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 Managers	AUM (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 Pledge	Signatory to UN Women's Empowerment Principles?
1	BlackRock	9,570	31%	0	14%	No (5)	Yes	Yes
2	Vanguard Group	8,100	27%	0	21%	No	No	No
3	Fidelity Investments	4,283	n/a	3	n/a	Yes	No	No
4	State Street Global Advisors (6)	4,020	31%	0	11%	Yes	Yes	No
5	JP Morgan Chase	2,960	36%	1	39%	No	Yes	some units in L.A.
6	Credit Agricole	2,823	43%	1	40%	Yes (7)	No	Yes
7	Allianz Group	2,760	42%	2	29%	No	Yes (8)	Yes
8	Capital Group	2,700 (9)	33% (10)	1	30%	No	Yes	No
9	Goldman Sachs	2,394	43%	0	33%	No	No	No
10	Bank of New York Mellon	2,266	36%	3	38%	No (11)	Yes	No
11	Amundi	2,251	29%	1	27%	Yes	No	No
12	UBS Group	2,124 (9)	33%	2	42%	Yes	No	Yes
13	Legal & General Group	1,866 (9)	42%	1	25%	No (12)	No	No
14	Edward Jones Investments	1,700	n/a	2	38%	No	Yes	No
15	Prudential Financial	1,620	33%	0	25%	No	Yes	some units in Asia and Brazil
16	Deutsche Bank	1,615	30%	0	20%	No	Yes (8)	No
17	Bank of America	1,571	33%	1	30%	No	Yes	Yes
18	Invesco Ltd	1,556	27%	1	20%	Yes (13)	Yes	No
19	T. Rowe Price	1,552	31%	2	27%	No	Yes	No
20	Credit Suisse	1,535	50%	0	36%	No	No	No
21	Northern Trust Corporation	1,488	25%	0	33%	No	Yes	No
22	Franklin Resources	1,478	27%	1	22%	No	Yes	No
23	Morgan Stanley	1,447	29%	1	19%	No	Yes	No
24	Wellington Management Company	1,426 (6)	n/a	2	21%	No	Yes	No
25	BNP Paribas	1,375	53%	0	32%	No	No	Yes
	(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 Manager	Date of Policy	Stated stewardship policies on diversity
BlackRock	Mar-2021	Encourages 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 Group	Dec-2020	Will 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 Group	2021	Expects 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 Investments	Feb-2021	Will 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-2021	Fidelity International will consider voting against Japanese companies who do not achieve 30% female representation on board and throughout workforce in stages by 2030.
	Jul-2021	Beginning 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 Advisors	Jan-2021	From 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-2021	Will 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 Stanley	Sep-2020	Generally supports proposals urging board diversity of gender, race and other factors if board has failed to take diversity into account.
JP Morgan Chase	2021	Will 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 Group	Aug-2021	Encourages 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 Group	n/a	Per published guidelines, diversity proposals are considered on a case by case basis.
	Feb-2021	CEO 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 Sachs	Dec 2020	From 2021 will no longer take a company public in U.S. or Europe without two female or other diverse board members.
	Mar-2021	Will 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 Mellon	n/a	Considers diversity among various board characteristics when voting proxies.
Pimco (subsidiary of Allianz)	n/a	Generally follows guidelines of an independent industry service provider for proxy voting research and recommendations.
Amundi	2021	No statement re board gender diversity. No statement re publication of pay data.
Edward Jones Investments		N/A
Legal & General Group	2021	In 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 Suisse	2020	Encourages board diversity.
Prudential Financial		N/A
Deutsche Bank	2021	For 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 Price	2021	For 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 America	Mar-2021	Merrill clients can choose to delegate voting per Institutional Shareholder Services (ISS) socially responsible guidelines, among other choices.
Northern Trust Corporation	2020	Generally 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 Resources	2021	No diversity statement other than "supports" diverse boards.
Invesco Ltd		Generally 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 Paribas	2021	Will 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 Managers	2016	Mirova 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.
	2017	Harris Associates does not include diversity in its board-related proxy voting guidelines.
	2021	Natixis 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.