German asset managers’ boardrooms are some of the least gender-diverse in Europe, according to consultancy EY.
Based on data shared with Reuters, EY’s analysis of 87 companies found only 29% of financial services board members in Germany are women.
This falls short of the European average of 37%.
German asset managers account for 27% of Europe’s €10.7 trillion managed assets, according to the German Investment Funds Association.
But investors are increasingly paying attention to gender diversity amongst asset managers, EY said.
According to its survey of 300 European and UK-based fund managers with actual or potential exposure to European financial services companies, 44% of investors believe that gender diversity “significantly influences” their decision to invest into a financial services firm.
Only 16% of respondents said it is not a factor in their investment decision-making process.
But in recent years, financial services companies have made improvements on the back of changing regulations and influence from investors.
Nearly half (or 48%) of female board members have been appointed in the past three years, while only 32% of male board members were appointed over the same period.
“Incoming regulation that will mandate equal gender diversity in the EU and the UK is positive, but if firms are to achieve this aim, further action is needed now,” said Omar Ali, EMEIA financial services managing partner at EY.
“Like other sectors, financial services companies need to up their game.”
Elsewhere across Europe, Switzerland came out as one of the lowest-ranked of the 13 countries surveyed by EY, with only 33% female representation on financial services firms’ boards.
Britain and France performed more strongly, both with a representation of 38%, according to the EY European Financial Services Boardroom Monitor.
Italy performed the best with 44% female representation.
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