Voice of Experience: Natalie Trunow, Senior Vice President and Chief Investment Officer, Equities, Calvert Investments

By Melissa J. Anderson (New York City)

According to Natalie Trunow, Senior Vice President and Chief Investment Officer, Equities, at Calvert Investments, women and other minorities in the financial services industry can turn their diverse background into a competitive advantage. She encouraged women to consider the industry as a place where their personal viewpoints can make the difference in their firm’s success.

She advised, “I would try to not be so apprehensive about entering an industry with pockets of male dominated environments. If anything, this industry seeks out differentiated viewpoints. If you look at the industry today, compared to a few decades ago, there is a conscious reach for that differentiated viewpoint. Women, minorities, and people with international backgrounds do add to the mosaic of viewpoints and perspectives. In this globally competitive environment, firms are trying to add to that.”

She also encouraged women not to shy away from a big career in the financial services because of perceived work life challenges. “It can be done – you can have a family, be successful, and be competitive. If anything, perhaps you have an advantage because you’re part of a group that can add a differentiated viewpoint to the decision making process and help your organization succeed.”

Career in Investments

Trunow, who grew up in Moscow, remembers always being interested in the financial markets. “But it was a time when information about the financial markets was not broadly published – or even existing where I lived. They were the forbidden fruit I always wanted to crack, analyze, and be part of.”

She took a job as an assistant in a macroeconomic think tank in Moscow. “I got hooked,” she recalled. “There was very little available in the way of information or training. When I moved to the States in 1989, I continued to focus on economics. I majored in economics at NYU and then did some consulting and number crunching, company analysis, and bankruptcy analysis before going back to school to get my MBA at Stern.”

“Stern was in the middle of the financial center – New York City, I had great access to local investment firms and people in the industry,” she said. “I graduated with an MBA in finance and started working as an investment analyst in 1997, then started designing, creating, and managing investment portfolios in 1998. I’ve continued doing that since then. I really enjoy that part of the industry, especially working in an analytical environment. There is so much information to process – from politics, to psychology, to science that has to be taken into consideration.”

She worked at GM Asset Management for 11 years before joining Calvert five years ago. One of her proudest achievements has been building a solid investment team at Calvert, where she is now CIO overseeing equities and asset allocation funds. But, she said, she is most proud of having reached professional success while being a parent. “I’ve been able to raise a soon to be 18-year-old who I’m very proud of, and contribute to her development. I don’t think I have sacrificed much in terms of life and parenthood while working in the investment industry. I’m proud of that.”

Currently she is working on a few new products at Calvert, including a Volatility Managed Funds. “It’s a very exciting area for my firm,” Trunow continued. She is also interested in the changes that are taking place across the industry. One particular issue that I am interested in is the issue of fiduciary responsibility and how it impacts the investment industry. It’s a very significant issue that will be increasingly important going forward; it will help transform the industry and improve client facing dynamics

Women in Investments

Trunow’s perspective on women in the industry comes from her experience living outside the US. She explained, “I’ve always been very impressed with how open and flexible the United States system is in general, compared to some other places I’ve been to.”

She continued, “Starting out, it was not clear to me that, as a woman, you could succeed at the same level as the guys. The system here is actually very flexible and accommodating. It’s something you can work with. This culture is very adaptable, open, and flexible for women and minorities and I have a lot of admiration for that – in comparison to the closed systems where things don’t seem to change with time. In some places success is very much aligned with gender. If a Russian teenager can come to the United States with $300 in her pocket, barely any English and no support systems, and be successful in the investment industry, anyone can.”

Women sometimes get discouraged by what they perceive to be an unwelcoming industry, Trunow explained, but it doesn’t have to be that way. “Women oftentimes self-select out of the investment industry, with the perception that it is less accommodating or more competitive, or that it is not family friendly. In relative terms, perhaps it is, but in absolute terms, I don’t think it is prohibitive for someone with family responsibilities. It is more challenging, but that doesn’t mean it can’t be done.”

Trunow encouraged women to hold themselves to high standards. “A lot of this is how we view ourselves. If we view ourselves as different or somehow less deserving or unable to achieve at the same level as men, we are doing ourselves a disservice, and it translates into how others perceive us. It becomes a self-fulfilling prophesy.”

She continued, “There are more women heading investment organizations and investment funds, as well as working as portfolio managers and analysts. Do we have 51 percent women in this industry? Absolutely not. But there is some self-selection in addition to the legacy issues in the industry, of which we have fewer and fewer overall. At Calvert, the CEO and both CIOs are women, and the Head of Sales and Marketing is a woman.”

Trunow added, “At Calvert, we consciously pay attention to adding diversity of perspective, opinion and skill sets. We and other firms believe that diversity of perspective generates better outcomes: a better informed investment process, a more successful decision making process, better research and overall team dynamics.”

In Her Personal Time

Trunow is very active outside work and is involved with philanthropy through Calvert. “Our team is involved in Junior Achievement and we also do things like plant trees and volunteer,” she said. She also enjoys spending time with her family. “My family is very important. Work life balance is very important and it’s not just lip service here at Calvert – the firm is very accommodating to different family circumstances.” She also enjoys traveling and kitesurfing. “Sometimes the markets can be overwhelming and humbling. Being able to clear your mind and disengage is very important. I enjoy kitesurfing – there’s no way I can think about anything else when I’m doing that!”