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The evidence is clear: mixed-gender teams aid outperformance. But are asset management groups responding?
Citywire Amplify has the numbers so you can see where your group stacks up against others.
See them now: click here. (Scroll down or search the page for ‘mixed teams’.) Amplify’s data spans more than 2,000 groups worldwide. The tables rank groups according to the proportion of female fund managers, tenure, turnover, and Citywire ratings.
But despite the evidence, the trend of increasing mixed teams seems to have stalled.
Until last year, mixed teams had increased in number significantly. In 2016, just 6.7% of the Citywire Fund Manager Database comprised mixed teams. By 2021, that had nearly doubled to 11.8%.
But, in 2022, the number hardly moved: at 12%. That figure mirrors the overall proportion of female fund managers, also 12%. As revealed by Citywire’s Alpha Female Report in September, the number of female managers worldwide also hardly moved over the year, also from 11.8% in 2021.
So who are the mixed-team heroes?
Among giant groups (100 managers or more), JP Morgan Asset Management stands out with 40% of its 120 funds run by mixed teams looking after £235.6bn of assets.
Going down the scale, MassMutual heads up the 50-100 manager bracket (26 teams; 57%) with Charles Schwab (33 teams; 83%) leading the 20-50 group. And among the smallest groups, Rouvier Associés (4), Truffle Asset Management (6) and Bridgeway Capital Management (8) all have 100% mixed teams.
The evidence
Looking at how much total return was generated per unit of risk, mixed teams performed better than funds managed by just one manager, over the last three years.
For every unit of risk a mixed team took, 1.07% in returns was generated, compared with a solo male managers’ return of 0.86% and solo female managers’ return of 0.8%.
Looking over five years, teams also came out on top. For every unit of risk a mixed team took, 1.59% in returns was generated. Compare this with solo male managers’ returns of 1.16% and solo female managers’ returns of 1.07%.
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