Assets Managed by Indian Women Fund Managers Double to ₹13.45 Lakh Crore in a Year

Despite Growth in AUM, Gender Gap in Fund Management Remains a Challenge

On the occasion of International Women’s Day 2025, new data highlights a significant milestone for women in India’s mutual fund industry. The total assets under management (AUM) by female fund managers has doubled to ₹13.45 lakh crore as of January 2025, reflecting growing participation of women in India’s financial sector.

While the number of women fund managers has increased from 42 to 49 over the past year, they still represent only 10.17% of the industry, highlighting the persistent gender gap in fund management.

Women Fund Managers Now Handle 20% of India’s Mutual Fund Industry

The Indian Mutual Fund (MF) industry has witnessed robust expansion, with total AUM surging by 27.52% to ₹67.25 lakh crore by the end of January 2025. However, women fund managers continue to be significantly underrepresented.

• Women fund managers now handle ₹13.45 lakh crore, accounting for 20% of the total AUM.
• In comparison, male fund managers oversee the remaining 80% of assets.
• Despite the increase, India had 433 male fund managers as of January 2025—nearly nine times the number of female counterparts.

According to Morningstar Investment Research India’s 2024 report, the total assets managed or co-managed by women fund managers stood at just ₹6.66 lakh crore (12.63% of total MF AUM) in January 2024, indicating a sharp rise within a year.

Growth Despite Challenges: Top Women Fund Managers in India

Despite the rise in AUM, the mutual fund industry witnessed some high-profile exits among female fund managers in the past year. Anju Chhajer (Nippon India Mutual Fund) and Sohini Andani (SBI Mutual Fund) left the industry, yet the overall participation of women in fund management increased.

Top Women Fund Managers by AUM

Data shows that the top five female fund managers collectively oversee nearly ₹6.13 lakh crore, accounting for 45.55% of total assets managed by women in the Indian MF industry.

1. Mansi Sajeja (SBI Mutual Fund) – ₹1.41 lakh crore
2. Kinjal Desai (Nippon India Mutual Fund) – ₹1.37 lakh crore
3. Krishnaa N (Axis Mutual Fund) – ₹1.35 lakh crore
4. Ekta Gala (Mirae Asset India Mutual Fund) – ₹1.11 lakh crore
5. Ashwini Shinde (ICICI Prudential Mutual Fund) – ₹0.89 lakh crore

Top Women Fund Managers by Number of Schemes Managed

• Ashwini Shinde (ICICI Prudential MF) manages or co-manages 47 funds.
• Ekta Gala (Mirae Asset India MF) oversees 30 funds.
• Kinjal Desai (Nippon India MF) handles 24 schemes.

To put these numbers into perspective, India’s top overall fund manager, Manish Banthia of ICICI Prudential MF, manages ₹3.49 lakh crore, far surpassing any individual female manager.

Fund Houses with the Highest Number of Women Fund Managers

Out of 25 mutual fund houses with female fund managers, a handful stand out in terms of representation and AUM:

• ICICI Prudential Mutual Fund leads the industry with seven women fund managers, managing a total of ₹2.27 lakh crore across 66 schemes.
• SBI Mutual Fund, India’s largest asset management company, has five women fund managers, handling ₹1.88 lakh crore across 14 schemes.
• Nippon India Mutual Fund has two women fund managers, overseeing ₹1.53 lakh crore across 26 schemes.

While six fund houses have three or more female fund managers, there remain several AMCs (asset management companies) with no women fund managers at all.

The Gender Gap in Indian Mutual Funds: Progress, But Still a Long Road Ahead

While the number of women fund managers has increased to 49, they still make up just 10.17% of the total fund management workforce in India.

• The number of overall fund managers in India rose to 482 in 2025 (from 473 in 2024), but the gender disparity remains significant.
• The percentage of female fund managers grew from 8.88% to 10.17% in a year, indicating progress but highlighting that the industry is still largely male-dominated.
• Women fund managers have remained a small minority in India’s financial services sector, with slow improvements in representation despite growth in AUM.

A Growing Presence, But More Efforts Needed for Gender Diversity

The doubling of assets managed by women fund managers to ₹13.45 lakh crore is an encouraging sign for gender diversity in India’s mutual fund industry. However, the fact that male fund managers still outnumber female counterparts by nearly 9:1 underscores the need for greater inclusion, mentorship programs, and leadership opportunities for women in asset management.

While major fund houses are gradually increasing female representation, much work remains to be done. Encouraging more women to enter the fund management space will be crucial for building a more equitable and diverse financial industry in India.