The journey towards gender parity, as outlined by the World Economic Forum's Global Gender Gap Report 2022, is predicted to span 132 years to achieve comprehensive equality across industries. By that time, only 68% of the current gender gap is expected to be closed.

Countries like Iceland, boasting a 90% closure of its gender disparity, and others such as Finland, Norway and New Zealand, have set an aspirational benchmark. Contrastingly, certain African and Middle Eastern nations lag behind, though South Africa holds a promising twentieth position globally, with Rwanda and Namibia leading at sixth and eighth places, respectively.

From an industry viewpoint, Healthcare and Care Services (64.7%), Education (54.0%) and Consumer Services (51.8%) are female dominated. The Government and Public Sector maintain a balanced gender distribution, with women constituting 49.7% of the workforce.

The research indicates a gradual but still inadequate representation of women in Financial Services, standing at 42.4%. Within its sub-industries, asset management is notably the main area where women are less prevalent in leadership roles.

Citywire’s Alpha Female Report 2022 says it might take over 200 years to achieve gender parity in the global asset-management industry. Given that the assets under management globally are projected to boom to $145 trillion by 2025, this sluggish pace signifies missed opportunities for women to shape a sector of growing significance.

The glass ceiling: still unbroken

Despite some advancements, the glass ceiling remains unbroken for women in senior leadership. As of 2022, women held only 33% of leadership roles in both public and private sectors, as reported by the World Economic Forum.

“In the financial services industry, only 15% of the 46% of women employed are in executive roles, and the numbers are even lower when it comes to asset management,” says Sindi Mabaso-Koyana, the Chairperson of African Women Chartered Accountants Investment Holdings (AIH), a wholly Black female-owned, asset-management entity, citing the Hidden Figures report.

She says the report also showed that in venture capital firms, only 4.9% of partners in senior roles are women. Within private equity, just 10% of senior roles are held by women, and there's a significant amount of ground to cover to ensure equitable opportunities for holistic growth in the sector.

Kudakwashe Mswaka, President of Old Mutual Women’s Network (OWN) in Zimbabwe, concurs: “The disparities in leadership roles persistently limit women's influence over decision-making, curtailing their input in policy formulation, and product and service design.”

Old Mutual’s pledge to equality

However, there's a silver lining on the horizon.

In South Africa, AIH recently secured 21.2% of Futuregrowth shares through a collaboration with Futuregrowth Asset Management and Old Mutual Investments.

Old Mutual is partnering with Futuregrowth to aid AIH in obtaining a 50% stake in Futuregrowth. Presently, AIH owns 46.4%, considering existing holdings.

“As AIH emerges as a champion of gender equality within the industry, it ardently advocates for policies and practices endorsing equal opportunities,” Sindi says.

She underscores that while women-led fund managers often receive lower capital allocations, their male peers get approximately R1 billion, even for initial funds. Interestingly, research from HEC Paris suggests that investment management committees with at least one woman in the team exceed their all-male counterparts by an average of 12% IRR and receive 52 cents for every invested dollar. Additionally, gender diversity reduces a fund's average capital loss ratio by 8–12%.

Fast-tracking women’s advancement

Kudakwashe admits that bridging the gender gap is a long-term commitment but believes in measures to hasten the process. This encompasses the active engagement of male allies. Harvard Business Review indicates that organisations involving men in gender inclusion initiatives witness a 96% progression rate, contrasting with a mere 30% when men are excluded.

Further, empowering women with apt resources is pivotal for them to surmount personal and professional challenges. This demands increased flexibility and administrative backing, as women predominantly manage household duties.

“Advocating practices that augment women’s autonomy over their schedules, responsibilities, and career paths is imperative,” asserts Kudakwashe.

When she returned to work after her son's birth and maternity leave, she faced challenges balancing her professional and personal life primarily due to inadequate support. “Re-entry programmes will help women take career breaks to attend to babies, family and other significant life experiences while remaining engaged with the workforce,” she says. “They exist in advanced economies, so it is time we scale up such initiatives on the continent. This is a journey that women should not have to walk alone.”

A supportive culture, underscored by candid forums, can significantly enable women to articulate their challenges.

“Wellness programmes should monitor burnout and ensure women’s issues are resolved timeously,” she notes. “This will reduce resignations and ensure a healthy female pipeline for leadership roles.”

Empowerment through mentorship

Elevating mentorship can be game-changing. Established women leaders can share insights on how women can leverage support systems without jeopardising their career progression. Additionally, leaders can give insights on how women can preserve their authenticity while advancing their careers.

Kudakwashe believes that structured networking is essential for women's empowerment, coupled with platforms ensuring optimal networking and visibility.

“The financial services industry has traditionally been a ‘boys’ club’ with more opportunities for networking and development afforded to men,” says Sindi. “This creates inequality. Women need mentors who can open doors, build their confidence, develop their skills and champion their cause.”

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