Since 2017, Morningstar Investment Research India Private Limited (formerly known as Morningstar Investment Adviser India Private Limited) has been publishing an annual report on female fund managers in the asset-management industry. We attempt to acknowledge the presence and highlight the achievements of women in this space and share a perspective on gender diversity in the industry. This is the eighth edition of the report.
The year 2024 saw the mutual fund industry break through the INR 50 lakh crore mark in assets under management for the first time. The total AUM grew by an astounding 33% to INR 52.74 lakh crore as of Jan. 31, 2024, up from last year's AUM of INR 39.62 lakh crore. These assets are managed by 473 fund managers across all fund houses.
When it comes to gender diversity, the latest findings of our report show that of the 473 fund managers, 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.
The total open- and closed-end assets managed/comanaged by female fund managers was approximately INR 6.66 lakh crore, or 12.63% of the total mutual fund 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%.
Although the assets managed/comanaged 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.
Assets managed by Women Fund Managers.
Female fund managers exhibit versatility across various asset classes. The most assets—INR 2.86 lakh crores, or 43%—are managed/comanaged in the equity/growth asset class, followed by the allocation asset class at INR 1.68 lakh crores, or 25.3%. This diverse distribution showcases the nuanced expertise that women contribute to different segments of the industry.
Fund management tenure in years
When it comes to tenure, 10 fund managers are managing/comanaging funds consistently for five years or more. Seven fund managers are managing/comanaging funds between three and five years, and 25 fund managers are managing/comanaging funds for less than three years.
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