Only nine percent of portfolio managers of U.S. open-end mutual funds are women, and women exclusively managed only about two percent of the $12.6 trillion held in those funds, according to a new study by researchers from Morningstar Inc. of Chicago. In other professional fields women are better represented: 20 percent of law firm partners are women and 19 percent of partners in U.S. accounting firms are women, for example. The numbers are consistent with the general underrepresentation of women in power in the finance sector, however, even though women are not lagging behind in terms of fund performance. This underrepresentation is increasingly becoming a problem, especially for an industry that is seeking to make more money from female clients. In a keynote speech to the Morningstar Investment Conference, where the findings were presented, Sallie Krawcheck, a former wealth-management executive, said that women control $11 trillion in wealth, though many are unhappy with their financial advisers, suggesting that firms should do more to include women among their leadership. She also disputed Sheryl Sandberg’s famous suggestion that women should “lean in” saying the catchphrase is “shorthand for: ‘you women should really do something about this.’”
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