Voice of Experience: Laurie Carroll, Managing Director and Index Specialist at Mellon Capital

This week we are profiling amazing women in investment management ahead of our annual career panel event on the 5th November for women in the industry who want to make it to the top.

sm_carrol_laurieBy Michelle Hendelman

In 1989, Laurie Carroll became a breast cancer survivor. “Being a breast cancer survivor in a male dominated atmosphere was hard, but it motivated me to work even harder and embrace every challenge,” said Carroll, “and I had a lot of supportive male colleagues around me who understood what I was going through.”

Laurie Carroll graduated from Seton Hill University with a degree in Business Management. At the time she attended, Seton Hill was a women’s college. “I wish I knew at the time that I wouldn’t necessarily be accepted in the business world,” said Carroll. “Within my family, and within the tight knit community at Seton Hill, you were never told that you couldn’t achieve something,” she added.

“That was really eye-opening for me. For example, when I started at BNY Mellon over 20 years ago, I wasn’t invited to the investment management meeting even though I was managing money,” Carroll said. “This has changed,” added Carroll. “Women are more involved and they are moving higher within the industry.”

Career Path

“When I graduated from college, Pittsburgh did not have the strongest job market, so I bought a one-way ticket to Houston where some of my family members lived,” said Carroll. Within three days Carroll found a position at an up and coming investment management firm called Aim Management. “I was hired to do basic office work,” recalled Carroll, “but that is how I got my start in the industry. I was about the 20th person to be hired at the company, which was later sold to Invesco.”

Carroll learned the business of investment management by being proactive and taking advantage of opportunities to advance her career whenever she could. She explained, “Whenever someone left the company or something changed, I asked to take on the new role or task. This is how I moved up in the business.”

After five or six years of working in the investment management industry in Houston, Carroll moved back to the Pittsburgh area when she accepted a position at one of the first investment management divisions at BNY Mellon. Since then, Carroll has worked in several investment management subsidiaries of BNY Mellon. “I am proud of the flexibility I have displayed throughout my career,” said Carroll, “and I am proud of the great teams I have had the opportunity to manage.”

Another career highlight Carroll noted as critical to her professional development was the international assignment she accepted a couple of years ago, to live and work in London. “I knew working abroad would be challenging on both a professional and a personal level. There is a different atmosphere and a different way of doing things, so I had to learn how to fit in to that culture,” said Carroll.

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Women in Fund Management Continue to Define a New Path of Success in the Financial Services

iStock_000005922401XSmallThis week we are profiling amazing women in investment management ahead of our annual career panel event on the 5th November for women in the industry who want to make it to the top.

By Michelle Hendelman and Nicki Gilmour

There is some good news to be had in the fund management sector as performance data from the Rothstein Kass authored report in 2012 would suggest that women are emerging as proven leaders.

The analysis showed that hedge funds managed by women had outperformed the HFRX Global Hedge Fund Index through the 3rd Quarter of 2012. These funds posted a net return through September 2012 of 8.95 percent, equivalently compared to the net return of 2.96 percent posted by the HFRX Global Hedge Fund Index.

However, putting this into context as Christin L. Munsch from the Clayman Institute for Gender Research points out this study usefully documents the performance and experience of 366 senior women in the alternative investment industry but was overall limited to a sample size of 67 women owned funds.

Carrie McCabe, CEO and Founder of Lasair Capital, an institutional alternative asset management firm based in New York City, interviewed by Munsch, estimates that women comprise less than 2 percent of alternative investors.

McCabe noted that the study compared the performance of a lot of men and only a few women. Instead of taking the report at face value, McCabe encouraged everyone in the industry to understand the resilience of the talented women who have thrived in a male dominated business of alternative investing.

She is right, as despite higher performance, female hedge fund managers with a proven track record have trouble attracting as much investor money as male fund managers.

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Deutsche Bank’s 19th Annual Women on Wall Street Conference: A Night of Game Changers

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businesspeople talking in meeting room and woman smilingBy Natalie Sabia (New York City)

“Game Changers” was the theme of the night. The chicly decorated ballroom, which held approximately 2,000 women and a small handful of men, had a distinct theme of blue. This invitation-only is one of the largest and longest run women events on Wall Street. Deutsche Bank has held the Women on Wall Street (WOWS) conference since 1995. Over the years, the attendance has grown from 200 to more than 2,000 women of all ages representing all the major international Wall Street firms as well as female executives in asset management, accounting, investment banking, media, politics and academia.

While acknowledging the long history of challenging times for women on Wall Street and also preaching the continuous need to promote woman within the corporate world, Jacques Brand, CEO of Deutsche Bank North America, kicked off the evening.

A Conversation with former Senator, Olympia Snowe

Frank Kelly, Global Coordinator, Public Affairs and Head of Government Relations in the Americas as Deutsche Bank, led a one-on-one discussion between former Senator Olympia Snowe. He started by turning everyone’s attention to a newspaper article that referenced the chaos in Washington and its title read “Senate women lead an effort to find an accord.”

Snowe advised the audience about her “game changing” decision not to pursue re-election. She expressed her beliefs that she can make a more significant impact without actually being on the “inside.” It wasn’t an immediate decision she described; in fact it was one that evolved over time as she traveled around the country. She came to realize what the Senate was evolving into, which seemed dysfunctional on top of their willingness not to work together. “I would be best served to work on the outside, contribute my knowledge, my experience and to help people understand that it doesn’t have to be this way. It wasn’t that way in the past and it doesn’t have to be that way currently,” said Snowe. “I could give voice to that.”

Snowe’s message was more than just her desire to start a new journey; it was a powerful message about how she envisions change in our Government. Through her travels, she realized how unhappy and frustrated American people are with certain legislations that pass or don’t pass, but Snowe’s belief is that the American public needs to communicate their opinions, thoughts and questions to the Government. “Dysfunction is the number one concern among American people,” said Snowe. “There’s no doubt that people are frustrated and angry, the questions now is how do they weigh in; they have to communicate through emails, through social media, through phone calls,” said Snowe.

When asked whether it matters to have women in public office, Snowe replied, “Absolutely, there’s no doubt.” We worked night and day on the issues that were so important to women and we drove it. Set aside all of our other differences; didn’t speak as Republicans or Democrats, but as women, so it had a major impact.”

“I am a can-do person and this is a can-do country and I know this is a can-do audience and the fact of the matter is we can change it and that’s the message that I want to convey to all of you here tonight. It’s the message I am conveying all across this country, you can do something about it,” said Snowe.

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Access to Flex is a Key Driver of Ambition for Women

Businesswoman using smart phoneBy Melissa J. Anderson (New York City)

Recent Catalyst research shows that access to flexible working arrangements is a critical driver of ambition for high potential women. The global study of high potential employees, released in early July, shows the availability of flexible working arrangements is widespread, with 81 percent of respondents (both men and women) reporting that their current firm offers some kind of flexible arrangement.

Women were somewhat more likely than men to use telecommuting (39 percent compared with 29 percent), but for the most part, women and men were likely to use other kinds of flexible working arrangements (FWAs) at roughly the same rates:

· 64 percent of both women and men said they have used flexible arrival and departure times frequently, very frequently, or always.

· 32 percent of women and 30 percent of men used flex time frequently, very frequently, or always.

· 7 percent of both women and men were likely to use a compressed work week frequently, very frequently, or always.

Even though FWA usage was mostly similar across genders, women tended to place more value on access to FWAs than men did. Two-thirds (67 percent) of women said that FWAs were very or extremely important to them, while almost half (46 percent) of men said the same.

Interestingly, FWA access was a predictor of women’s career ambition as well. Access to FWAs meant a high potential woman was more likely to aspire to a C-level job, and that difference was greater than it was for men.

Anna Beninger, an author of the report along with Nancy M. Carter, pointed out that this means access to FWAs is about more than day-to-day flexibility. It’s also about the perception of support. “Women working at a firm without flex access were more likely to downsize their career aspirations. This was what was most surprising to me about the findings. It’s not just about convenience. It’s about advancement and an organization’s ability to maximize its talent pool.”

It’s also about trust. Here’s why.

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What keeps Angela Merkel, Chancellor of Germany at the top?

By Terry Selucky (Los Angeles)

Last week, Germany’s Angela Merkel became the only European leader to secure a second re-election since the financial crisis of 2008. Viewed as a skilled diplomat and nicknamed the “Iron Chancellor”, Germany’s incumbent is, according to The Economist among others, the “de facto leader of the European Union.”

So what can we learn from the woman who is currently named #2 in Forbes’ “Most Powerful People” list, just after President Obama? The components of Merkel’s career can be translated to any career, at any time.

1. It may sound trite, but willingness is an overlooked and underrated component to leadership. Merkel wasn’t from a political family and she wasn’t pre-ordained to climb the ranks of German political leadership. It wasn’t until 1989, when she was 35 and working as a researcher, that she was elected into parliament from her position as spokesperson for her minority political party. Part of Merkel’s success is that she put herself in the position to mingle, debate, discuss, learn, and be discovered. Translation: Be vocal about what your interests are. Volunteer to help on a project, or read up on the kind of work you want to be involved in.

2. Being mentored. From Business Insider to the Wall Street Journal to this blog, all signs point to the evidence that having a mentor can have a lasting, positive effect on your career. Sheryl Sandberg credits Larry Summers with why she was able to rise in her field. It’s simple: Mentors provide guidance, advice, and connections to help you get to the next step. The links above provide solid steps on how to choose a mentor. When you cultivate these mentor relationships and establish sponsors who will advocate for you, then you will really feel the impact on your career advancement.

3. Great timing is perhaps one of the most hard-to-pinpoint qualities, but a good leader has to be in the right place at the right time. Synced with Merkel’s rise to power was the fact that the EU was poised for change. Merkel is a leader whose passionate opinions and strong leadership have earned her the moniker “the decider,” and with a shaky economy, Europe demands heavy guidance. Her commitment to austerity, though at times controversial, seems to be delivering the region toward stability. For women in business, this simply means responding to your current environment. Know what your company’s needs are, and act accordingly. Read more about good timing here.

4. Others’ acceptance. Of course, you can never control what other people think of you, but certain strategies and tactics can help you gain acceptance. This is not to say that your goal should be to please others; do that and you’ll find yourself pulled in all directions until you feel like a rubber octopus. The time-tested way to gain others’ acceptance is simply to earn it. Cultivate trust. Think of your best relationships—most likely, they took time to develop and have evolved through give and take: asking, listening and compromise. From 1990 until 2005, Merkel advocated for change in labor laws, in fiscal reform, and in energy policy, earning her way to Chancellorship.

5. Prove your character again and again. Have you noticed that our most successful, admired leaders seem to rise above circumstances? That they operate on a plane of self-possession, embodying the values people refer to as “leadership qualities?” Even though she has a specific point of view, Merkel has been praised worldwide for her diplomacy skills. Her constituency, in interviews, celebrates that “she persevere[s] in spite of all the West German men in high positions. You can see she is knowledgeable in all kinds of areas.” To be a good leader, you must continually demonstrate your values and your commitment.

Certainly, there are as many formulas for successful leadership as there are leaders in the world. Christine Lagarde, Managing Director of the International Monetary Fund, gives this advice to young women leaders: “Grit your teeth and smile. And in the face of adversity, go. They don’t deserve you.” Raised by a single mother, she was inspired by her family, held numerous posts in the French government (securing mentorship, gaining acceptance) and stepped up to announce her candidacy (willingness) immediately following Dominique Strauss-Kahn’s resignation as Managing Director of the IMF (timing).

In Lagarde’s words, the ups and downs of her job are “…an extraordinary adventure every day…Success is never complete. Each morning, one must put one’s capacities to the test once again.”

Though these two women hold many opposing beliefs about how to fix the economy, they keep a close and mutually respectful relationship—yet another practice of which US leaders should make a habit. Let’s hope they continue to inspire women around the world.

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Walking The Workplace Tightrope

iStock_000017490863XSmallBy Hadley Catalano (Boston)

It’s a balancing act for women in leadership positions. Cautiously steadying the professional tightrope between exhibiting likeable behaviors and leading effectively.

According to Marianne Cooper, sociologist at the Clayman Institute for Gender Research at Stanford University and lead researcher for Sheryl Sandberg’s book Lean In: Women, Work, and the Will to Lead, this is the double bind.

She explained, “When in positions of leadership women are expected to be decisive and forceful, assertive and confident, but because they are women, are also expected to be nice, friendly, and supportive.”

So how are women maintaining equilibrium between the expectations of acceptable personality and successful managerial actions? Are top-female execs choosing between being liked and being respected in order to maintain their post at the helm?

Childhood Theories

The convention of the “labyrinth” – the term social psychologist, Alice Eagly, uses to define obstacles that women face en-route to the top– was first constructed in early in childhood. Parents, elders, and schoolteachers introduced both boys and girls to their first expected gender roles, stereotypes that have guided our society for generations. Particularly for women, this was when the tightrope was first pulled taut – defining the line of acceptable, appropriate feminine behavior.

“Women get that idea at a young age when they are reprimanded for ‘crossing the line,’ like when a girl is outspoken or aggressive she is called ‘bossy’,” Cooper said. “Today women are keenly aware that people react negatively to them when they are highly competent and assertive.”

Cooper added, “If a woman acts competitively, if she demonstrates decisive and forceful leadership, she is deviating from the social script that dictates how she ‘should’ behave,” She explained, noting that women face an even steeper bias in male-dominated industries.

So how are women working through the stereotypical character profiling and finding tactical balance to lead effectively?

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International Professional Experience is More Important than Ever

global financeBy Gabrielle Rapke Hoffman

There has been debate recently over the career value of working abroad. Considering the ease and frequency with which executives travel the world, is it necessary to spend time living in another country? “True” international experience is not a two-night trip spent in luxury hotels, being chauffeured from meeting to meeting — it is facing the same challenges locals face on a daily basis. It is immersion in a business environment and daily life different from your own. In addition to the obvious benefits for those who aspire to have a global career, even for those who plan to work solely with their own domestic market, international experience provides extensive benefits in critical areas of professional development.

International experience is practically mandatory to become CEO of a global corporation. Seventy-five percent of Fortune 100 CEOs today have international experience, compared to less than half ten years ago. Considering that ever-growing portions of corporations’ consumer base and supply chain are global, it has simply become too risky for global corporations to have leaders without international experience. However, although the international experience is increasingly required for senior managers looking to rise in a global corporation’s ranks, it is not necessary to become a “serial expat.” Most individuals will not become CEO outside their country of origin. Rather, a study from IE Business School shows that executives actually may be more likely to advance their careers by returning to their home market.

Challenge yourself and refine your skills by working in an unfamiliar environment. Working abroad will improve your problem-solving and management skills in a way that no domestic assignment would, because of the additional layers of complexity inherent in doing business outside your home country. You will be challenged in new ways, as you need to perform functions that were already complex within an unfamiliar framework, often contrary to the norms you are used to. You learn to play by a new set of rules and begin to question things you believed to be unquestionable. That improves your flexibility and encourages you to think innovatively. Leisure travel and short international business trips can give you a taste of these benefits, but living in another country will develop these skills over an extended period of time.

Your EQ will thank you. If you are looking to develop your emotional intelligence and ability to successfully communicate, collaborate, and negotiate, working internationally will challenge you at a whole new level. On the international communication continuum, the US is considered to be a “direct” culture. By spending time abroad, particularly in a culture with significant differences from your home culture, you will become aware of these nuances. As a result, you will improve your ability to “read” people and will be better able to adapt your communication style to your audience and the situation.

Opportunities may be greater than those available at home. This is especially true in rapidly-growing markets, where opportunities often exceed the number of people trained for them in the local market. International assignments may enable you to work on high-profile projects that would not be available to you at home. You may also be able to attain higher levels of responsibility more quickly. While on an international assignment, your knowledge of your home country and your network there will be an asset. In the eyes of your new colleagues, you will already have valuable international experience (in your home country) from the day you arrive.

International experience may make you more successful in the US as well. The percentage of the US population that is foreign-born is at a high for our lifetime, and has been on a continual upward trend since 1970. This means that all people – including customers and potential customers, coworkers, and fellow citizens – are more likely to come from different countries today than was the case just a couple of decades ago. Individuals who have experience understanding other customs and cultures, and interacting and collaborating with people with diverse backgrounds will be well-prepared for success not only working in international business, but when collaborating with the diverse and international population living in the US.

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Voice of Experience: Robin Cohen, Partner, Kasowitz, Benson, Torres & Friedman

sm_robin_cohenBy Michelle Hendelman

“I knew very early on that I wanted to be a lawyer, but the path to where I am today was somewhat accidental.” Robin Cohen fell in love with law in elementary school when she participated in a program that gave her the opportunity to get firsthand experience in the legal field. “Students were able to leave school twice a week and do something that you were interested in pursuing later in life. I worked downtown in a common case court where the judge tried a lot of criminal cases.” This experience served as the foundation for Cohen’s bright future in the courtroom.

Career Path

Cohen left law school unsure of the career path she wanted to follow, but she very quickly developed a passion for litigation. “When I got my first assignment, and was told it was an insurance case, I assumed I would be representing the insurance company, but in fact I was representing the policyholder,” said Cohen. She continued, “This really fit my personality. I enjoyed being the plaintiff and moving litigation forward.” Since then, Cohen has been a key player in the insurance coverage area, representing big organizations in complex, and sometimes even groundbreaking cases.

The last trial Cohen prosecuted in December definitely stands out to her as one case of which she is particularly proud. “The trial team consisted of attorneys I have practiced with for a very long time. We work together like a well-oiled machine. It was a complex case and the jury came back within five hours and found in favor of our client.” She continued, “From the culmination of all the mentoring work I had put into the team, I was so proud of them and the success we achieved.”

Another source of pride for Cohen in her career came when she was about seven or eight years out of law school and an important client asked her to be lead counsel on a big environmental coverage case. “I was very young to be doing this,” recalled Cohen, “and it was one of the first environmental coverage trials in the country. The client so was happy with the outcome of the trial, they gave us a party at the Rainbow Room. And it was as a result of that case that I was able to develop so many clients.”

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Extracurriculars Are Not Just for Kids: The Career Payoffs of Volunteer Experience

iStock_000018278441XSmallBy Gabrielle Rapke Hoffman

Nearly 27% of adults in America volunteer through a formal organization, with that rate increasing to 42% among college graduates. Across the board, women volunteer at a higher rate than men. Although some people volunteer for purely altruistic reasons, the social, psychological, and career benefits of volunteering should not be underestimated. When I refer to the career benefits of volunteering, I’m not talking about volunteering at a soup kitchen on Thanksgiving. I’m talking about an ongoing commitment to a specific organization that will allow you to gain valuable leadership experience, try your hand at new skills that may benefit you professionally, increase your visibility in the community, and expand your network.

In this article, I will examine the career benefits of volunteering, and provide recommendations to help you determine which volunteer opportunities are most likely to provide those benefits.

How can volunteering benefit your career?

Obtain leadership experience. With the flattening of corporate hierarchies, opportunities to hone management skills are becoming increasingly scarce. At the same time, one of the most important ways leadership lessons are learned is through trial and error. Taking on a leadership role in a nonprofit can be an excellent way to gain or deepen your leadership experience. I once became President of a nonprofit after the previous President moved out of state. Membership had dwindled to only 30% of what it had been in prior years, events were poorly attended, and the Treasury was low on funds. In less than 2 years as President, I rebuilt the organization to over 80 members. Volunteering to lead this nonprofit out of a challenging time taught me many valuable professional skills: building and managing an executive board, regaining the trust and interest of disappointed members, developing a leadership pipeline, marketing the organization, seeking donations, delivering speeches to large audiences, and much more.

Gain visibility and recognition in the community for your existing skills. Use your professional skills to help a nonprofit. For example, if you are an Accountant, volunteer to serve as Treasurer of a nonprofit organization. New contacts you make through volunteering will become aware of your skills, which could translate into business or job opportunities. Also, if at work you only are responsible for one facet of a project in your area of expertise, volunteering may allow you to have autonomy over an entire project much sooner than you would be able to at work.

Develop new secondary skills that could benefit your career. If you are seeking to complement your professional profile with new skills, consider seeking them in a nonprofit setting. Anyoli Font, Provider Relations Manager at MedTrust Network and President of the Kiwanis Club of Miramar/Pembroke Pines, Florida, shared “Through my volunteer work, I was able to fill all the gaps on my resume.” At her job, Anyoli mainly works alone. Anyoli credits her volunteer experiences for the opportunity to develop skills such as teamwork, running meetings, public speaking and planning large-scale events.

Test your aptitude and interest in a different area before making a career change. Imagine you are a successful Engineer, but have been thinking about seeking a position in the Sales division of your company. Why not volunteer for the Development Committee of a nonprofit, and see how effective you are at obtaining donations first? The nonprofit will be glad to have your help, even if you are not experienced in the area. While you determine whether Sales is a good fit for you, you will gain confidence, take on a new challenge, and ideally, also raise funds for a worthy cause in the process.

Expand your network and sphere of influence. It could be argued that women network differently from men. They focus on nurturing relationships that may prove beneficial in the future, while men tend to network only when they need something. Women’s networking style could prove very conducive to nonprofit settings, where teamwork and long-term relationship building are the focus, as opposed to immediate “give and take.” It goes without saying that volunteering will expand your network substantially, enabling you to get to know people whose paths you probably would not cross as part of your daily routine. You are likely to meet and potentially build relationships with top executives, civic leaders, and other members of the business community who are also interested in the same cause.

Obtain a new set of mentors who see your potential and encourage you to stretch yourself. When others in your organization and in the community begin to recognize your potential, they often will allow you to see strengths and capabilities that you did not see in yourself. Anyoli Font shared a story of a woman who joined her Kiwanis Club. This woman had always wanted to be a leader, but did not believe she was qualified for a leadership position. Anyoli encouraged her to run for Treasurer of the club, and she won the election. Were it not for Anyoli seeing leadership qualities the woman did not see in herself, she would not have achieved her leadership position.

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Leading Multi-cultural Global Teams: Asia

iStock_000017262943XSmallBy Pragati Verma (New York City)

Do you know that women in India are more likely to give up their career to take care of their elderly parents than to raise kids?

If you think you are ready to build and lead a team spread across the globe or perhaps already do, there are some inter-cultural issues to consider that can help you as you take up the challenge of working in, or working with a team, whose implicit norms are different from your own. Don’t leave the human resources department to be the only folks on top of the “do’s and the don’ts.”

As Shanker Ramamurthy, President of Global Growth & Operations, Thomson Reuters, explained recently at the WILL USA conference in NYC:

“We live in a VUCA (volatile, unstable, complex and ambiguous) world. As we manage workforce across vast distances, command and control organizational structures are giving way to collaboration and orchestration. These new ways of working need a shift in the traditional corporate structure and functioning.”

As companies scramble for new perspectives and disruptive thinking to wade through emerging markets leaders and top executives – both men and women, need a deep understanding of diverse cultural and gender norms in different parts of the world.

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