The case for more women in asset management

Despite progress, the asset management industry remains one of the least gender-diverse areas of financial services. While women make up nearly half of South Africa’s economically active population, their presence in senior investment roles is disproportionately low. This is a clear signal of untapped potential and systemic barriers. 

According to the Citywire Alpha Female Report 2025, women constitute just 12% of South Africa’s 550 portfolio managers – around 66 individuals. Only 6% of funds are managed exclusively by women, with mixed-gender teams managing another 12%. 

The report highlights how few women hold portfolio management roles nationally, yet those who do are often responsible for some of the country’s most substantial funds.  

At Futuregrowth, several female portfolio managers reflect this leadership strength in action: 

• Thina Tiyo, who manages the firm’s STeFI funds. These include the Yield Enhanced A and BBB STeFI+ Composites with R7.3 billion as well as Income Funds with just shy of R1 billion in assets under management (AUM). 

• Daphne Botha, a portfolio manager since 2005 and the longest standing female portfolio manager within Futuregrowth, who currently manages the Yield Enhanced BB STeFI+ Composite with AUM of R1.2 billion. During her time, she has managed a range of funds including money market, nominal bonds, inflation-linked bonds and STeFI+ credit funds. 

• Nadia Ismail, who manages a significant portion of the firm’s money market funds with combined AUM of R68.5 billion, including the Old Mutual Money Market Fund with AUM of R28.5 billion. 

The success of these women shows that South Africa has no shortage of female capability, but the industry is not doing enough to attract, retain, and promote women.

This is becoming increasingly important as wealth and investment influence shifts into the hands of women globally. 

A shifting wealth dynamic 

At this year’s CFA Institute Annual Conference in Chicago, Paul Donovan, Global Chief Economist at UBS, underscored why inclusion is no longer optional. Within the next two decades, women are expected to control the majority of global wealth transfers (an estimated US$10 trillion in the United States alone). 

Donovan noted that women’s growing economic power is already reshaping the investment landscape: “Women tend to be more values-driven investors; more interested in sustainability and impact, and more methodical in their decision-making.” 

This shift carries a clear implication: as women increasingly drive investment decisions, many want their wealth managed by women. To remain relevant, asset managers must reflect and anticipate this change, cultivating female talent and leadership pipelines that align with the clients of tomorrow. 

Diversity, then, is not a just moral imperative; it’s a strategic advantage. 

As Olga Constantatos, Futuregrowth’s Head of Credit, explained: “Some of the biggest mistakes and frauds in the world of finance have taken place in ecosystems where there was singularity of thinking and a lack of challenge to the status quo. Diversity, in gender, age, experience, and background, allows for uncomfortable questions to be asked and fosters more balanced, resilient decision-making.” 

Preparing the ground for change 

As these global and structural shifts unfold, South Africa’s asset managers must invest in representation now to build a future where more women lead investment teams, manage portfolios, and influence capital allocation.

As part of its effort to nurture future talent, Futuregrowth recently hosted learners from Windsor High School through the CFA Society South Africa’s Day of the Girl initiative – a nationwide job-shadowing programme that exposes Grade 10 and 11 learners to careers in investment management. 

For many, it was their first glimpse into the investment world – and for Futuregrowth’s women, a reminder of why representation and mentorship matter. 

The learners of Windsor High, following an insightful discussion with Makungu Maluleke, Investment Analyst: Private Equity & Venture Capital

The power of mentorship and representation 

Mentorship and representation stand out as essential elements in these women’s stories. Nadia Ismail shared that her primary inspiration came from a mentor who introduced her to the possibilities within finance. She believes that mentorship can fundamentally alter the course of a career by building confidence, broadening perspective, and fostering the courage to ask questions, even in uncertain situations. 

Echoing this, Portfolio Manager Thina Tiyo emphasised the importance of supportive relationships. She advised building connections with peers, mentors, and sponsors who can offer guidance and support throughout one’s professional journey. Thina noted that every individual’s path is different, and learning from those who have previously navigated the industry can help shape one’s own story. 

For Daphne Botha, the combination of exposure and encouragement is equally transformative. She expressed a wish that she had realised earlier that she could set higher goals for herself. With more guidance and mentorship, Daphne believes she could have formed a clearer career plan sooner. She stressed that access to mentors or life coaches can help young women overcome self-imposed limitations and see new opportunities for themselves. 

Mindset, motivation and authenticity 

Beyond mentorship, these leaders also highlighted the role of mindset and motivation. Sheree Davids, Risk Management Analyst and one of the first beneficiaries of the Imfundo Trust bursary (created to support aspiring Black investment professionals, especially women) said success comes from taking initiative.

“Be proactive,” she advised. “Don’t wait for opportunities; create them. She also underscored the importance of maintaining balance – working diligently while prioritising habits that support ongoing growth, such as learning and self-care. 

Nadia added that networking is a valuable resource for opening doors and building support systems. She emphasised that learning is a lifelong process and encouraged women to be intentional, courageous, and to define success for themselves. 

Authenticity emerged as another theme. Nuraan Sulaiman, Investment Professional in Credit, stated that true value comes from individuality rather than conformity. She explained that professionalism is not about blending in, but about contributing unique strengths confidently while remaining receptive to learning from others. 

Creating opportunities for the next generation 

Looking at the broader context, Thina acknowledged that while the financial services industry is making progress, it continues to present challenges for women.

She stressed the necessity of ongoing efforts to open doors to ensure that future generations of women can see and pursue the possibilities available to them. 

Together, these perspectives form a unified message: diverse voices lead to better decisions, stronger teams, and a more inclusive industry. As Nadia noted, paving the way for others remains crucial because women are still underrepresented in the field. 

Investing in human potential 

At Futuregrowth, development has always meant more than financial capital – it’s about investing in human potential.

Initiatives like Day of the Girl embody this purpose: opening doors, sharing experiences, and empowering young women to imagine themselves in careers they may never have considered. Because when young women see others who look like them leading, investing, questioning, and thriving, they begin to understand that they, too, belong in every room they enter. 

Back in 2017, Futuregrowth also made a decision to be intentional about creating new portfolio managers within the business, and in particular more female portfolio managers. Daphne Botha coordinates the Futuregrowth Portfolio Manager Preparation Programme, with a new programme starting in January 2026. 

Futuregrowth is proud to partner with the CFA Society South Africa in building bridges between education and industry and helping to inspire the next generation of women who will shape South Africa’s financial future.