I dislike this. Short version: because of a stereotype that females are not as good of investors (even with quite a bit of empirical evidence which suggests they are AT LEAST as good as males and often better), investors penalize female money managers.
From the paper:
"Our starting point is the conjecture that investors might be prejudiced against female fund managers.1 Their prefer- ence for male managed funds leads to lower inflows into female managed funds and might eventually induce firms to hire less females, because mutual fund companies generate their profit from fees charged on assets under management.
Our empirical investigation of all single managed U.S. equity mutual funds from 1992 to 2009 shows that female managed funds indeed experience significantly lower inflows than male managed funds. The growth rates due to inflows of female managed funds are about one third lower than those of male managed funds. This result is obtained after controlling for the impact of past performance and other fund characteristics."
Which is clearly a behavioral bias that is quite disturbing and unfortunately will likely be used in any gender based lawsuits for glass ceilings etc.
Ruenzi, Stefan and Niessen-Ruenzi, Alexandra, Sex Matters: Gender and Prejudice in the Mutual Fund Industry (October 13, 2011). Paris December 2011 Finance Meeting EUROFIDAI - AFFI. Available at SSRN: http://ssrn.com/abstract=1943576