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Speaker 1: Now let's head to a story out of the UK,

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Speaker 1: though it is a familiar story pretty much everywhere in

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Speaker 1: the world. Despite the push for gender parody, fund managers

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Speaker 1: in the United Kingdom are still overwhelmingly male. Only one

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Speaker 1: in ten of the people who run Britain's portfolios are women.

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Speaker 1: Helena Morrissey is one of the success stories. She has

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Speaker 1: managed billions of dollars and published best selling books. Now

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Speaker 1: she's aiming for another ambitious milestone to break a decade

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Speaker 1: of stagnation in finance's diversity numbers. Bloomberg Daybreak Europost Haroline

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Speaker 1: Hepberer spoke with Morrissey along with women on her new

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Speaker 1: high intensity mentoring program for those who want to get

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Speaker 1: into managing big time funds, the Northern Line. I've been

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Speaker 1: commuting to the City of London or miss train for decades.

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Speaker 1: Who raised in the era of Margaret Thatcher and the

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Speaker 1: city big Bang women thought that we'd be making the

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Speaker 1: decisions by now and getting the rewards. But how wrong

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Speaker 1: we were. The reality is that only twelve percent of

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Speaker 1: UK fund managers are women. The person who's been at

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Speaker 1: the vanguard of advancing women in the city is Helena Morrissey.

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Speaker 1: Dame Helena, former CEO of Newton Investment Management, ex chair

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Speaker 1: of aj Bell. She's advised the government and has a

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Speaker 1: seat in the House of Lords. She's now putting her

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Speaker 1: considerable contacts, book and profile to work to get more

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Speaker 1: women managing money. I do think there's an image problem

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Speaker 1: that people look and they think, oh, fund management, it's

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Speaker 1: not for me. It would be very isolated to be

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Speaker 1: a woman. It's kind of macho environment. And I think

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Speaker 1: there is still, though a bit of a sort of

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Speaker 1: cultural impediment as well. I think many men now and

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Speaker 1: especially in our industry, really are just as frustrated as

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Speaker 1: the women that we're not seeing more progress. So is

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Speaker 1: this Morrissey's more muscular approach to diversity. I love your expression,

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Speaker 1: car im muscular, because you know, it should feel very robust.

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Speaker 1: It should be like a you've got a business objective here,

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Speaker 1: let's improve diversity of talent. Let's make sure that people

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Speaker 1: are included when they join if they're diverse, and let's

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Speaker 1: achieve better results for our clients. Mentoring some sixty women

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Speaker 1: over a year sounds modest, smaller than the intake at

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Speaker 1: a big investment or law firm. There are around one thousand,

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Speaker 1: six hundred UK fund managers, but only about two hundred

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Speaker 1: women in all. You could fit all of those women

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Speaker 1: on a single London Underground tube train seated. So it

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Speaker 1: is Morrissey's legacy achievable. You know they used to go

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Speaker 1: me a veteran. Now Lexie, I'm like beyond the grave

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Speaker 1: next tithing in my hope. This is not sort of

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Speaker 1: you know, my parling shop. But I've always said, you know,

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Speaker 1: I really don't want to leave this industry until it

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Speaker 1: looks and feels very different. And for me that means

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Speaker 1: that we have, you know, as many women in it

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Speaker 1: as men, and so people expect if they have a

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Speaker 1: four manager to come and visit them and their thorough client,

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Speaker 1: they have just as much expectation that's going to be

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Speaker 1: a woman as a man, and that's not the case.

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Speaker 1: Now meet the mentors and what they hope to pass on.

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Speaker 1: My name is Rosie McMillan. I work at Fidelity International

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Speaker 1: where I'm the director of Portfolio Management. To say it's

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Speaker 1: been an easy ride would be a lie. It's a

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Speaker 1: case of changing mindset, changing habits, changing deeply in rooted

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Speaker 1: beliefs and opening people's eyes to possibility. If gender diversity

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Speaker 1: has stalled, ethnic diversity is even worse. My name is

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Speaker 1: I'm Jinda Lawal and I work at Bearings. I'm the

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Speaker 1: head of Ian corporate Debt at Bearings. I think there

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Speaker 1: are certain circumstances in certain situations you find yourself in

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Speaker 1: as a female portfolio manager, a female fund manager, and

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Speaker 1: you feel you're swimming against the tide. I've got the

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Speaker 1: intersectionality of being an ethnic minority as well as a female,

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Speaker 1: and I see that come through it in my own journey.

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Speaker 1: Ellen Man is a mentee. She's studying to become a

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Speaker 1: chartered financial analyst at Cambridge Graduate in Japanese. She's working

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Speaker 1: at Jupiter Asset Management. I'd started my career during lockdown,

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Speaker 1: so I spent almost two years working pretty much by myself.

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Speaker 1: So I just was really excited to honestly meet other

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Speaker 1: people getting started and hear from them. I've joined a

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Speaker 1: team where my line manager is someone very committed to

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Speaker 1: the mentor role already. So you've got a mail mentor. Yes,

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Speaker 1: the idea of having a mentor and the kind of

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Speaker 1: check in with them and providing some guidance on how

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Speaker 1: do you support someone in those career goals. I think

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Speaker 1: that's very valuable, especially from the kind of gendered perspective.

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Speaker 1: So cautious optimism then, because the numbers truly are embarrassing.

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Speaker 1: Citywar totted up five hundred and sixty two new funds

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Speaker 1: launched in the UK in twenty twenty two, but only

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Speaker 1: ten percent are being managed by women. It's hard, though,

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Speaker 1: not to be swept up by Helena Morrissey's determination. But

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Speaker 1: in the twenty years that I've been covering finance, the

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Speaker 1: sector has seen little change. Helena and others have a

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Speaker 1: battle to move fun management forwards. I'll leave the final

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Speaker 1: word though, to Ellen. I'm hopeful, but I think my

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Speaker 1: hopefulness is very much in the context of being lucky

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Speaker 1: enough to be around a team who are very supportive,

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Speaker 1: and to have a kind of first boss who has

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Speaker 1: been extremely supportive and wants me to flourish. And let's

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Speaker 1: bring in Bloomberg Daybreak. You're of host Caroline Hepger from

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Speaker 1: more on this. Well done on this piece, Caroline, thanks

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Speaker 1: for being here with us. So optimism from the ment's

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Speaker 1: who are trying to break this glass ceiling. But as

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Speaker 1: you're pointing out in this story, it's a really thick

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Speaker 1: glass ceiling to get more women into money management. It

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Speaker 1: is Nathan, I really enjoyed making this piece. Took me

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Speaker 1: back to my days as a reporter. To me this

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Speaker 1: program from Helena Morrissey, who is such a towering figure

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Speaker 1: in the city of London, it does look practical. It's

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Speaker 1: bottom up. It's trying to change these stubbornly low numbers

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Speaker 1: of women in fund management. This program is in person,

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Speaker 1: it's online. It goes along with doing your CFA certificult

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Speaker 1: the obviously need and Morrissey has got experience. She told

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Speaker 1: me she had a lot of buy in from leaders.

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Speaker 1: But yes, it is going to be a big hill

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Speaker 1: to climb. I mean Ellen Mann, for example, that young

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Speaker 1: female mentee. She's a Cambridge graduate, so fluent in the

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Speaker 1: way that she spoke. She pointed out she doesn't know

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Speaker 1: anybody else who works in finance. And also that if

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Speaker 1: you only hire as some investment companies do, STEM graduates,

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Speaker 1: let's say, rather than you know other types of graduates,

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Speaker 1: that that in itself limits the pool. So things, you know,

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Speaker 1: there is a long way to go. Things have to change.

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Speaker 1: Helena Morrissey, though, did say the business case has been

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Speaker 1: made mixed teams make more money. Look at the McKinsey

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Speaker 1: twenty fifteen research Morrissey now saying we have to change

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Speaker 1: hearts and minds. But to me, I use this phrase,

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Speaker 1: it's a more muscular approach to diversity. I think that's

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Speaker 1: why it's really quite novel. Yeah, it's a story about

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Speaker 1: hearts and minds needing to change. I would have to

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Speaker 1: imagine on a couple of levels here, not just the

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Speaker 1: culture of money management firms, but perhaps getting more women

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Speaker 1: into that talent pool. You mentioned that it's a bottom

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Speaker 1: up process. What does that bottom look like. Well, in

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Speaker 1: the UK not great. Only twelve percent of money managers

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Speaker 1: right now are women are Globally the figures aren't much

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Speaker 1: better eighteen percent female fund managers around the world. But

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Speaker 1: there are some impediments. For example that usually people who

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Speaker 1: manage money only have a single line manager. So for

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Speaker 1: a metrics driven business, then you insert, you know, judgment

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Speaker 1: calls around how people are performing in the workplace, So

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Speaker 1: perhaps that's one issue. Also, again a metrics driven business,

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Speaker 1: if you have women who take time out to have children,

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Speaker 1: that then really affect how their numbers stack up. But

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Speaker 1: one of the mentors said to me this isn't just

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Speaker 1: about London. The women that are being trained in this program,

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Speaker 1: sixty of them come from thirty three different businesses. These

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Speaker 1: are global businesses. It could have a big cascade effect

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Speaker 1: around the world. Just has the UK's gender pay gap

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Speaker 1: reporting rules that have become mandatory in recent years has

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Speaker 1: also really made quite a big, big difference around the world. Nathan,

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Speaker 1: you mentioned it's a metric driven business, but there's a

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Speaker 1: culture involved as well. You think about this idea of

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Speaker 1: an all boys club in money management, what is it

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Speaker 1: going to take. What does Dame Helena think it's going

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Speaker 1: to take to break through that. A lot of WhatsApp groups,

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Speaker 1: a lot of you know, mentors handing over their knowledge,

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Speaker 1: and you heard there from Amatunde Lawale about you know,

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Speaker 1: the difficulties she was, you know, from Bearings as it management.

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Speaker 1: She was really excited about her EM team. She talked

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Speaker 1: to me a lot about how the diversity of thought,

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Speaker 1: diversity of background brought together ideas that made investments, you know,

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Speaker 1: so so much better, and yet also that there are

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Speaker 1: these significant difficulties. And Morrissey was really clear on this point.

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Speaker 1: She wants these women that are being trained up on

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Speaker 1: this program not to just be in a team making

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Speaker 1: fund management decisions, but to be the named person on

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Speaker 1: that fund. I to be a quote senior fund management

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Speaker 1: you know, executive. She's absolutely kind of de herman and pointed,

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Speaker 1: and I think perhaps perhaps that will make the difference.

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Speaker 1: Got about a minute left here, Caroline. Of course this

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Speaker 1: isn't just a UK issue. This is something that can

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Speaker 1: apply to money management firms around the world. Really, what

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Speaker 1: kind of lessons did you take from your conversations that

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Speaker 1: could apply to businesses around the world. Yeah, I do

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Speaker 1: think it is a global issue. Helena Morrisy would not

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Speaker 1: commit to making her program global or indeed even permanent.

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Speaker 1: It is for this year that the Diversity Project is

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Speaker 1: doing this pathway program. But you know, you've got to

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Speaker 1: imagine that there will be a clamor for that. Indeed

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Speaker 1: she said that. But it is hugely important globally, and

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Speaker 1: yet financial centers are very intricately connected. People move around,

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Speaker 1: so I think that this diversity push in London could

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Speaker 1: well make a big splash elsewhere, you know, for example.

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Speaker 1: I also want to cite another bit of research this

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Speaker 1: week from the Allison Rose Research the Review into Women

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Speaker 1: Creating Businesses in the UK. You know these have global reach,

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Speaker 1: record number of women starting businesses, but they're still struggling

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Speaker 1: to get funding. Yeah, I think the Pathway program's fascinated.

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