Following a shareholder-approved merger, the fund will be the first mutual fund in the US focused on investing in companies that are “global leaders in advancing women,” the firms said. The Pax partnership represents the first investment initiative undertaken by Krawcheck since she purchased the Ellevate women’s network last year.

Krawcheck is the former president of the Global Wealth & Investment Management division of Bank of America; as well as former CEO of Citigroup’s wealth management business; and former director of research and then chairman and CEO of sell-side research firm Sanford Bernstein.

The firms said the Pax Ellevate Global Women’s Index Fund will seek investment returns that closely correspond to or exceed the price and yield performance - before fees and expenses - of the Pax Global Women’s Leadership Index.

The index consists of equity securities of companies around the world that demonstrate a commitment to advancing women through gender diversity on their board, in executive management and through other policies and programs. Companies also meet environmental, social and governance standards.

Women hold 31 per cent of board seats in companies held in the new fund, and 24 per cent of senior management positions, compared to global averages of 11 per cent in each case. Fully 97 per cent of companies have two or more women on their board and nearly 70 per cent have three or more women on their board.

Funding, investing in women gains ground

Women are “woefully underrepresented across the industry.” even though they account for nearly two-thirds of the US workforce, Pershing said last year. The BNY Mellon firm argued that shifting demographics mean that old formulas for success no longer add up - but that women advisors can help unlock a variety of new market opportunities.

Meanwhile, in related news, the Hedge Fund Association yesterday added two more female leaders: FINalternatives publisher Deirdre Brennan as UK regional chapter director, and C&A Consulting director, Amy Poster, to the regulatory and government advisory board and HFA high net worth chair. In February, April Rudin, chief executive of The Rudin Group, was added to HFA's board of directors for a two-year term.

The HFA said it is offering a complimentary six-month membership to all female hedge fund professionals worldwide including managers, investors and industry service providers.

“It is a great time to be a hedge fund manager: regulatory changes, next-gen wealth, digital and social platforms have changed marketing dramatically. Later this year we plan to introduce new and valuable initiatives to help our members engage with and attract high net worth investors,” said Rudin.

“I have actually seen an uptick in inquiries from funds, family offices, and others who are interested in focusing on funding and investing in women,” she added.