Why pensions have become a beacon of female leadership in finance

It’s fair to say that statistics which point to female under-representation in leadership roles in the investment industry aren’t difficult to find. But one corner of that world, pension fund investment, reveals more women in charge than at asset managers, sovereign funds and central and commercial banks.

Women like APG’s CEO Annette Mosman, Jayne Atkinson, chief investment officer of LGPS Central, CalPERS’ CEO Marcie Frost, Aware Super’s CEO Deanne Stewart and Melissa Khoo, CEO of Singapore’s Central Provident Fund, to name a few, sit at the top of some of the billion dollar organisations cited in the 2025 OMFIF’s Gender Balance Index which tracks women’s representation in senior investment positions and highlights standout gender equity scores at investors like Ontario Teachers’ Pension Plan and Norges Bank Investment Management.

“I am encouraged, emboldened and proud to be part of that group,” Cassandra Lichnock, the first female chief executive officer of $365 billion CalSTRS, the Californian pension fund for teachers where 70 per cent of beneficiaries are female, tells Top1000funds.com ahead of the 2026 International Women’s Day. “Seeing more women take leadership roles at pensions is meaningful because, typically, women feel less likely to be financially secure and we want to help change that trend.”

She believes that one of the reasons pension investment attracts women is its purpose.

“The pension industry provides great public service opportunities in general, and at CalSTRS, we have the chance to represent a wonderful group of people who make our state and communities better every day.”

She is also drawn to the pension industry’s collaborative culture and open and authentic conversations, as well as the academic feel that comes with institutional investment.

“I love the ability to create a culture of engagement for our staff which correlates to how engaged our members are with the organisation. Creating an environment that allows for safety in being your authentic self is very important to me, and I believe that is one of those areas where I thrive.”

The appeal of Continued learning

Anastasia Titarchuk, chief investment officer of New York State Common Retirement Fund, was drawn to investment because of the opportunity to continue learning, and notes the support from other women as she progressed up the ladder.

“The most enjoyable aspect of my job is that I can look at literally everything financial, and I continue to learn,” she reflects. “This industry has had some senior leaders who actively advocated for and mentored women. I was hired by one female CIO and promoted by another. I think that over the long-term, women will continue to be attracted to this space, especially as they see more female leaders and mentors.”

Access to ongoing learning and education via its CFA Program has been a central goal for another high-powered woman in finance, Marg Franklin, who recently retired as president and CEO of the pension industry’s celebrated think tank, CFA Institute.

For FCLTGlobal’s Sarah Keohane Williamson, another outgoing CEO, her role at the not-for-profit that celebrates long-term investment has brought community and research opportunities in a celebrated career that began with getting “hooked” on markets as a new graduate.

“What ties our community together are two truths: first, that the capital markets are critical to economic well-being, and second, that market participants themselves can reverse market short-termism, as opposed to changes via compliance or regulation,” she says.

Female leaders also flag the connection between long-term investment and the sector’s preparedness to support staff for the long term which is important for women, given so many fall away mid-career. According to data from Prequin’s Women in Alternatives report, 22 per cent of professionals in the alternative assets space, encompassing investors and fund managers, are women but that declines to 15 per cent for women in senior positions.

Keeping women engaged at CalSTRS is something Lichnock is particularly passionate about. “Ensuring women receive equitable experience and exposure, so they don’t fall behind when they step away to attend to family matters, take maternity leave or care for aging loved ones, is essential.”

AustralianSuper’s head of fixed income and currency Katie Dean gives a crucial reminder that a job is a two-way selection between employers and employees — for women to have a fruitful career it’s important to find an organisation that will support them through various stages of that journey.

“One of the problems is that we’re always in a bit of a rush to get somewhere in our career, and we have to sometimes take a step back and realise that for women in particular, we’re trying to build something long-term, not just one or two-year experiences,” she says. “An organisation that can help us build that longer-term career and development is going to first of all, be a very attractive and rewarding place to work. But also, an organisation that does that will attract more female talent and leadership.

“Most investors now genuinely recognise and believe that a diversity of thought is what will drive better investment outcomes for their members and clients, so I think that that shift has been really quite pronounced.”

Virtuous cycle

And in a self-fulfilling circle, visibility and having women in senior roles encourage other female talent.

“If you look at our new CEO and our asset class heads, we have some really great female representation,” says Jennifer Shum, senior managing director, structured and private credit, at Canada’s HOOPP where Annesley Wallace took over as president and CEO last year.

Shum has nurtured her eight-person team, equally split between men and women in an approach that actively sponsors female talent and assigns real decision-making authority early to the women on her team. She also ensures that those earlier in their career are also present in decision-making rooms.

In fact, many of today’s leading women have benefited from this kind of mentorship. It’s something FCLT’s Keohane Williamson credits for her career trajectory. “Before FCLTGlobal, I was fortunate to be at Wellington Management for over 20 years, where I had many great mentors, including a cadre of female partners, still too rare in the investment world.”

But in addition to mentorship and sponsorship, HOOPP’s Shum also espouses the importance of women advocating for themselves.

“It’s upon us as well to say, hey, you know what, I want more.”

Non-linear career progression is also important. She says nothing’s a perfect straight line, and people should always strive to do more in other areas. This brings experience around the whole portfolio and supports strategic and communication skills, and helps women build their reputation.

“There is so much you can learn working in different business areas of pension funds, so I encourage women to welcome unexpected opportunities,” agrees Lichnock. “I was in HR before becoming COO and CEO at CalSTRS, for example, and that broad organisational perspective has helped me immensely.”