the report shows how few women are represented among active fund managers.
For now, however, the longer-term trend in South Africa is still upward, although one could argue it is not moving fast enough. In South Africa, women account for 13% of the fund managers in Citywire’s database, comprising 76 women and 507 men. The five-year change is 2.4 percentage points.
Spain and Italy lead Europe
There is a wide spread between countries.
Taiwan has the highest proportion of female active fund managers among the countries in Citywire’s table, which is limited to markets with at least 100 managers, at 31.1%, followed by Singapore at 24.8% and Hong Kong at 24.2%.
In Europe, Spain is at 21.1% and Italy at 19.4%. The United Kingdom is at 12.5%, the United States at 11%, Switzerland at 8%, and Germany at 7.2%.
South Africa’s 13% puts it close to the global average, below Spain and Italy but above the UK, US, Switzerland, and Germany in Citywire’s database. Its five-year increase contrasts with the latest global decline.
Europe accounts for much of this year’s reduction. Luxembourg lost 30 female managers, the UK 19, Ireland 16, and France 15. Citywire says the number of active fund managers fell overall in most of these markets, but the number of women fell faster.
For most of the countries losing significant numbers of female fund managers, the trend is the same: while the number of active fund managers has fallen year-on-year, the number of women has fallen faster.
What happens inside the large fund groups
The country figures become more varied when Citywire looks at individual fund groups.
Among firms with more than 100 active fund managers in its database, BNP Paribas Asset Management has the highest female representation. Of 278 managers tracked, 63 are women, giving the firm a female representation rate of 23%.
Among firms with 50 to 99 managers, CaixaBank Asset Management has 24 women among 58 managers, or 41%. Among firms with 20 to 49 managers, BBVA has 11 women among 29 managers, or 38%.
The allocation of assets also varies.
At CaixaBank, women or women-only teams manage nearly half of the €71 billion (about R1.32 trillion) of active fund assets tracked by Citywire. Including mixed-gender teams takes the proportion to 72%.
At Yuanta in Taiwan, women or women-only teams manage 58% of the firm’s €81bn (about R1.51 trillion) in tracked active fund assets.
At Bradesco Asset Management in Brazil, the proportion is 98%. Citywire tracks €48bn (about R895bn) of assets and five managers at the firm. Ana Luisa Rodela, its chief investment officer, is named as manager on virtually all its funds.
The asset figures also vary by country. Women or women-only teams manage 37% of Taiwan’s €81bn (about R1.51 trillion) of tracked active fund assets, 23% of Spain’s €237bn (about R4.42 trillion), and 13% each in Brazil and Singapore.
Two of the biggest managers are women
Two women in Citywire’s database are associated with some of its largest pools of assets.
Cait Dourney and Finola McGuire Foley each manage €442bn (about R8.24 trillion) across Fidelity target-date fund ranges in the US. Both work alongside male managers Brett Sumsion and Andrew Dierdorf.
Only Dimensional’s Jed Fogdall, associated with €591bn (about R11 trillion), manages more assets in Citywire’s global database.
The growth in assets associated with women has largely come through mixed-gender teams. Their assets increased by €800bn (about R14.9 trillion) this year to €4.9 trillion (about R91.3 trillion). Sole female managers account for €630bn (about R11.7 trillion) and female-only teams for €143bn (about R2.7 trillion).
On an average-manager basis, women now have slightly more assets associated with them than men: €3bn (about R55.9bn) compared with €2.9bn (about R54.1bn). In 2025, the respective figures were €2.454bn (about R45.7bn) and €2.452bn (about R45.7bn).
The comparison changes when mixed-gender teams are excluded. The average fund run by a woman or female-only team is €468 million (about R8.7bn), compared with €742m (about R13.8bn) for men.
Men receive most new fund launches
The proportion of new funds awarded to women is still low.
Citywire found that 83% of new funds in 2026 were handed to either a single male manager or an all-male team, up from 81% in 2025. Women account for 10.3% of managers of active ETFs, down from 10.9%.
There is also a difference in tenure.
Female fund managers have an average tenure of 4.6 years, compared with 5.9 years for male managers. Over the past decade, 46% of female managers who had run funds were subsequently taken off those funds, compared with 30% of men. Citywire has measured the turnover difference for seven years.
The report does not identify why managers leave funds.
What does the South African industry look like?
The DEInvest Annual Survey 2025, produced by South African investment-management group 27four, examines diversity, equity and inclusion alongside the structure of the domestic asset-management industry.
The survey received submissions from 93 asset managers, covering 5 418 employees and R6.83 trillion in assets under management. It includes FSCA-licensed asset managers domiciled in South Africa and covers both public and private markets. Multi-managers and fund-of-funds managers are excluded to avoid double-counting assets.
The 2025 survey was based on information received by 30 June 2025 and was the second year of the 27four DEI Index, following the 2024 baseline.
Women made up 52% of the workforce in the survey.
Among investment professionals, women accounted for 40% of public-markets analysts and 23% of public-markets portfolio managers, up from 19% in 2024. In private markets, women represented 48% of analysts and 26% of partners.
The survey also records a large difference between support and investment roles: 79% of employees were in support roles and 21% were investment professionals.
South Africa’s asset-management industry is also highly concentrated. The 93 firms in the survey manage R6.8 trillion, while the 20 largest managers account for almost 90% of assets.
Vanessa Pillay, head of corporate and commercial distribution at Ashburton Investments, has more than 25 years’ experience in financial markets and asset management. She entered an industry where, as she recalls, the boardrooms were overwhelmingly male.
She has seen the composition of those rooms change, but not to the point where the conversation can be considered finished.
“There are more women in leadership roles and more intentional conversations around diversity, but significant gaps remain, particularly in senior investment roles and board representation,” Pillay says.
Women are now a majority of the industry’s workforce, and their representation in investment roles is increasing, but the numbers become smaller further up the investment hierarchy. She notes that women still face barriers in business, particularly in reaching the C-suite.
“Taking calculated risks and preparing for challenging roles is essential. By fostering inclusive leadership and amplifying women’s voices across all levels, we can dismantle outdated structures and pave the way for true equity in the boardroom.”
