Sallie Krawcheck, a former executive at Bank of America (BAC) and Citigroup (C) who has worked to promote women as business leaders, is teaming up with a money manager for an index fund focused on women.

The Pax Ellevate Global Women's Index Fund will seek investment returns that match or exceed the performance of the Pax Global Women's Leadership Index, according to a press release Wednesday by Pax World Management LLC and Ellevate Asset Management LLC, whose principal is Krawcheck.

The fund is the successor to the Pax World Global Women's Equality Fund (PXWEX), following a shareholder-approved merger, and is the only mutual fund in the U.S. focused on investing in companies that are global leaders in advancing women, according to the release.

The $49 million Pax World Global Women's Equality Fund trailed 72% of rival funds over the past three years and 82% over the past five years. In the past year, the fund has gained 20%, beating 59% of its peers. The fund's largest holding was Royal Bank of Canada as of March 31, according to data compiled by Bloomberg.

Women hold 31% of board seats in companies held by the new fund compared with an 11% global average, according to the release.

"We believe that it is simply smart business to invest in women and that this investment case will be borne out over time by the performance of this global index fund," Krawcheck said in the release.

The partnership with Pax is the first investing initiative by Krawcheck since she last year bought Ellevate Network, formerly 85 Broads, a network that promotes women as business leaders. She formed Ellevate Asset Management with business partner Allyson McDonald.

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