A $2.5 trillion asset manager just put a statue of a defiant girl in front of the Wall Street bull
State Street installed a statue of a girl in front of the Wall Street bull in downtown Manhattan.
The world's third-largest asset manager installed a bronze statue of a defiant girl in front of Wall Street's iconic charging bull statue on Tuesday morning as part of its new campaign to pressure companies to add more women to their boards.
State Street Global Advisors, a nearly $2.5 trillion investor and unit within State Street Corp., is rolling out the campaign ahead of International Women's Day on Wednesday.
The money manager said it would vote against boards if a company failed to take steps to increase its number of members who are women. State Street plans to send a letter to 3,500 companies on Tuesday asking the companies to act.
State Street is a huge player in the index fund world, managing about 90% of its assets in passive funds, which are often investing in companies held in the Russell 3000 and FTSE.
The money manager has cited gender diversity as a way to improve company performance and increase shareholder value. The lack of women on boards has long been a problem. Beyond pipeline issues, some boards see no reason to increase their gender diversity, data shows.
"There has been a lot of discussion on this topic, but the needle hasn't moved materially," Lori Heinel, State Street's deputy global chief investment officer, told Business Insider after the statue's installment.