Women in Fund Management – A Man’s Perspective

1. Women in Fund Management – A Man’s Perspective

2. It’s still a Man’s World . . . The Sex Discrimination Act was 30 years old last month but it’s still a Man’s World, as the following news items illustrate. FT, Thursday, January 5, 2006 Women still find glass ceilings prove barrier to winning top jobs According to the Equal Opportunities Commission, women have made great strides in education and the workplace in the last 30 years but are still struggling to win top jobs. FT, Thursday, January 5, 2006 After 30 years, the Sex Discrimination Act has had a marked but limited impact “The discrimination that takes place now is mostly around women’s family roles and resentment of the disruption it causes.” The City is the last bastion of old-style employment practices, where the focus is on working hard and ceding your life to your employer and clients. Daily Telegraph, Thursday, January 5, 2006 Women still years away from Equality at work The number of people in top jobs is slowly rising, but many get stuck on a lower profile “mummy career track” because employers fail to accommodate family life, says a “sex and power” analysis of senior positions.

3. FT, Tuesday, 10 January 2006 – New York Dresdner sued by women ‘who hit glass ceiling’ “Six female employees . . . cite a pervasive pattern and practice of discriminatory treatment. The women say the bank failed to pay them comparably to men, did not promote them as often as men, and denied them equal job opportunities.” FT, January 5, 2006 Equal Opportunities Commission – When will women achieve parity with men? New research from the Equal Opportunities Commission calculates how long it will be before women achieve parity with men in workplace seniority. It will take 20 years in the top ranks of the Civil Service, 40 years in FTSE 100 boardrooms and 200 years in Parliament. Notebook predicts that it will also be 20 years before the typical man can cook Sunday dinner without using every utensil in the kitchen, 40 years before he notices that a dishwasher needs emptying, and 200 years before he changes a dirty nappy when he could get a women to do it instead. Financial News, 2 January 2006 – 43 Investment Chiefs interviewed for the 2006 ‘VIEWS FROM THE TOP’ survey – just 6 were women. That’s just 14% - higher than the 11% of directors of FTSE 100 companies but below the 16% of local authority council leaders and 17% of the top posts in media and culture – way below “equality”.

4. . . . but Women are making it to the top . . .  Britain’s first ‘Top’ women (Boadicea / Boudicca and a few other Queens omitted) 1979 Maggie Thatcher, Britain’s first woman Prime Minister (but it was 60 years after Britain’s first Woman MP, Viscountess Astor, took her place in the Commons) 1992 Betty Boothroyd, First Woman Speaker of House of Commons and one time dancer with the celebrated Tiller Girls 1997 Baroness Amos became the first black woman peer 1997 Dame Marjorie Scardino became the first FTSE 100 Chief Executive 2003 Lady Hale became Britain’s first female Law Lord

5. . . . in Fund Management too Of 43 Investment Chiefs interviewed for FN’s annual survey, the six women were: • Suzanne Donohoe, Co-Chief Executive, Goldman Sachs Asset Management • Marleen Groen, Chief Executive, Greenpark Capital • Helena Morrissey, Chief Executive, Newton Investment Management • Anne Richards, Chief Investment Officer, Aberdeen Asset Management • Sarah Arkle, Chief Investment Officer, Threadneedle Investments • Nadine Chakar, Chief Executive, ABN Amro Mellon

6. Plus, we have two on the platform this afternoon – Nicola and Sharon

7. Applause

8. Specific Issues for Women • Women are different from men • Sex discrimination • Women communicate differently Men are from Mars, Women are from Venus

9. Women are different from men

10. Sex discrimination

11. Women communicate differently Men are from Mars, Women are from Venus

12. Women in Fund Management I admire – and why ‘Work / Life’ balance – Putting choices on the agenda.

13. Women in Fund Management I admire – and why Successful woman are making important work/life choices – and being highly regarded for it.

14. Conclusion •     Women in Fund Management have been changing the values of our industry for the good. • In the years ahead, women’s influence in the workplace will, hopefully, result in easier and therefore better choices for everyone – male and female – with equal value being given to both career and caring choices.