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Women Fund Managers Make Strides in Indian Mutual Fund Industry Despite Stagnant Representation

Slow Progress: Women Fund Managers in Indian Mutual Fund Industry Face Stagnant Representation Despite Industry Growth

Mumbai | In a groundbreaking eighth edition of the annual report on female fund managers in the Indian mutual fund industry, Morningstar Investment Research India Private Limited reveals that despite the industry's overall growth, gender diversity among fund managers has seen only marginal progress.

Key Findings:

Industry Milestone: The Indian mutual fund industry crossed the INR 50 lakh crore mark in assets under management (AUM) for the first time in 2024, recording a remarkable 33% growth, reaching INR 52.74 lakh crore as of January 31, 2024.

Gender Diversity Challenge: Among the 473 fund managers overseeing these assets, only 42 are women, maintaining a stagnant representation at 8.88%. This marks a slight decline from 9.18% the previous year.

Asset Management Trends: Assets managed or co-managed by female fund managers totaled approximately INR 6.66 lakh crore, contributing 12.63% to the overall mutual fund assets. While this represents an increase from the previous year, it falls short of achieving noteworthy industry-level representation.

Performance Insights: Female fund managers displayed commendable performance, with 70.0% outperforming the peer group average over one year, 71.0% over three years, and an impressive 93.5% over five years.

The report highlights four exemplary female fund managers who have not only defied gender norms but also excelled in their roles

Anju Chhajer (Nippon India Mutual Fund): With over 20 years of experience, Chhajer manages liquid and low-duration strategies, overseeing INR 554 billion in assets.

Roshi Jain (HDFC Mutual Fund): Adept at managing funds across the spectrum, Jain, with assets totaling INR 704 billion, employs a growth-at-a-reasonable-price approach.

Sohini Andani (SBI Mutual Fund): Known for efficient stock-picking and consistent fund management, Andani manages two strategies with assets totaling INR 592 billion.

Sunaina da Cunha (Aditya Birla Sun Life Mutual Fund): Co-head of fixed income, da Cunha manages approximately INR 543 billion across four strategies, emphasizing consistency in performance with a focus on safety and liquidity.

Gender Diversity

While the industry celebrates reaching new heights in AUM, the report sheds light on the need for increased efforts to foster gender diversity among fund managers. Despite the commendable performance of female fund managers, their representation remains a challenge, urging stakeholders to promote inclusivity and equal opportunities in the sector.

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