Statistics gauging the hedge fund industry's collective progress toward a diverse, inclusive workforce are hard to find, but available data show modest growth in the number of women employed in all roles.
There was a slight increase in the number of women employed worldwide by hedge funds in all roles to 19.3% in 2019 from 18.6% in 2017, research from Preqin Ltd., London, showed. The numbers were based on its global database of more than 280,000 money management professionals.
In a breakdown by roles, Preqin found the highest growth in female-held positions was in investor relations and marketing, traditional bastions for women in the industry, sources said. About 48% of IR/marketing employees worldwide were women in 2019, up 22 percentage points from two years earlier.
One important measurement of progress for many observers is the number of females in investment roles — historically low compared to women in marketing, operations, finance and accounting roles.
Preqin's research showed significant change in 2019, with 23% of hedge fund investment team and portfolio management positions held by women, compared to 6% two years earlier.
That level of progress toward more gender-balanced teams is not enough, said Amanda Pullinger, chief executive officer of 100 Women in Finance, London, an industry group which supports women in the alternative investment management industry.
"Most women in hedge fund firms work in accounting, finance, marketing and investor relations. It's not hard to find a chief operating officer, but it's not easy to find a chief investment officer. Everyone knows that the elephant in the room is the investment side when it comes to women and true diversity in the hedge fund industry. The situation hasn't shifted enough in the past 30 years, which is pathetic because women are perfectly capable of managing hedge funds."
Preqin's analysis showed that the number of women holding positions in finance and accounting in hedge fund firms was up to 29% of employees in those roles vs. 17% in 2017, while 22% of employees on operations teams were female compared to 14% two years earlier.
