Women who want to manage money seem to be having better luck doing it someplace other than Wall Street.
U.S. firms with the highest share of female portfolio managers are located thousands of miles from Manhattan, according to new Morningstar Inc. research. Dodge & Cox and Charles Schwab Corp. -- both with headquarters in San Francisco -- are top ranked at 30 percent and 28 percent, while Franklin Resources Inc., with $724 billion in assets as of June 30, is tied for the third and based in nearby San Mateo, California.
Academics, consultants and some of the women entrusted with investing these companies’ trillions say the reasons include deeply rooted old-boy networks, ineffective recruiting, lack of mentoring and an absence of mid-career on-ramps for women who leave to care for children in the industry’s Northeast corridor.
“In ranking them, you do see quite a few firms based outside of the traditional Wall Street world, where perhaps firms have had better luck developing more women managers or it’s been more of a priority,” said Laura Pavlenko Lutton, Morningstar’s director of manager research practice for North America.
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