Welcome to our #106 weekly newsletter.
“For women taking control of their financial future”
-Jana Hlistova
From The Purse
In this week’s newsletter, we focus on the launch of the Future Female Fund Managers Programme by the Diversity Project.
Some of the biggest institutional investors have joined a plan to double the number of female fund managers to 20% (of the total) by 2026.
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You can review the news in brief so you stay on top of global financial, economic and investing trends.
And don’t forget to listen to The Purse Podcast with Sharon Vosmek. Sharon is the CEO of Astia and Managing Partner of the Astia Fund. Astia is a global organisation that works to level the investment playing field for startups that include women.
We talk about investing in black female founders and eliminating bias in the investment screening process. Please enjoy!
I hope you enjoy this week’s newsletter.
Until next week,
Jana
UK investors aim to increase the number of female fund managers to 20% by 2026
The Diversity Project has announced the launch of the Future Female Fund Managers Programme.
On International Women’s Day (8 March), the Diversity Project announced the launch of the Future Female Fund Managers Programme to ‘move the dial on diversity’, as reported by Reuters.
The Diversity Project was founded in 2016 by a group of leaders in the investment and savings industry, including Baroness Helena Morrissey who is the Chair.
Some of the biggest institutional investors have joined a plan to double the number of female fund managers to 20% of the total by 2026 (currently only 1 in 10 portfolio managers are women, according to industry tracker Morningstar).
The following investors have already signed up:
HSBC Asset Management, Schroders
BGF
JO Hambro Capital Management
Fidelity International
Newton Investment Management
abrdn
Aviva Investors
Artemis
Columbia Threadneedle.
The programme will support women…
“..in learning digital skills, how to navigate through cultural barriers and life events how to create allies and long-term sponsors, and overcome challenges when the only woman in the room..”
Trainers will include current and former female fund managers, executive coaches, and male allies – who are key in championing change.
According to the Diversity Project blog, the programme will offer a mix of online and in-person training, and will be suitable for both recent entrants, or women with more experience - working as an assistant, alternate or junior fund manager.
News in Brief
Financial news
The price of oil soared to $140 a barrel, its highest price since 2008, in early trading on Monday, after reports that western countries were discussing a possible embargo on crude supplies from Russia, the world’s second-biggest exporter.
S&P 500 loses 2.9% for worst week since January 2021. Russia continues to escalate its invasion of Ukraine.
The Nasdaq China Index has collapsed another 8% to the lowest level since 2016. Global funds rapidly reducing China exposure. Country’s stocks among world’s worst since the Russian invasion.
On Wednesday, European stocks closed up 4.7%: the best session in nearly 2 years as commodity prices ease.
US inflation rate jumped to 7.9% in February and hits a 40 year high even before oil spike. (This was the biggest since 1981).
The European Central Bank (ECB) increases inflation in 2022 to 5.1% vs. 3.2%. Sees 2023 inflation at 2.1% vs. 1.8%. And in 2024 inflation at 1.9% vs. 1.8%.
Russia is on the brink of defaulting on its debt. Rating agency Fitch warned on Wednesday (the sanctions imposed since the Ukraine war are damaging the economy).
BlackRock, the world’s largest asset manager, has taken about $17bn in losses on its Russian securities holdings because of the attack on Ukraine.
Institutional investors to shift trillions from bonds to equities. Equity inflows could reach $230bn in the coming weeks as funds rebalance their portfolios, says JPMorgan. Cash holdings by large investors have increased sharply in recent weeks, rising above the level reached in March 2020.
Crypto: bitcoin, ethereum, DeFi & NFTs
Bitcoin drops below $40,000, almost wiping out gains from Biden’s crypto executive order that requires US government agencies to assess the benefits and risks of creating a central bank digital dollar and other cryptocurrency issues (see the current bitcoin price).
Nearly 30K BTC leaves Coinbase Pro in 3 transactions. If confirmed, someone could have made a serious commitment to BTC worth over $1bn at around $39,000.
A vote by the Monetary Committee of the European Union's parliament on the EU's Markets in Crypto Assets (MiCA) legislation will take place on Monday, March 14. As it stands, it definitively condemns the future of crypto-assets in Europe. By banning Bitcoin and Ether, by complicating the use of NFT and DeFi, the European Parliament is mortgaging our monetary and financial sovereignty.
10m ether now locked on Eth 2.0 staking contract. The landmark figure represents over $26bn worth of the asset at current prices.
The Purse Podcast
We cover the following in our conversation:
investing in black female founders
gender & racial bias
standardising the fundraising process
the VC industry (and what needs to change)
how black female founders can raise funding
Please enjoy! Listen here on iTunes and Spotify+
Coffee Break? Read This
We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and @janicka.
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