Out of the recent fund manager promotions at Fidelity Investments, 30 percent have gone to women, according to Bloomberg.
Why it’s important: The Boston-based asset manager has come under fire recently with a couple of sexual harassment suits that point to a larger culture of sexism and bullying. It’s an interesting development for a firm that has one of the highest profile female CEOs in finance.
Tearsheet’s Take: Asset management is a tough industry for women who aspire to become fund managers — only 10 percent of fund managers in 2016 were women. When you look at performance, though, women fund managers frequently outperform men in many asset classes.
Fidelity’s leadership appears to be righting the ship with these hires. With some recent no-fee fund launches and fee cutting in popular Fidelity funds, Fidelity outsold Vanguard by 40 percent in October.