India has made a slight improvement in broadening female representation in the fund managers space as women fund managers account for 8 per cent of the total number of managers in the country's asset management industry.
In comparison, women fund managers accounted for just 7 per cent of the total number of such managers in 2016. Together, they had managed assets to the tune of Rs 2.32 lakh crore, according to a report by Morningstar India.
"Women are under-represented in the fund manager ranks globally and it has been no different in India...The number of women in fund management in India has been gradually going up over the years, but the numbers tell us that we still have a long way to go," the report noted.
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It showed a total of 24 women managers manages funds either as primary or secondary managers or as heads of equity or fixed income in 2017 as against 18 in the preceding year.
"While the number of women in fund management is up from last year, women managers still constitute only 8 per cent of the industry and cumulatively manage assets worth Rs 3,06,500 crore, a figure that translates to about 15 per cent of the total assets under management for open ended funds," the report noted.
The report noted that women managers have generated solid returns within their peer groups.
"Out of the total assets managed by women fund managers, 61 per cent of the AUM outperformed the benchmark/peer group average over 1 year basis, 81 per cent over 3 year basis and 86 per cent over 5 year basis.
"Thus, over the long term funds managed/overseen by women managers have delivered significant outperformance versus peers," Morningstar noted.
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