With International Women’s Day approaching on March 8, the Association of Investment Companies (AIC) has revealed that 42% of investment trust directorships are now held by women, but women make up only 11% of fund managers.

Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “Investment trust boards have made great progress on gender diversity. Over the last five years the percentage of female investment trust directors has increased from 31% to 42%.

“Initiatives like the Hampton-Alexander Review were a game changer for diversity on boards and since then the investment trust industry has appointed more female directors.

“However, there is far more to be done to increase the number of female fund managers, where little has changed despite diversity campaigns and commitments.

“It’s essential to break down the structural barriers that make it more difficult for women to progress in this industry. There won’t be more female fund managers unless they are appointed and more needs to be done to make this happen.”

The AIC published comments from female investment trust managers and investment trust directors about why fund management is a good career for women and why it’s important to have more women on boards.

Sue Noffke, Manager of Schroder Income Growth Fund, said: “Fund management is attractive because it places you at the centre of capital allocation – and capital ultimately shapes the real economy.

“It’s a career that rewards independent thinking and long-term judgement. Fund managers decide which businesses thrive and which ideas scale. This is one of the few careers where intellectual independence and real economic impact sit side by side. Investing rewards judgement, not ego.

“And judgement improves with experience – that’s why it’s such a compelling long-term career. If you want to influence the future rather than comment on it, fund management gives you that seat at the table – and more women should be at that table …

“Female representation remains lower than it should be because perception and access haven’t always aligned with reality. For too long, fund management projected an image that didn’t reflect what actually drives performance.

“We shouldn’t pretend this is purely a pipeline issue. Access to responsibility and capital early on determines who stays and who progresses. That’s where the industry has to be honest with itself. When young women don’t see people like them running money, many assume – understandably – that they don’t belong. Visibility matters …

“My advice to women entering the industry is to seek responsibility early, stay curious, and play the long game. Confidence grows from experience, not the other way round. Don’t wait to feel ready. Markets don’t wait and neither should you. You will be wrong – often. Focus on your process and resilience. That’s what separates good investors from average ones. Play the long game. This is a career that compounds, but only if you stay in it.”

Charlotte Cuthbertson, Manager of MIGO Opportunities Trust, said: “I think it’s an attractive career full stop. There are so many different kinds of funds and strategies and it’s hugely interesting. Women should be doing jobs they enjoy and are good at and there’s no reason why that shouldn’t be fund management.”

Laura Foll, Manager of Law Debenture Corporation and Lowland Investment Company, said: “The reasons I think it’s an attractive career for women are exactly the same as why it’s an attractive career for a man. It’s a fantastic job if you’re interested in learning about companies and economies, and when you get things right you can see the benefit to your end investors which is very satisfying.

“It’s also more about people than it might appear from the outside. Yes there are numbers, but it’s also about deciding ‘do I trust what this person is saying, do I think this person can turn around this company?’ I find the human element of getting to know clients and company managements among the most enjoyable parts of the job …

“For a woman or man entering the industry my advice would be the same – be a sponge. This was advice given to me on my first day and it’s stayed with me – it essentially means keep learning, and part of what I love about this job is that you never stop learning. That’s what keeps it interesting.”

Lucy Walker, Chair of Aurora UK Alpha, said: “We’re there to represent the shareholders and I find it incredibly rewarding helping to craft the strategy which will best deliver for them. The way forward is not always clear, but we do our best to keep pointing in the right direction.

“There is breadth to the discussions, whether it be investment, marketing, legal or something else, which offers both an opportunity to input where you have experience, as well as to hear from others who are more informed. I’m fortunate to work with a fantastic and collaborative board where our meetings are genuinely enjoyable – that makes a huge difference …

“I spent much of my career in investment as the only woman at the table, and that is often the case even today. I welcome seeing a more diverse set of candidates joining investment company boards because I know from my own experience the value of different perspectives around the table.

“If women are considering becoming NEDs, I say go for it. It’s all about the skills you can bring, and in today’s world that bridges many areas, from investment to marketing and beyond. It is often possible to take a role alongside your ‘day’ job or you can take the plunge for a portfolio career with multiple positions.”

Cathy Pitt, Non-Executive Director of the AIC, Baillie Gifford UK Growth and Gresham House Energy Storage, said: “I believe that strong governance is a distinct competitive advantage of investment trusts and I enjoy using the skills and knowledge developed over my career to help boards and managers focus on delivering shareholder value …

“Despite considerable progress in female board representation, there is still a perception that investment trusts, and investing, are the domain of men. Women on boards can broaden board perspectives and, by being visible, encourage wider investor engagement. Plus, the work is intellectually stimulating and the challenges are worthwhile.”