Despite a plethora of diversity initiatives across the fund management industry, including the Closing the Gap report from the Investment Association, City Hive championing a more balanced workforce and Investment Week's Women in Investment Awards, female portfolio manager numbers are still woefully behind those of men.
Women comprise just 14% of fund managers at UK firms with assets under management (AUM) of between £30bn and £700bn, according to Morningstar data.
The figures, which excludes funds of funds, provide an interesting, but disheartening, snapshot of the industry, covering 378 portfolios at Baillie Gifford, BlackRock, Fidelity, Invesco, M&G, Royal London and Schroders, among others.
Of these firms, Baillie Gifford scored best with 14 of 53 fund managers being women, which amounts to 35%, and Invesco scored lowest with just three of the 44 fund managers, or 6.8%, within the dataset being female.
Overall, some 48 of the 378 funds (12%) have female managers.
This compares with Morningstar's global stats released in October 2016, which found that one in five funds (20%) has one or more female managers.
The picture is even worse for single-manager funds as just 15 of the 215 funds with one manager are female - a paltry 8%.
Meanwhile, the number of funds a single manager is running is considered an indication of seniority within departments.
Of Baillie Gifford's 14 female portfolio managers, just two run multiple funds (Kirsty Gibson and Helen Xiong) and both run two funds each.
Of the 35 male sole portfolio managers at the firm, 54% manage two or more funds, while six manage three or more funds.
In the entire dataset, just 12 of the 40 women were managing two
or more funds.
Unfortunately, the UK investment industry is demonstrating slow progress; the number of female portfolio managers appears not to have increased much as a percentage of the whole since the Global Financial Crisis 11 years ago.
A Morningstar report called Fund Managers by Gender (released in November 2016) found female UK portfolio managers made up 13% of the total - on a par with Finland and Denmark (Singapore scored 30%, with the US and Germany at 10% and 9% respectively).
So why, with so much work being done around diversity, are female fund manager numbers so static?
There are a number of key issues, one being, according to a BlackRock spokesperson, the length of a typical portfolio manager's tenure.
"Many of these managers are running funds for decades. Roles simply don't come up very often," she said.
Additionally, according to Rebecca Fender, head of the Future of Finance initiative at the CFA Institute, the pipeline used to promote promising female staff also has issues.