Women in the asset management industry

Aubrey Q&A interview on women in the asset management industry

Featuring Sharon Bentley-Hamlyn, Camellia Huang and Klyzza Lidman

Background

Sharon Bentley-Hamlyn, Director and Investment Manager at Aubrey Capital Management, has worked for over 30 years in the asset management industry, and she feels there is a persistently low level of female representation in the sector. In the Q&A below, Sharon and her colleagues Camellia Huang, and Klyzza Lidman, Investment Analysts at Aubrey, discuss why they feel this is the case, their experiences, and how companies within the investment industry can do better.

Q1: Sharon: “Camellia, you are Aubrey’s most recent joiner. Can you share with us something about your background, education and what your experience has been thus far?”

A1:

Camellia: “I’m Camellia Huang, and I’m originally from China and moved to the UK for education when I was 15 years old. I graduated from the University of Edinburgh with an Accounting and Finance degree, and I’m now an Investment Analyst working on Aubrey’s Emerging Market Strategy. I have been with Aubrey for over two years now. And this is my fifth year in the investment industry. Previously, I’ve also had work experiences in China and other companies in the UK. I was inspired and encouraged by my father to join Investment Industry, and had several female role models in finance. When I grew up in China. It had never occurred to me that female representation in the industry is a topic which requires addressing until joining the investment club at the university. Through my time as a keen participant in the university club, I observed female students’ participation rate dropping from around 50/50 in my first year of university to around 80/20 in my fourth year, and this was especially the case in the leadership role. It is interesting that a university society is a microcosm of the industry, and behaviours such as boys club mentality, non-meritocracy-based promotion, and gender pay gaps still very much exist. These behaviours shouldn’t be the norm of the financial industry, as they negatively affect how our young generation perceive the industry.”

Q2

Sharon: “Klyzza, you’ve been with Aubrey now for nearly 8 years. Does your experience mirror Camellia’s? What drew you to the investment industry? And why do you think women are so poorly represented?”

A2

Klyzza: “My initial impression of the industry was that it was male-dominated and based on stereotypes like the Wolf of Wall Street, and it just completely put me off. I wouldn’t have enjoyed working in that type of environment. And this really changed when someone from a private equity firm came in and did a presentation on what it means to invest in a company. The mix of fundamental and quantitative analysis and understanding the potential of a company was something I was drawn to. Then, with Aubrey, Sharon and John Ewart, an investment manager on our global emerging markets strategy, presented Aubrey’s investment philosophy and process at my university. And clearly, it was enough to prompt me to apply and get the job.”

Q3

Sharon: “Klyzza, you’re still involved at Edinburgh University Business School, giving frequent presentations that encourage students to consider the investment industry. What’s the response you get from women? And why do you think so few women apply?”

A3:

Klyzza: “I think it starts from the beginning. Getting women to see this as an industry they could consider working in with investment analysis as a career choice. The earlier women can consider Investment Management as a career, the sooner they can develop their skills towards it.”

Q4: Klyzza: “Camellia, were you surprised coming to the UK that the financial sector is so male-dominated? I understand in China, women and finances seem to sit together more naturally; there are clearly cultural differences. Can you share your thoughts?”

A4

Camellia: “Growing up in China, women are normally the ones who manage family finances. This was particularly the case in my family, as my mother is an entrepreneur herself. And I grew up learning the importance of financial independence and financial literacy. The issues around gender diversity and the pay gap persist around the world. But in Asia, interestingly, in contrast to cultural stereotypes, women’s combined wealth overtook that of Western Europe. And this gap is expected to be over 6 trillion USD by 2026. Initially, when I saw this 6 trillion gap, I was quite surprised. However, thinking back on the five years of my professional career in the UK, I think I kind of understand why. Most of the time, when I walk into meetings, networking events or conferences, I’m one of the few women there are just not enough of us.”

Q5 Camellia: “Sharon, why do you think it is that so few investment funds end up being managed by women, fewer coming?”

A5

Sharon: “Fewer coming into the industry in the first place. Once they get there a culture which isn’t always very pleasant in terms of its aggressiveness, where those who shout the loudest get their ideas implemented. Then there’s the issue of maternity leave, which means a career break, where women may see men advanced ahead of them. It does take about 10 years to become Portfolio Manager. And so, you need a certain amount of staying power; you need to have seen up cycles and down cycles to know how to manage through them. Job satisfaction and work-life balance are very important to women. And in my experience, men will put up with a lot more disagreeableness so long as the money and the status are there. And it’s not quite the same for women. Then there’s the issue of Senior Management on their preference for mixed teams versus women running teams or women-only teams.

“And if this is the pattern that’s developing, it’s going to allow for a certain amount of gender washing as companies will claim female representation but without necessarily giving women full investment management responsibility. And then there’s an allocation bias from fund allocators, the clients. I believe that women are no better than men in that respect, and in allocating funds to female teams. Senior Management are probably aware of this consciously or subconsciously. That’s why women don’t get promoted.”

Q6:

Camellia: “Sharon, do you think there’s any intrinsic difference between men and women and their approach to investment?”

A6:

Sharon: “In terms of analytical ability, absolutely not, no difference at all. It is sometimes said that women are more risk averse, which is not my experience where managing money is concerned, but they are possibly more conscientious in doing the due diligence, taking their time and not shooting from the hip. Confidence is an issue. Putting yourself forward is not something that was encouraged in my school days and can put women at a disadvantage. Then there’s the issue of networking. It’s, again, something women aren’t particularly good at. And in the city, particularly in my experience, there was a sort of drinking culture, and many women complained about it. It put them at a disadvantage.

There’s a lack of role models in the industry. And women also probably have to work harder to get where they want to be.”

Q7: Camellia: “So what do we do about it?”

A7: Sharon: “We have to support organisations like Future Asset to get the numbers applying going up.”

Q8: Sharon: ”Klyzza, can you share what this organisation is all about and what we’re doing to support it?”

A8:

Klyzza: “Future Asset aims to enable senior high school female students to gain insights into how the investment industry works and how it can change the world. They can gain transferable skills, and they can consider the benefits of pursuing it as a career at Future Asset. 80% of the entries are from the state sector. Now how does Aubrey get involved? Well, Aubrey Capital Management has been a member of Future Asset since 2021. Participating as mentors, speakers and competition judges, our Investment Team takes on active roles in the annual Future Asset competition. Sharon was a judge for the most recent competition, marking and giving feedback to 11 presentation groups. John Ewart was a mentor to two senior high school student groups, and I was a mentor to two junior high school student groups. Last year, Aubrey hosted an investor insights day where several departments, including Camellia’s, provided insights on how one could pursue a career in investment management.”

Q9:

Sharon: “Klyzza, you mentored the team at Future Asset this year. What was your experience? Do you see any of the girls as future investment managers? Do you think getting female participation matters?”

A9:

Klyzza: “I did, and it was really encouraging to see students take an interest in the competition. It was fantastic that they were able to take on a case study of a real company, be mentored by investment professionals and pitch the conclusions. To be honest, it’s not too far off what an investment process can look like. Some students are more interested in it than others. And that’s natural, but it’s great to see that they’re able to explore their interests in such a hands-on kind of way. And I think it goes back to the point that to get more women in the industry, more women need to apply and for that to happen. More women need to be interested and see themselves in this role.”

The discussion can be listened to here: Our Experiences: Women in Asset Management