Just one in 10 UK asset managers have a female chair or chief executive, according to new figures from the sector’s trade body. The Investment Association claims the yawning gender gap in senior leadership explains why the industry pays women so much less than men.

The report, which seeks to explain and justify its members’ average 31% gender pay gap, comes just days before the government’s reporting deadline is set to reveal another year of lacklustre results for the sector. All private-sector companies with more than 250 staff must report their 2018 gender pay gap figures to the government by April 5.