It's estimated that nearly $4 billion has been pulled by public pension funds from Fisher Investments. “Is this a MeToo moment. Let’s hope so,” said Sallie Krawcheck, co-founder of Ellevest.
, found that firms owned by women and minorities manage just 1.3% of the assets in the $69 trillion U.S. asset management industry even though they perform just as well if not better than their competitors.
One conclusion to draw from the studies is that women need to be encouraged in math and to pursue finance — but that requires a change in cultural attitudes. “It’s a bit of a chicken and egg problem,” Barber said. “We have been making progress as a society but there is more work to be done.”, a non-profit consortium of corporations, universities and MBA programs aimed at increasing the number of women who choose business careers, follows a practical approach.
Sangster said that Wall Street firms have made gains with their MBA hires, with recruiters telling her that new recruiting classes are 40% to 50% female, but that only represents partial progress because retaining them is another matter. Sangster said another tool that the Forte Foundation promotes is its male ally program, which encourages men to step forward to challenge a culture that in the financial services industry has created a “leaky pipeline” for women. She said the decision by Chalekian to disclose what Fisher said is one of the best examples.
Fisher, founder and chairman of his company, noted that such holdings account for less than 10% of the firm’s assets under management and have been more than made up for by gains in other asset classes, which include high net worth investors and business 401 accounts. The firm reported more than $112 billion under management as of Sept. 30.
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