In the run up to International Women’s Day on 8 March, the UK’s Association of Investment Companies highlights how female representation on investment trust boards is ahead of fund management.

The UK’s Association of Investment Companies (AIC) has revealed that 42 per cent of investment trust directorships are now held by women, but women make up only 11 per cent of fund managers.

“Investment trust boards have made great progress on gender diversity. Over the last five years the percentage of female investment trust directors has increased from 31 per cent to 42 per cent,” Annabel Brodie-Smith, communications director of the AIC, said. “Initiatives like the Hampton-Alexander Review were a game changer for diversity on boards and since then the investment trust industry has appointed more female directors.”

The statement comes ahead of International Women’s Day on 8 March – designed to commemorate women’s fight for equality and liberation – with this year’s theme being “Give to Gain.”

“However, there is far more to be done to increase the number of female fund managers, where little has changed despite diversity campaigns and commitments,” Brodie-Smith continued. “It’s essential to break down the structural barriers that make it more difficult for women to progress in this industry. There won’t be more female fund managers unless they are appointed and more needs to be done to make this happen.”

“Despite considerable progress in female board representation, there is still a perception that investment trusts, and investing, are the domain of men,” Cathy Pitt, non-executive director of the AIC, Baillie Gifford UK Growth and Gresham House Energy Storage, added. “Women on boards can broaden board perspectives and, by being visible, encourage wider investor engagement. Plus, the work is intellectually stimulating and the challenges are worthwhile.”

“I spent much of my career in investment as the only woman at the table, and that is often the case even today,” Lucy Walker, chair of Aurora UK Alpha, said. “I welcome seeing a more diverse set of candidates joining investment company boards because I know from my own experience the value of different perspectives around the table.”

The AIC represents a range of investment trusts and VCTs, collectively known as investment companies. Its vision is for closed-ended investment companies to be understood and considered by every investor. The AIC has 276 members and the industry has total assets of about £268 billion ($311 billion). See more on International Women’s Day here and a new study commissioned by the UK’s Female Founders Rise, in partnership with Barclays Bank, highlighting women’s need for human connection to succeed.