Post Summary
Convergence tracked C-Suite hiring across the asset management industry, comparing 54,996 total C-Suite positions as of October 30, 2023 against the baseline as of December 31, 2018, a net growth of 12,436 positions, or 29.3%.
Women hold 21% of C-Suite roles in the asset management industry, compared to 28% in corporate America overall and 50.4% of the U.S. population, according to the sources cited in the report.
Women's share of C-Suite roles rose from 19% in 2018 to 21% in 2023, a 2 percentage point increase, with a net growth of 3,280 female C-Suite hires, or 40.7% growth in that category.
Existing Advisers hired women at 25% of their 12,664 C-Suite hires, above the 19% 2018 baseline rate, the only category in the report to exceed that baseline.
Start-Up Advisers hired women at 16% of their 20,979 C-Suite hires, below the 19% 2018 baseline rate.
Women represent 50.4% of the American population <sup>1</sup> yet hold just 28% of C-Suite roles in corporate America <sup>2</sup> and just 21% in the asset management industry. This installment of "Convergence DEI Insights" spotlights the types of Advisers that have helped improve the female gender gap and others who can do more.
Convergence Insights
Chart 1 – There were 54,996 C-Suite positions on 10/30/2023, up 12,436, or 29.3%, from 12/31/2018. Startup Advisers accounted for 20,979 new hires, or 49%, and Existing Advisers accounted for 12,664, or 30%. This was offset by 21,177 closures, or -50%. Replacement hires (Turnover) totaled 7,677 (no impact on the overall numbers). Overall, Advisers had 41,320 opportunities to hire women.
Chart 2 – Of the 41,320 opportunities, 3,280 women were hired, or 8%, and they now hold 21% of roles, up 2 points from 19% since 2018. Improvements were driven by hiring trends across different types of Advisers. For example:
- Start-Up Advisers added 3,360 women, or 16% of the 20,979 hired, a lower rate than the 2018 Female C-Suite ratio of 19%.
- Existing Advisers added 3,213 women, or 25% of the 12,664 C-Suites hired, a higher rate than the 2018 Female C-Suite ratio of 19%.
- Turnover added 1,093 women (4,385-3,292), or 14% of the 7,677 position changes, a lower rate than the 2018 Female C-Suite rate of 19%.
- Closures reduced the number of women by 4,386, or 8% of the 21,177 C-Suite drops, below the 19% Female C-Suite ratio in 2018.
C-Suite Net Growth: +12,436, +29.3%
Female C-Suite Net Growth: +3,280, +40.7%
Call to Action – Hiring Managers
- Startup Advisers – You hired fewer women than Existing Advisers and should consider the benefits of hiring more women as you grow your firm.
- Existing Advisers – You hired more women than Startups but can do better when replacing existing C-Suite positions.
- Contact Kate Kunz to learn how we can help your firm improve gender parity at kkunz@convergenceinc.com.
Key Points
What was the overall scope of the C-Suite data analyzed in this report?
- The total C-Suite position count grew significantly over the study period: There were 54,996 C-Suite positions as of October 30, 2023, up 12,436, or 29.3%, from December 31, 2018.
- Growth came from two hiring sources: Startup Advisers accounted for 20,979 new hires (49% of the growth-driving total), and Existing Advisers accounted for 12,664 new hires (30% of that total).
- Closures offset a substantial share of the growth: 21,177 C-Suite positions were lost to closures, described in the report as -50%.
- Turnover was tracked separately and did not affect net totals: Replacement hires (Turnover) totaled 7,677, with the report noting this had "no impact on the overall numbers."
- The combined hiring opportunity across all categories was stated directly: The report states "Advisers had 41,320 opportunities to hire women" across the period studied.
What percentage of C-Suite roles do women hold in asset management compared to other benchmarks cited in the report?
- Women represent just over half the U.S. population: The report cites 50.4% as the female share of the American population, per McKinsey's "Women in the Workplace" as the cited source.
- Women hold a smaller share of C-Suite roles in corporate America broadly: The report cites 28% as the female share of C-Suite roles in corporate America, per U.S. Census Bureau QuickFacts as the cited source.
- Women hold a smaller share still in asset management specifically: The report states women hold "just 21%" of C-Suite roles in the asset management industry, the report's own tracked figure.
- The report frames this as the specific gap the piece addresses: The report states its purpose is to spotlight "the types of Advisers that have helped improve the female gender gap and others who can do more."
How did women's overall share of C-Suite roles change between 2018 and 2023?
- The starting baseline was stated directly: Women held 19% of C-Suite roles as of the 2018 baseline referenced throughout the report.
- The ending figure represents a measurable increase: Women held 21% of C-Suite roles as of October 30, 2023, a 2 percentage point increase.
- The absolute number of women added was reported alongside the percentage change: 3,280 women were hired into C-Suite roles, described in the report as 40.7% growth in the female C-Suite category specifically, distinct from the 29.3% growth in total C-Suite positions.
- Of the total hiring opportunities, a specific conversion rate was reported: The report states of the 41,320 total hiring opportunities, "3,280 women were hired, or 8%."
How did hiring rates differ by adviser type relative to the 2018 baseline of 19%?
- Existing Advisers exceeded the 2018 baseline: Existing Advisers added 3,213 women, representing 25% of their 12,664 C-Suite hires, above the 19% 2018 baseline.
- Start-Up Advisers fell below the 2018 baseline: Start-Up Advisers added 3,360 women, representing 16% of their 20,979 C-Suite hires, below the 19% 2018 baseline.
- Turnover-related hiring also fell below the baseline: Turnover added 1,093 women (reported as the net of 4,385 minus 3,292), representing 14% of the 7,677 position changes in that category, below the 19% 2018 baseline.
- Closures reduced the female C-Suite count below the baseline rate as well: Closures reduced the number of women by 4,386, representing 8% of the 21,177 C-Suite positions lost to closure, below the 19% 2018 baseline
What specific numbers support the "Existing Advisers outperformed Start-Up Advisers" comparison in the report?
- Existing Advisers' female hiring rate was stated directly: 25% of Existing Advisers' 12,664 C-Suite hires were women.
- Start-Up Advisers' female hiring rate was stated directly: 16% of Start-Up Advisers' 20,979 C-Suite hires were women.
- The volume of hiring differed substantially between the two categories: Start-Up Advisers hired nearly double the total C-Suite positions of Existing Advisers (20,979 versus 12,664), despite the lower female hiring rate.
- The report's own call to action reflects this same comparison: The report states Existing Advisers "hired more women than Startups but can do better when replacing existing C-Suite positions," while Startup Advisers "hired fewer women than Existing Advisers."
What did the report recommend, and who did it name as a point of contact?
- Two specific recommendations were directed at hiring managers by adviser type: Startup Advisers were advised to "consider the benefits of hiring more women as you grow your firm," and Existing Advisers were advised they "can do better when replacing existing C-Suite positions."
- A named contact was provided for follow-up: The report lists Kate Kunz, reachable at kkunz@convergenceinc.com, as the contact "to learn how we can help your firm improve gender parity."
- The report identifies itself as part of a named ongoing series: The report refers to itself as "this installment of 'Convergence DEI Insights,'" indicating the series format.