Why a $2.5T asset manager put a statue of a defiant girl facing Wall Street bull

The world's third-largest asset manager just installed a bronze statue of a defiant girl in front of Wall Street's iconic charging bull 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., rolled out the campaign ahead of International Women's Day today.

The huge money manager said it will vote against boards if a company fails to take steps to increase its female membership. The company plans to send out a letter to 3,500 companies on Tuesday asking the companies to take action.

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. Lack of women on boards has long been a problem. Beyond pipeline issues, some boards see no reason to increase gender diversity, data shows.

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