The tenth edition of Citywire’s Alpha Female report, published in September 2025, highlights a paradox. Over the past decade, assets managed by female fund managers have nearly tripled, rising from 1.7 trillion euro in 2016 to 4.7 trillion euro today. Yet the share of women in the profession has barely advanced: 10.3 percent in 2016 versus just 12.9 percent this year.
This very modest progress contrasts sharply with the ambitions long expressed by the industry, and serves as a reminder that, despite awareness campaigns and diversity initiatives, women still face obstacles in reaching portfolio management positions.
The growth in assets managed by women is largely driven by the rise of mixed teams, now present in 14.9 percent of funds compared with 6.7 percent in 2016. These teams account for nearly all the assets managed or co-managed by women—4.1 trillion euro of the 4.7 trillion euro total. Funds run exclusively by women remain rare and smaller in scale, with an average size of 430 million euro, compared with 635 million euro for men-only funds. Still, the increased presence of women is reflected in average assets under management: thanks to mixed teams, women now oversee slightly more than men (2.454 billion euro versus 2.452 billion euro). For Sonal Sagar, portfolio manager at Columbia Threadneedle, this evolution reflects the importance of collective approaches: “The more diversity of opinion, the more robust the investment process.”
The turnover hurdle
One reason women’s representation grows so slowly is their significantly higher turnover. Over ten years, 44 percent of female managers left or changed mandates, versus 30 percent of male colleagues. This does not always mean leaving the sector, but it does highlight greater career instability. Such volatility holds back access to senior roles, which require continuity and the accumulation of experience.
Georgina Taylor, head of client investment solutions at Invesco, noted that the old “star manager” culture has given way to more collaborative management. This has many benefits, such as enabling parental leave and making the profession more sustainable in the long term. Yet retention, she said, remains crucial if the industry wants to move beyond mere stabilization of female numbers.
Asset managers are multiplying initiatives to broaden the talent pipeline. Columbia Threadneedle is part of the Women in Finance Charter and supports the Girls Are Investors programme, which raises awareness of asset management careers among students. Invesco participates in the Diversity Project’s Pathway Programme, which supports a hundred women in the sector each year to help them take the step into portfolio management roles.
At Franklin Templeton, Marzena Hofrichter, a multi-asset solutions portfolio manager with over fifteen years experience, stressed the decisive role of flexibility. She noted that her career was built in parallel with her family life thanks to a supportive work environment and an equitable sharing of responsibilities with her partner. “I always wanted both a career and a family, and it is possible if the environment offers the necessary flexibility,” she explained.
Wide disparities across regions and asset classes
The report also highlights significant regional and asset-class disparities. Asia remains the most advanced, with female representation at 32 percent in Taiwan, 25 percent in Singapore and 23 percent in Hong Kong. In Europe, Spain remains a leader at 22 percent, while Germany trails with just 7 percent. The UK has edged up to 13 percent, while Luxembourg sits near the European average. Similar gaps appear across asset classes. Women are largely absent from alternatives and commodities (5.7 percent and 8.2 percent, respectively). Fixed income (13.6 percent) and equities (around 13 percent) show more diversity but remain far from parity. Hofrichter believes these differences reflect both market history and the still heavily male nature of certain professional networks.
A decade of contrasts
Ten years after the first Alpha Female report, the picture remains mixed. Women oversee unprecedented levels of assets, a sign of growing confidence from asset managers. Yet their share of the profession remains marginal and struggles to increase, held back by turnover and a still limited talent pool. Interviewed professionals stress the importance of role models and mentoring. The visibility of established women serves as an example and helps build the confidence of younger generations. According to Sonal Sagar, it is essential to explain the realities of asset management to female students, for whom the industry is still little known upon leaving university. Georgina Taylor added that mid-career support is just as crucial: some women leave the sector at the very moment they could advance into leadership roles, due to a lack of support in managing careers alongside other priorities.
Initiatives are multiplying, assets are growing and flexibility is improving, but the overall figures are still moving far too slowly. The coming years will show whether these efforts are enough to shift the trend and finally accelerate women’s progress in the asset management industry.