Women working as portfolio managers in the Apac region say that although the number of women in investment roles and leadership positions is growing, more can be done to nurture young female talent.
To celebrate International Women’s Day (IWD) on 8 March, FSA asked female investment managers based in Asia about obstacles they’ve faced in their careers and what they think is needed to support gender equality and inclusion in the industry.
Investment professionals from Allspring, Pictet AM, Muzinich & Co., T. Rowe Price and Franklin Templeton share their experiences with FSA below:
“It was not easy for a petite Asian woman to speak up”
“Common obstacles for women in finance are fitting in and being heard,” said Elaine Tse, portfolio manager of total emerging markets team, Allspring Global Investments. “It’s not just about getting a seat at the table but having a voice. In my early years, it was not easy for a petite Asian woman to speak up in a room of tall dark suits. With experience, I am now very comfortable to share my opinions in all settings. More importantly, I make sure that everyone on the team is heard.”
“Women are sometimes regarded as unable to take risks or make tough decisions. Women who have experienced several investment cycles are just as capable of making bold and timely decisions.”
“Our field has made tremendous progress for gender equality and inclusion at the entry level. We see a good balance at the analyst class, but not yet at senior levels. We need active mentoring so that women and minorities feel that they can rise to leadership positions.”
“The boundary between work and life is often blurred”
“Throughout my investment career, I haven’t felt that there were obstacles due to gender,” said Lorraine Kuo, senior investment manager, multi asset, Pictet Asset Management. “In my experience, gender differences are less intentionally magnified in this part of the world.”
“To me, it’s more about the nature of the job as an investment manager. It’s a rewarding and exciting profession, but it can also be energy- and brain-intensive. The boundary between work and life is often blurred, especially for those of us who manage global portfolios, as we need to stay closely connected to the markets almost all the time. This is true for both female and male investment managers.”
“Overall, in the industry, female investors may sometimes be relatively quieter compared to their male counterparts in meetings or public conferences and might tend to second-guess their own comments. I believe that creating an inclusive environment that encourages everyone to speak and express themselves more freely will help bridge this gap.”
“The culture in the industry was somewhat laddish. That has begun to change.”
“The industry has made strides towards better gender diversity, but there’s still progress to be made,” said Jieying Huang, private credit portfolio manager at Muzinich & Co. “When I started there weren’t many senior female leaders or portfolio managers on the investment side across the board. The culture in the industry was quite male-dominated and even somewhat laddish, whether that be in the office, or in networking and socialising. To progress women had to adapt to and navigate that environment.
“That has begun to change. Partly that is because we are seeing more women in leadership and investment roles across the board. Asset managers are, in general, more aware of creating an environment that is supportive of women and encouraging of female talent. A lot of the larger firms do have very developed frameworks to encourage and promote diversity.”
“I think there is an advantage in being at a smaller, more nimble firm, like Muzinich & Co, where there are more opportunities and where we have very senior female leaders on the investment side. As an industry though I think we need to continue to encourage an environment, and culture, where women can feel comfortable and see they do have equal opportunities to learn and progress.”
“Hong Kong has better gender balance compared to many other regions”
“In Hong Kong, the investment management industry actually has a better gender balance compared to many other regions,” said Jacqueline Liu, portfolio manager for T. Rowe Price’s China Growth Leaders Equity strategy. “Women are reasonably well represented in both research and portfolio management roles. Over the past 15 years, since I first joined the industry, I have seen a significant presence of female portfolio managers across various fund houses.”
“I believe this is partly due to two key factors. First, a high proportion of women in the workforce – Hong Kong’s professional environment provides aspiring female investors with access to senior mentors, which fosters career growth. Second, a well-developed support system – it allows women to better balance demanding work schedules, frequent travel, and family responsibilities.”
“Investment is a long-term profession where experience plays a crucial role in success. However, one of the key challenges remains sustaining a long-term career trajectory, particularly for women who may need to balance high-intensity work with personal responsibilities. To progress from a research analyst to a portfolio manager, one must be deeply passionate about investing. The industry demands continuous learning, adaptability, and perseverance. A key initiative we can undertake is to nurture young female talent early in their career journey by fostering a passion for investing and providing mentorship to help them build a successful, long-term careers.”
“Investment management is a brilliant career for women.”
“I’ve found that a lot of the obstacles that I’ve faced are internal,” said YiPing Liao, portfolio manager, Franklin Templeton emerging markets equity. “In male-dominated industries like investment management, I think women can struggle with issues of self-doubt (being able to back yourself and your convictions) and confidence (being comfortable standing out and vocalising your achievements).”
“I don’t think there are big obstacles in the field. Investment management is a brilliant career for women. It is dynamic, fast paced, and you never stop learning. I also believe that investment management is made better by having more diversity and difference in perspective.”
“I think that we’ve made a lot of strides in gender equality and inclusion. However, there is still more that we can do. To encourage diversity we can hire more women across more roles and functions. To facilitate this, I think more women should be involved in the hiring process. We can also amplify the voices of women in the organization and encourage a strong network. I think that it is important to hear other women’s experiences and career paths, as well as the challenges that they’ve faced and what they’ve done to overcome them. I’ve found it extremely rewarding to hear from other women in the industry and how they have built up their careers.”
