Top Asset Managers and Gender Diversity

These figures first accompanied Gender Lens Investing: Asset Managers and Women in Leadership published in Enterprising Investor on October 6, 2021. Since then these figures have been updated and expanded to include the top 25 asset managers with analysis in our Gender Lens Investing Q3 2021 Review. We continue to update the data. Note the “as of” date and footnotes.

Asset Manager: Women in Leadership Statistics

as of November 2022

Top Global Asset ManagersAUM (1)
USD billions, 3/31/22
Women on Board of Directors (2)Women in Top C-suite Roles (3)Women Executives (4)Gender lens equity fund for individual investors?CEO Action for Diversity PledgeSignatory to UN Women's Empowerment Principles?
1BlackRock9,57031%014%No (5)YesYes
2Vanguard Group8,10027%021%NoNoNo
3Fidelity Investments4,283n/a3n/aYesNoNo
4State Street Global Advisors (6)4,02031%011%YesYesNo
5JP Morgan Chase2,96036%139%NoYessome units in L.A.
6Credit Agricole2,82343%140%Yes (7)NoYes
7Allianz Group2,76042%229%NoYes (8)Yes
8Capital Group2,700 (9)33% (10)130%NoYesNo
9Goldman Sachs2,39443%033%NoNoNo
10Bank of New York Mellon2,26636%338%No (11)YesNo
12UBS Group2,124 (9)
13Legal & General Group1,866 (9)42%125%No (12)NoNo
14Edward Jones Investments1,700n/a238%NoYesNo
15Prudential Financial1,62033%025%NoYessome units in Asia and Brazil
16Deutsche Bank1,61530%020%NoYes (8)No
17Bank of America1,57133%130%NoYesYes
18Invesco Ltd1,55627%120%Yes (13)YesNo
19T. Rowe Price1,55231%227%NoYesNo
20Credit Suisse1,53550%036%NoNoNo
21Northern Trust Corporation1,48825%033%NoYesNo
22Franklin Resources1,47827%122%NoYesNo
23Morgan Stanley1,44729%119%NoYesNo
24Wellington Management Company1,426 (6)n/a221%NoYesNo
25BNP Paribas1,37553%032%NoNoYes
(1) Source: ADV Ratings and company public disclosures
(2) Source: Company websites as of 11/23/22
(3) Includes Chair, Vice Chair, CEO, CFO, COO and CIO (or head of asset management if no CIO).
(4) Based on the Executive Committee or similar shown on the website.
(5) BlackRock offers a DEI fund, the iShares Refinitiv Inclusion and Diversity UCITS ETF.
(6) Data other than AUM refers to parent company.
(7) Managed by Amundi division
(8) U.S. division only.
(9) As of December 31, 2021
(10) Advisory Board
(11) BNY Mellon recently closed the BNY Mellon Japan Womenomics Fund.
(12) Legal & General expanded the mandate of it Legal & General Future World Gender in Leadership UK Index Fund in early 2021.
(13) Invesco registered its Invesco Racial and Gender Diversity ETF with the SEC in 2021.

Asset Manager: Proxy Policies on Diversity

as of November 2021

Asset ManagerDate of PolicyStated stewardship policies on diversity
BlackRockMar-2021Encourages companies to have at least two women on their boards. May vote against nominating committees where board diversity is not progressing and not in keeping with regional norms. Encourages companies to disclose EEO-1 data.
Vanguard GroupDec-2020Will vote against boards where progress on diversity is falling below market and regional norms and expectations. Does not advocate mandates. Board should reflect customer and emplyee composition. Encourages companies to disclose EEO-1 data.
UBS Group2021Expects all global companies to have at least one female board member. Expects companies to comply with listing requirements around board diversity. May vote against boards not meeting these thresholds.
Fidelity InvestmentsFeb-2021Will generally oppose the election of certain or all directors if there are no women on the board or if a board of at least ten members has fewer than two women directors.
Jun-2021Fidelity International will consider voting against Japanese companies who do not achieve 30% female representation on board and throughout workforce in stages by 2030.
Jul-2021Beginning in 2022, Fidelity International will consider voting against management in most developed markets when there is less than 30% female board representation.
State Street Global AdvisorsJan-2021From 2022 will vote against chairs of nominating and gov committees of S&P 500 and FTSE 100 companies without at least one minority board member. Will also vote against compensation committee chairs of those same companies who do not disclose EEO-1 data on entire workforce.
Mar-2021Will vote against the nominating committee chair if S&P 500 company does not disclose diversity data on board members. May vote against nom. comm. chair of R3000 and TSX companies without at least one female board member; against whole nom. comm. if failure to meet this expectation for three consecutive years.
Morgan StanleySep-2020Generally supports proposals urging board diversity of gender, race and other factors if board has failed to take diversity into account.
JP Morgan Chase2021Will utilize voting power to bring about change where board lags on gender and racial/ethnic diversity. Supports resolutions calling for disclosure of EEO-1 or comparable data.
UK policy: Supports Hampton-Alexander Review target of one-third women on boards.
Japan policy: States gender equality as a top priority for Japanese companies and expectation for boards to have a strategy to improve female representation.
Allianz GroupAug-2021Encourages all boards and management teams to have 30% representation by each gender. Expects to see national and ethnic diversity represented. From 2021 will "call out" companies falling below these thresholds.
Capital Groupn/aPer published guidelines, diversity proposals are considered on a case by case basis.
Feb-2021CEO letter stated expectation for portfolio companies to disclose EEO-1 data and to have board composition consistent with local market best practice. No board targets specified.
Goldman SachsDec 2020From 2021 will no longer take a company public in U.S. or Europe without two female or other diverse board members.
Mar-2021Will vote against or withhold from nominating committee if board does not have at least one woman and one other diverse board member. Will vote against or withold from full board if lacking at least one female member.
Bank of New York Mellonn/aConsiders diversity among various board characteristics when voting proxies.
Pimco (subsidiary of Allianz)n/aGenerally follows guidelines of an independent industry service provider for proxy voting research and recommendations.
Amundi2021No statement re board gender diversity. No statement re publication of pay data.
Edward Jones InvestmentsN/A
Legal & General Group2021In 2021 will "apply voting sanctions" to FTSE 350 companies without a minimum of 30% women on the board and to FTSE 100 companies that do not have 30% women on their executive committee. For smaller companies, expect at least one woman on board. Expect companies to collect diversity data, From 2022, voting sanctions to FTSE 100 without at least one board member from an ethnic minority background. Expect smaller companies to make progress.
For non-U.K. companies will vote against chair or nominating committee chair where there are "insufficient women on the board".
Credit Suisse2020Encourages board diversity.
Prudential FinancialN/A
Deutsche Bank2021For Russell 3000 and S&P 1500 constituents, will withold or vote against the nominating committee chair where there are no women on the board, and beginning in 2022, if the board has no apparent racial and ethnic diversity. Exception if there was a woman on the board or racial/ethnic diversity at preceding annual meeting and company makes commitment to return to diversity.
Will vote on case by case basis on requests for gender/race/ethnicity pay gap data.
T. Rowe Price2021For U.S., Canada, Europe, U.K., India, Japan, South Korea companies, generally oppose the re-elections of Governance Committee members if no evidence of board diversity. Considers internal pay equity.
Bank of AmericaMar-2021Merrill clients can choose to delegate voting per Institutional Shareholder Services (ISS) socially responsible guidelines, among other choices.
Northern Trust Corporation2020Generally votes for proposals for reasonable steps to ensure that women and minority candidates are among board nominees. May vote against directors if concerns on board composition and diversity. Votes case by case on proposals requesting diversity report and workforce diversity data.
Franklin Resources2021No diversity statement other than "supports" diverse boards.
Invesco LtdGenerally votes against nominating committee chair where women comprise less than two board members or 25% of the board for at least two consecutive years (with consideration for improvements), and if there are multiple concerns on diversity issues.
BNP Paribas2021Will abstain or vote against male candidates if less than 30% of women on board in Europe, North America, Australia, New Zealand, and South Africa. Will take into account improvements, board size, and presence of a female CEO or Chair.
Will apply a threshold of 40% women on boards beginning in 2025.
Natixis Investment Managers2016Mirova favors a board that incorporates stakeholders in a balance fashion and that resultely take account of issues of corporate social responsibility. Voting policies centered on balance among stakeholders.
2017Harris Associates does not include diversity in its board-related proxy voting guidelines.
2021Natixis IM International will vote against the nominating committee chair if the board is comprised of less than 30% of either gender.
Natixis Funds does not specify a diversity voting policy.
Source: Publicly available proxy voting guidelines and stewardship statements.