BOSTON Jan 15 Women hedge fund managers have
outperformed their male rivals, on average, for the second year
in a row, according to professional services firm Rothstein Kass
which tracks the industry.
From Jan. 1, 2013, through the end of November, the small
number of hedge funds around the world run by women returned 9.8
percent while the HFRX Global Hedge Fund index was up only 6.13
percent, Rothstein Kass said on Wednesday, citing its own index
of female-run hedge funds.
Meredith Jones, a director at Rothstein Kass, said the
comparison could feed speculation that women are better
"There have been studies that show that testosterone can
make men less sensitive to risk-reward signals, and that comes
through in this study," she said.
The numbers are even more eye-popping for the six years from
January 2007 through June 2013. Hedge funds run by women
returned 6 percent compared with a 1.1 percent loss at the HFRX
Global Fund Index. The Standard & Poor's 500 index gained
4.2 percent during the same time.
The comparisons were derived from Rothstein Kass's Women in
Atlernative Investments Index, which includes some 80 of the
world's roughly 125 women-run hedge funds.
Together, hedge funds run by women manage only a tiny
fraction of the broader industry's $2.5 trillion. Among them are
Jamie Zimmerman's Litespeed Management, Meridee Moore's
Watershed Asset Management and Valerie Malter's Matarin Capital
Management. Their small number and size have been a barrier for
huge pension funds placing big chunks of money, though some
including Connecticut's pension fund have programs designed to
make allocations to firms run by women and minorities.
"Raising money is difficult for anyone regardless of whether
you are wearing Louboutin pumps or loafers," Jones said.
Jones said a survey Rothstein Kass conducted in October of
440 senior women, including fund managers, investors, and
service providers, showed growing optimism about the role of
women in an industry historically dominated by men.
Some 17.5 percent of respondents not currently running a
fund said they wanted to do so within the next five years,
compared to 14.2 percent a year ago, Jones said.
Those running funds also see better returns on the horizon
with more than half expecting to deliver double-digit profits
this year, the survey found.
(Editing by Richard Valdmanis and Andrew Hay)