In charts: Out of 472 mutual fund managers in India, only 42 are women

Despite the mutual fund industry breaching the Rs 50 lakh crore mark in assets under management (AUM), a report by Morningstar India reveals a stark gender imbalance among fund managers. With total AUM soaring to Rs 52.74 lakh crore as of January 2024, the representation of women fund managers in India has slightly decreased from 9.18 per cent till January 2023 to 8.88% per cent till January 2024. Out of a total of 473 fund managers in India, only 42 are women who are managing funds either as primary or secondary managers. While there has been a steady increase in the number of fund managers as compared with the 428 seen last year, the number of women fund managers has been static.

 

"The 42 female fund managers were spread across 21 fund houses. Five fund houses had three or more female fund managers, five fund houses had two female fund managers, and 11 fund houses had at least one female fund manager," said Melvyn Santarita of Morningstar. 

The total open- and closed-end assets managed/co-managed by female fund managers was approximately Rs 6.66 lakh crore, or 12.63 per cent of the total mutual fund assets. "Since we started publishing this report, there has been an increase in the total assets managed/comanaged by women every year except last year. We saw a dip in the assets last year as of January 2023 which was a result of two prominent exits in November 2022—Swati Kulkarni (UTI Mutual Fund) and Lakshmi Iyer (Kotak Mutual Fund)—who managed a fair amount of assets. The assets managed/comanager by women saw a sharp uptick compared with last year when women managed/comanaged about INR 4.44 lakh crores, a phenomenal growth of 50%," said the report.

Although the assets managed by women are increasing, their percentage relative to the overall industry assets hasn't reached a noteworthy level yet. However, on a positive note, the assets in percentage terms did see an increase this year after witnessing regression in the past two years. The number of women fund managers has evolved over the years, showcasing a commendable growth trajectory. From a modest 18 in 2017, the figure surged to 42 in 2023, a count that persisted through January 2024.

Female fund managers exhibit versatility across various asset classes

 The most assets—Rs 2.86 lakh crores, or 43%—are managed/comanaged in the equity/growth asset class, followed by the allocation asset class at Rs 1.68 lakh crore, or 25.3%. This diverse distribution showcases the nuanced expertise that women contribute to different segments of the industry.

When it comes to tenure, 10 fund managers are managing/co-managing funds consistently for five years or more. Seven fund managers are managing/co-managing funds between three and five years, and 25 fund managers are managing/comanaging funds for less than three years.