Women are underrepresented in senior leadership teams and investment teams. The Citywire Alpha Female Report 2021 states that globally, only 11.8% of portfolio managers are women and that it would take over 120 years for the industry to achieve parity. Similarly, our research shows that there’s less than 30% women representation on the boards of the top 100 JSE-listed companies.  

There is growing pressure within the industry to change these numbers to better represent the demographics of our country. We owe a debt of gratitude to the asset owners that have taken the lead in putting pressure on the industry and holding asset management firms accountable for having diverse teams. Some of the retirement funds that we engage in have a deep sense of purpose for the greater good, expressed through their transformation policies and their boldness in asking the hard questions.

This has inspired important dialogue on gender transformation such as unconscious biases, the important role of men in gender transformation, sponsorship vs. mentorship, maternity vs. parental leave, the retention of female talent and closing the gender and ethnic pay gaps. The added complexity is that the momentum of gender equality in the workplace seldom translates to homes where women tend to carry the bulk of domestic chores while managing challenging careers. The needed change therefore extends beyond our workplaces, it’s a societal concern that calls on all of us to have honest conversations with ourselves and each other, about our holistic “gender transformation footprint”.

At Old Mutual Investment Group, our strategy is to drive a transformation agenda that focuses beyond the B-BBEE scorecard. Our Transformation Committee, an Exco subcommittee, is mandated with ensuring that we embrace a commitment to making a meaningful difference within the investments industry. We believe that diversity strengthens organisations, as it brings in different experiences and perspectives that lead to more creative and innovative thinking.

We recruit to increase black and women investment team members, consciously ensuring that it’s not only diversity that we achieve, but that the actual decision makers reflect our commitment to transformation. Growing the pool of black and women decision makers in our investment teams is possible through the strategic guidance of a diverse and representative leadership team at the helm of our business. One of the potential blind spots of leadership is that people tend to treat you differently which makes one susceptible to losing touch with the real experiences of employees.

It is therefore essential for leaders in asset management to possess the humility of understanding that for genuine inclusion to happen, they need to be open to learning and listening.

Tackling diversity and inclusion should not just be limited to our own organisations, there’s an opportunity for us to influence other spaces for broader impact. Asset managers have a critical role to play in driving change when it comes to gender parity within the companies they invest in. Old Mutual Investment Group’s Responsible Investment approach includes actively engaging investee companies on diversity not only as a social imperative, but to realise its proven impact on performance as we seek to grow our clients’ capital. Looking at transformation beyond our own organisations is paying it forward and as an asset manager of scale, doubling our allocation to black-owned stockbroking firms over the past five years is making a positive impact on transforming the value chain. I believe it is our holistic and multi-faceted approach to transformation that has resulted in the progress we have made in improving our diversity and overall transformation. 

My experience of being “invisible” in a meeting 15 years ago made me realise that before someone can decide on how they are going to treat you, they must first see you. Not being seen is more unpleasant than being discriminated against and the asset management industry has a collective responsibility to truly see and acknowledge all, regardless of their gender or race, and to not simply track the statistics. We have a way to go to become a truly demographically representative industry and women are ready to not only be seen, but to work within cultures that affirm this. As this journey unfolds, I am full of hope and I look forward to the day when a woman thriving and excelling in our industry is not a remarkable feat. 

By Sinenhlanhla Dlamini, Head of Institutional Client Management and Chairperson of the Transformation Committee at Old Mutual Investment Group

Sne is Head of Institutional Client Management and the Chairperson of the Transformation Committee at Old Mutual Investment Group. She has over a decade’s experience in building strategic long-term partnerships with institutional clients within the asset management industry.