Over the past decade, significant strides have been made globally and locally towards improving gender representation in the workplace. Yet, despite this progress, the financial services sector, particularly asset management, continues to lag.
Despite strong female academic performance and qualifications, women are still largely absent from roles that directly influence investment decisions and strategy. Data from the Eskom Pension and Provident Fund Diversity in Asset Management Study indicates that as at 2024, only 17.2% of portfolio management professionals in South Africa are women. When including all roles related to investment management, such as administration, reporting, and marketing, the representation rises to 43.8%, but this masks their ongoing exclusion from core decision-making positions.
Unconscious bias is perhaps, in my view, still the largest obstacle. Misperceptions around leadership capability, "executive presence," and assumptions regarding availability and ambition post-motherhood have persistently hindered women’s ascension into senior roles. These biases often manifest subtly but consistently, shaping hiring decisions, performance evaluations, and promotions. We need to rethink these entrenched practices and provide more visible pathways and support for women to enter.
Looking ahead, targeted early-stage interventions are pivotal. We must expose young girls early to role models in finance, support STEM-related education, and provide mentorship programmes that encourage their growth in the sector. Young women aspiring to shape the future of South African finance must commit to developing exceptional technical competence, broadening their knowledge base, and embracing their unique femininity in the workplace.
My own career has placed me in operational and financial roles, typically seen as support functions, dominated by women, juxtaposed against investment teams historically dominated by highly educated men. One of my lifelong professional goals has been to bridge this divide. At Old Mutual Alternative Investments, we have actively pursued meaningful integration and mutual respect between these two traditionally separate worlds. Our initiatives include targeted mentorship programmes where senior investment professionals mentor colleagues from operations and finance teams, recognition programmes that acknowledge excellence irrespective of function or gender, and deliberate efforts to ensure transparency and inclusivity in information-sharing.
Reflecting on my personal journey, becoming a mother in 2016 truly reshaped my perspective, enabling a deeper understanding of the immense challenges working mothers face. Learning how to balance motherhood with the rigorous demands of the asset management sector was profoundly challenging but ultimately made me a more empathetic and inclusive leader.
Encouragingly, one positive outcome from the Covid-19 pandemic has been the increased adoption of flexible work arrangements. This shift has empowered women to balance professional and personal responsibilities better, resulting in continued economic participation, which is so crucial to the South African road to recovery.
Finally, meaningful transformation cannot be limited to gender alone. Intersectionality, considering race, socioeconomic status, disability, and sexual orientation, is crucial. Diversity, Equity, and Inclusion (DEI) initiatives must genuinely engage with these intersecting identities to create authentic inclusion. I believe women leaders carry significant responsibilities in cultivating such inclusivity, as we are naturally adept at creating space for diverse perspectives, demonstrating high emotional intelligence, and creating environments where everyone feels valued. These skills, once undervalued, are now essential for sustainable business success.
The road to gender equality in finance is neither straightforward nor quick. It requires intentional, sustained action, authentic leadership commitment, and structural change. Only then will we unlock the full potential of all individuals, irrespective of gender, and achieve economic empowerment and inclusive prosperity.