The German fund association BVI has a new board. It was elected in the regular general meeting on September 19, 2024, and will serve for the next two years. The new president is Dr. Matthias Liermann from DWS Investment.
"The board sets the guidelines for the association's activities in accordance with the policies determined by the general meeting," states the BVI’s organizational description. Thus, this is a high-profile body. The BVI structure also includes the executive management, various specialist committees, and, of course, the general assembly.
Women’s Representation on the BVI Board: 14.3%
The new board is balanced in the sense that all major firms are represented by one member each: Allianz Global Investors, DEKA, DWS, Union Investment, and Universal Investment.
However, the new board appears less balanced in terms of gender. Sonja Albers from Union Investment is the only woman on the BVI board, representing a 14.3% female quota in the 7-member board. This indicates that gender balance is a lower priority for the BVI than other considerations.
We recognize that the effort to make the asset management sector more relevant in private retirement planning likely required significant focus and is an important goal – both for society (given the potential for higher returns and better flexibility) and the asset management sector.
Still, it seems odd that the board includes two members named Matthias (albeit with slight variations in spelling) but only one woman.
The situation in the committees of the other sectors is partly better, partly worse
In the broader finance industry, the picture is varied, showing progress toward greater female participation, though not yet reaching a balanced gender distribution.
The insurance association GDV has three women on its board: Katja de la Viña, Monika Köstlin, and Stefanie Schlick. However, with 19 members, this equates to a 6.33% female quota.
The Association of German Banks has an 11-member Board of Directors (Executive Committee + Board of Directors), including 3 women: Dr Ingrid Hengstler, Marion Höllinger and Dr Bettina Orlopp. This corresponds to a female quota of 27%.
The private building societies association board remains entirely male with four members. As building societies are not generally seen as progressive within the financial sector, this outcome aligns with our expectations.
In short, we will continue to keep a watchful eye on the important committees and positions in the financial sector and will never tire of addressing the issue of women's representation. On the other hand, we also don't want to talk the issue down and wish Sonja Albers the strength and determination to represent women in the fund industry well at BVI. In any case, she has the full support of Fondsfrauen!
Photos: BVI Website, Webseite of Verband der privaten Bausparkassen
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.