Matt Miller, Nick Mason, Kresge Foundation discussed on Bloomberg Daybreak Europe

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Assets They're already a member of me Matt Miller They're already a number of really wealthy people Think about the wealth that Jay Leno has created or Jerry Seinfeld Nick Mason who I'm sure you know is the drummer from Pink Floyd has amassed more than $1 billion portfolio of cars including a $250 million Ferrari two 50 gig I want to see you I want to hear about all I'm being told to wrap you And it's really upsetting because you're in the middle of a fantastic spiel about this podcast that you're going to let I want to listen to you We're all going to download I do want to listen to I think this is going to be a great workout I will say spurred by this is a little bit of inside baseball for listeners behind the scenes crystal grant works tirelessly every morning to produce or to direct your show Yes she's an unsung hero and she and I were just talking about this before I came on so that's why I thought for that reason that reason alone we should be downloading this future podcast Matt Miller Thank you so much as ever Bloomberg surveillance early edition up next Here on London DAB digital radio Now it is time to talk about the big take this morning which also is really interesting topic at long last women are starting to make waves in the hedge fund world 9 recently opened or soon to launch funds of staff been started by women which does signal a change to come perhaps progress has been pretty slow though of the thousands of hedge funds only about 80 are led by women today That's according to the kresge foundation which tracks the diversity of managers of more on this Bloomberg's hedge fund reporter nishan Kumar is here to tell us a bit more How about is female representation then in terms of risk-taking roles in the hedge fund industry It's terrible That's the only word to describe it And here are some statistics that will surprise you More you can visual funds are run by managers named David than by women And that's mutual funds and representations there is much higher Hedge fund industry is even worse In the U.S. which is the world's biggest investment management industry Only about 11% of funds are managed by women That compares with 37% of lawyers 49% of judges 35% of economists 26% of chiefs So this is a problem which is very unique to the asset management industry Well maybe the why is a very big question so tell me what is actually changing mission So that's where and that's why we wrote this story although this number 9 portfolio managed that we have profile may not look great because obviously every year hundreds of new hedge funds get target But in the context of the industry you mentioned there are only 80 hedge fund managers management firms led by exist in the world So this is a pretty sizable number And the more important thing is that some of these managers are going to get substantial capital At least two should get more than $1 billion Maybe three So that's changing in a big way It's quite a historic moment And partly the reason why it's happening is there is now more debate on diversity and ESG related stuff in the industry There is an improving demand for those products So we are hoping that this statistics will improve dramatically and why it's important is that although by number representation of women in at least mutual fund investment slightly better But if you look at from point of view of how much money they manage just about 1.3% of assets in the investment management industry which has about $73 trillion is managed by women led bonds So it's terrible So any debate on diversity ESG that improving prospects is going to lead to more pros which is really important for the industry And this is also happening at a moment when there is a generational shift going on in the industry especially in the hedge fund industry Many of the.

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