Women at the core
12 Nov 2025
As India’s asset management industry swells past 50 trillion rupees, a quiet transformation is taking place. Zarah Choudhary looks at how women are rising through the ranks of asset servicing, bringing collaboration, precision, and empathy to the heart of a fast-digitising industry
Image: Black Knight Media
India’s broader asset management story has turned a corner. The industry crossed 52.74 trillion Indian rupees in total assets in early 2024, a 33 per cent year-on-year (YoY) jump, and six-fold growth over the past decade. This expansion — driven by digital platforms, investors, new portfolio management services (PMS), and alternative investment funds (AIF) vehicles — has created demand for skilled professionals who can combine technical depth with client fluency.
That momentum is mirrored in asset servicing.
“India’s asset servicing market is growing at double-digit rates year-on-year,” says Sangeeta Kumar, CEO, India and Philippines centres of expertise at BNP Paribas. “We’ve seen a greater trajectory of participation at entry-level and mid-career stages, enabled by targeted recruitment, upskilling and flexible working models.”
The gap, however, persists at the top — particularly in technology-heavy and client-facing leadership roles.
For Janet Menezes, managing director and global head of Asset Owners Accounting Operations at BNY, the shift is nonetheless visible. “Doors have opened wider for women across operations, technology and client delivery,” she notes. “Organisations are far more intentional about mentorship, sponsorship and leadership development — and women are shaping a culture where all talent can thrive.”
What women bring: The industry value lens
Across the industry, female leaders describe a professional style that blends precision with empathy — a natural fit for an ecosystem built on trust and timeliness.
“In product development and digital transformation, women bring diverse perspectives that enrich problem-solving and accelerate time-to-market,” adds BNP Paribas’ Kumar. “Within risk and compliance, a collaborative mindset with diverse voices enhances our ability to anticipate and mitigate challenges.”
Menezes has seen that dynamic first hand: “Women are leading transformation, championing data-driven solutions and strengthening governance. Balancing technical depth with an intuitive understanding of people and processes is invaluable in asset servicing, where success depends not just on precision, but on relationships.”
At Apex Group, Vidya Parmar, regional head of middle office operations, and Sonal Gokhale, head of customer relationship manager, see that the same approach permeates daily operations.
“Women are helping create inclusive, communicative and resilient workplaces,” comments Parmar.
“It’s not just about representation — it’s about influence,” adds Gokhale. “Women are building more agile and forward-looking organisations.”
For Nisha Lopes (Chonkar), head of client services at Nuvama Custodial Services, empathy remains a commercial advantage: “This industry is built on trust and long-term relationships. Women’s ability to listen, empathise and understand nuanced client needs helps move firms beyond transactional servicing to relationship driven value creation.”
The industry adapts — beyond the metrics
Data show both how far the sector has come and how far it must still go. A 2023 study by the Chartered Financial Analyst (CFA) Institute and CFA Society India found just one woman for every eight full-time employees across financial organisations.
Within financial services, women make up 21.7 per cent of employees and 15.9 per cent of key management personnel.
Morningstar’s latest diversity report paints a similar picture: 42 women fund managers out of 473 (8.9 per cent) now co-manage INR6.66 trillion of assets — roughly 12.6 per cent of total mutual-fund assets under management, a 50 per cent YoY increase.
Corporations are responding with structure rather than slogans. At BNP Paribas, gender equity is “a cornerstone of inclusion,” informs Kumar. Women now account for 36 per cent of the workforce, with graduate and technology programmes maintaining a 50:50 split.
The bank’s MixCity network and initiatives such as Spotlight, She Leads, StrongHer and Women in IT, are designed to convert visibility into advancement, while executive-education sponsorships at ISB, IIM Calcutta, and IIM Bangalore build senior capability.
“Unlocking women’s potential isn’t just an equality goal,” Kumar stresses. “It’s a proven driver of sustainable value for clients and shareholders.”
BNY’s Women’s Initiative Network (WIN) and Leadership Connect programmes offer similar visibility. “Leaders encouraged me to step outside my comfort zone and supported my transition into global roles,” tells Menezes.
“That intentionality matters.”
At Apex Group, the Women’s Accelerator Programme gives high-performing women mentoring, leadership training and networking with senior executives.
“When I joined, my team had two female leaders; today we have six,” informs Parmar. For Gokhale, inclusion has become instinctive: “Women’s voices are not just welcomed — they are influential in shaping decisions.”
Lopes observes that the ecosystem itself is evolving: “Structured mentorship, leadership development and flexible work models are helping women sustain long-term careers. With the right support and inclusion, women are poised to shape the future of India’s asset-servicing landscape in powerful and lasting ways.”
The innovation edge
The innovation story in asset servicing is now less about technology itself and more about who drives it.
Automation, data, and AI have become core to reconciliations, corporate actions and client reporting — areas increasingly led by women.
“Many of our process-improvement and automation initiatives have been steered by women who combine deep domain expertise with a collaborative approach,” says Menezes.
Lopes has seen a similar shift at Nuvama: “More women are leading client onboarding, implementation and technology-driven projects, particularly where cross-border workflows demand strong stakeholder management.”
As India’s mutual-fund and custody operations scale, digital transformation is no longer a back office upgrade — it is the front line of competitiveness, and women are often at its intersection of detail and design.
From pipeline to power
The popular opinion is that the pipeline is healthy, but conversion into senior, profit and loss (P&L), and client-facing roles must accelerate.
Kumar highlights practical areas of focus — partnerships with universities and vocational institutes, scholarship schemes, and tiered development programmes with clear goals and global mentoring. She also calls for allyship networks that cultivate “inclusive leaders across gender, ethnicity and disability.”
Hybrid work is now standard, but must be reinforced by secure digital workspaces and data-governance frameworks so flexibility and control coexist.
Agile staffing, through project-based contracts and talent-on-demand models, could add capacity without slowing careers.
Parmar advocates cross-functional mentoring circles to normalise career breaks and broaden networks.
Gokhale emphasises visibility and sponsorship for women returning from breaks, while Lopes points to purpose-driven role design that allows women to balance personal and professional ambitions without compromising leadership opportunities.
“Progress isn’t just about opening doors,” she says. “It’s about creating spaces where women can thrive, grow and lead.”
Why it matters — for clients and for India
The commercial argument for diversity is now irrefutable.
“Diverse teams ensure diversity of thought and experience,” comments Kumar.
“That strengthens governance, drives client engagement and makes the business more competitive.” Menezes adds: “Balancing technical depth with empathy keeps teams resilient through change — and clients notice.”
Viewed in full, India’s gender story in finance is one of fast momentum but persistent imbalance. Women remain under-represented in senior leadership, yet they are managing more assets, entering technology and operations at scale, and influencing how asset-servicing firms run risk, data, and client experience. The conversation is shifting from metrics to mindset — from counting heads to building culture. If the next decade transforms today’s entry-level talent into tomorrow’s decision-makers, the payoff will go well beyond representation.
As Lopes concludes: “This industry offers enormous potential for women — not only to participate, but to lead.”
And if India’s asset-servicing hubs can turn that potential into power, they will not just mirror the country’s financial growth story — they will define its next chapter.
That momentum is mirrored in asset servicing.
“India’s asset servicing market is growing at double-digit rates year-on-year,” says Sangeeta Kumar, CEO, India and Philippines centres of expertise at BNP Paribas. “We’ve seen a greater trajectory of participation at entry-level and mid-career stages, enabled by targeted recruitment, upskilling and flexible working models.”
The gap, however, persists at the top — particularly in technology-heavy and client-facing leadership roles.
For Janet Menezes, managing director and global head of Asset Owners Accounting Operations at BNY, the shift is nonetheless visible. “Doors have opened wider for women across operations, technology and client delivery,” she notes. “Organisations are far more intentional about mentorship, sponsorship and leadership development — and women are shaping a culture where all talent can thrive.”
What women bring: The industry value lens
Across the industry, female leaders describe a professional style that blends precision with empathy — a natural fit for an ecosystem built on trust and timeliness.
“In product development and digital transformation, women bring diverse perspectives that enrich problem-solving and accelerate time-to-market,” adds BNP Paribas’ Kumar. “Within risk and compliance, a collaborative mindset with diverse voices enhances our ability to anticipate and mitigate challenges.”
Menezes has seen that dynamic first hand: “Women are leading transformation, championing data-driven solutions and strengthening governance. Balancing technical depth with an intuitive understanding of people and processes is invaluable in asset servicing, where success depends not just on precision, but on relationships.”
At Apex Group, Vidya Parmar, regional head of middle office operations, and Sonal Gokhale, head of customer relationship manager, see that the same approach permeates daily operations.
“Women are helping create inclusive, communicative and resilient workplaces,” comments Parmar.
“It’s not just about representation — it’s about influence,” adds Gokhale. “Women are building more agile and forward-looking organisations.”
For Nisha Lopes (Chonkar), head of client services at Nuvama Custodial Services, empathy remains a commercial advantage: “This industry is built on trust and long-term relationships. Women’s ability to listen, empathise and understand nuanced client needs helps move firms beyond transactional servicing to relationship driven value creation.”
The industry adapts — beyond the metrics
Data show both how far the sector has come and how far it must still go. A 2023 study by the Chartered Financial Analyst (CFA) Institute and CFA Society India found just one woman for every eight full-time employees across financial organisations.
Within financial services, women make up 21.7 per cent of employees and 15.9 per cent of key management personnel.
Morningstar’s latest diversity report paints a similar picture: 42 women fund managers out of 473 (8.9 per cent) now co-manage INR6.66 trillion of assets — roughly 12.6 per cent of total mutual-fund assets under management, a 50 per cent YoY increase.
Corporations are responding with structure rather than slogans. At BNP Paribas, gender equity is “a cornerstone of inclusion,” informs Kumar. Women now account for 36 per cent of the workforce, with graduate and technology programmes maintaining a 50:50 split.
The bank’s MixCity network and initiatives such as Spotlight, She Leads, StrongHer and Women in IT, are designed to convert visibility into advancement, while executive-education sponsorships at ISB, IIM Calcutta, and IIM Bangalore build senior capability.
“Unlocking women’s potential isn’t just an equality goal,” Kumar stresses. “It’s a proven driver of sustainable value for clients and shareholders.”
BNY’s Women’s Initiative Network (WIN) and Leadership Connect programmes offer similar visibility. “Leaders encouraged me to step outside my comfort zone and supported my transition into global roles,” tells Menezes.
“That intentionality matters.”
At Apex Group, the Women’s Accelerator Programme gives high-performing women mentoring, leadership training and networking with senior executives.
“When I joined, my team had two female leaders; today we have six,” informs Parmar. For Gokhale, inclusion has become instinctive: “Women’s voices are not just welcomed — they are influential in shaping decisions.”
Lopes observes that the ecosystem itself is evolving: “Structured mentorship, leadership development and flexible work models are helping women sustain long-term careers. With the right support and inclusion, women are poised to shape the future of India’s asset-servicing landscape in powerful and lasting ways.”
The innovation edge
The innovation story in asset servicing is now less about technology itself and more about who drives it.
Automation, data, and AI have become core to reconciliations, corporate actions and client reporting — areas increasingly led by women.
“Many of our process-improvement and automation initiatives have been steered by women who combine deep domain expertise with a collaborative approach,” says Menezes.
Lopes has seen a similar shift at Nuvama: “More women are leading client onboarding, implementation and technology-driven projects, particularly where cross-border workflows demand strong stakeholder management.”
As India’s mutual-fund and custody operations scale, digital transformation is no longer a back office upgrade — it is the front line of competitiveness, and women are often at its intersection of detail and design.
From pipeline to power
The popular opinion is that the pipeline is healthy, but conversion into senior, profit and loss (P&L), and client-facing roles must accelerate.
Kumar highlights practical areas of focus — partnerships with universities and vocational institutes, scholarship schemes, and tiered development programmes with clear goals and global mentoring. She also calls for allyship networks that cultivate “inclusive leaders across gender, ethnicity and disability.”
Hybrid work is now standard, but must be reinforced by secure digital workspaces and data-governance frameworks so flexibility and control coexist.
Agile staffing, through project-based contracts and talent-on-demand models, could add capacity without slowing careers.
Parmar advocates cross-functional mentoring circles to normalise career breaks and broaden networks.
Gokhale emphasises visibility and sponsorship for women returning from breaks, while Lopes points to purpose-driven role design that allows women to balance personal and professional ambitions without compromising leadership opportunities.
“Progress isn’t just about opening doors,” she says. “It’s about creating spaces where women can thrive, grow and lead.”
Why it matters — for clients and for India
The commercial argument for diversity is now irrefutable.
“Diverse teams ensure diversity of thought and experience,” comments Kumar.
“That strengthens governance, drives client engagement and makes the business more competitive.” Menezes adds: “Balancing technical depth with empathy keeps teams resilient through change — and clients notice.”
Viewed in full, India’s gender story in finance is one of fast momentum but persistent imbalance. Women remain under-represented in senior leadership, yet they are managing more assets, entering technology and operations at scale, and influencing how asset-servicing firms run risk, data, and client experience. The conversation is shifting from metrics to mindset — from counting heads to building culture. If the next decade transforms today’s entry-level talent into tomorrow’s decision-makers, the payoff will go well beyond representation.
As Lopes concludes: “This industry offers enormous potential for women — not only to participate, but to lead.”
And if India’s asset-servicing hubs can turn that potential into power, they will not just mirror the country’s financial growth story — they will define its next chapter.
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