Do Women Manage Smaller Funds?

31 Pages Posted: 22 Feb 2010

See all articles by Olaf Hübler

Olaf Hübler

University of Hannover; IZA Institute of Labor Economics

Lukas Menkhoff

German Institute for Economic Research (DIW Berlin); Humboldt University of Berlin - Faculty of Economics

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Based on a sample of 467 asset managers from four countries we robustly find that women manage smaller funds than men, despite tough competition in this industry. Interestingly, the gender gap exists only for managers of smaller funds, i.e. at the lower end of the hierarchy, as quantile regressions show. This is inconsistent with the glass ceiling hypothesis. Going further, this gender gap is limited to large firms. Explanations may refer to large firms using market power in the area of smaller funds or to "visibility" among top asset managers protecting against unequal treatment of the sexes.

Keywords: asset managers, gender, qualification, segregation, attitudes

JEL Classification: J16, J44, G23

Suggested Citation

Hübler, Olaf and Menkhoff, Lukas, Do Women Manage Smaller Funds?. IZA Discussion Paper No. 4771. Available at SSRN:

Olaf Hübler (Contact Author)

University of Hannover ( email )

Institute of Quantitative Economic Research
D-30167 Hannover
+49 511 762 4794 (Phone)
+49 511 762 3923 (Fax)

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072

Lukas Menkhoff

German Institute for Economic Research (DIW Berlin) ( email )

Mohrenstraße 58
Berlin, 10117

Humboldt University of Berlin - Faculty of Economics ( email )

Spandauer Strasse 1

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