Voice of Experience: Marilyn Foglia, Managing Director and Head of Latin America, UBS Global Asset Management

This week The Glass Hammer is celebrating Hispanic professional women – each day this week we’ll feature a profile of a Hispanic woman breaking the glass ceiling.

By Melissa J. Anderson (New York City)

“I used to be very timid,” began Marilyn Foglia, Managing Director and Head of Latin America at UBS Global Asset Management.

After 25 years in the industry, Foglia has learned her lesson. “I wasn’t always so persistent about getting my ideas on the table – but now I am!” she laughed.

“If you’re too polite and wait for an opening to speak you may never get a voice. Don’t be afraid to ask for what you want. We women tend to think that if we work hard, we will be rewarded. But we have to ask for it.”

Building a Career in Asset Management

“I’m so proud to be where I am now, and to have accomplished what I have,” Foglia said. “My parents were not college educated so going to college was a big thing. I never imagined rising to the level of being Head of Latin America – it goes to show that if you really want something bad enough, you can get it,” she explained.

Foglia grew up in the Bronx and graduated from Fordham University with a degree in business. Her first “real” job, she recalled, was at Manufacturers Hanover, working on the operations team for the Latin America desk. Then, she said, “I pushed for the opportunity to go through their famous credit training program.” The program was mostly open to new recruits from Ivy League schools, but Foglia received the endorsement from the credit team she supported, and was nominated for and successfully completed the program.

When Manufacturers Hanover merged with Chemical Bank, Foglia was merged out. She recalled how she kept trying to interview for analyst jobs. “But I realized I’m more of a people person,” she said. “I knew UBS had a great corporate culture, so I harassed my boss until he gave me a job,” she said with a laugh. Foglia went to work for UBS Global Asset Management’s International Division focusing on Institutions in Latin America.

The group had a small client base in Latin America, Foglia said, “But I came in knowing financial institutions having worked with them on the sell side. Within six months, I brought in my first client, proving that my true calling was in sales.”

Foglia was given regional responsibilities and the opportunity to develop business – and found herself loving the relationship side, as well as the travel.

She continued, “I was able to grow the business robustly, with a focus on central banks. When we merged with Brinson in 1998 I continued to excel in developing new business and was appointed Co-Head and subsequently, in 2004, Head of Latin America. “My challenge was to make this a more profitable and expanded business.” She recalled, “I diversified into new client segments and integrated our institutional and wholesale teams for greater synergy.”

Foglia said that at the group’s peak in 2007, they were pulling in as much business as other major players, but with a much smaller team.

In fact, she said, her team now is all composed of Latina women. “What I’m most proud of is that I’m not just leading a team, but I am also very focused on developing and mentoring my team,” she said. “It gives me great satisfaction to see them grow in their roles.”

Currently, she continued, she is expanding her focus to include Sovereign Wealth Funds. They require more consultation and advisory services which she finds exciting.

Advice for Women in Asset Management

Looking back on her career, Foglia said candidly, “What I didn’t realize was that it would encompass a large part of my life. I do have very little personal time and it is not easy to achieve life work balance.”

“This remains a difficult industry for women,” Foglia said. “We are evolving, but we don’t see many women in very senior roles.”

She continued, “Within Latin America, initially it was pretty challenging. There were not a lot of women in sales roles. But that has evolved significantly. There are now a lot of women leaders in Latin American Institutions – I am delighted to see the progress.”

“In terms of advice, always behave professionally – do not look at yourself as someone with fewer opportunities because you are a woman. If you do that, you become afraid to voice your own opinion. Be sure to express your beliefs broadly,” she said. “People will eventually hear you – that’s how you get recognized and move up the ladder.”

“The industry is getting very competitive,” she continued. “Whether it’s an MBA or a CFA, make sure you have the credentials you need.”

And, she added, “Make sure you’re in an area you love. I never would have moved up the ladder if I had stayed an analyst.”

For senior women, she advised, “Stick together!”

“Uniquely in Latin America, many of my counterparts are women, and we maintain close contact, some are even friends. Remember to network – and not just with women. If people like you, they are bound to recommend you.”

In Her Personal Time

“Outside work, I love to hike, run, do yoga, and strength training,” she said. “I also love to spend time with my family and friends whenever possible.”

“And when I travel, I love to explore the way real people live in these countries, and I’ve made great friends along the way”.