Voice of Experience: Carin Pai, Executive Vice President, Fiduciary Trust
When Carin Pai joined Fiduciary Trust 18 years ago in an associate- level position within the Investment department, she knew that she was an analytical person who had a strong creative side as well. These skills, along with a strong work ethic and circle of mentors have set a strong foundation for Pai’s rewarding career.
“I studied architecture at Brooklyn Technical High School and loved the combination of the artistic and technical elements,” explained Pai, who said she enjoys this same balance in her current role as executive vice president and director of equity management.
A Committed Leader
Throughout her career Ms. Pai has remained committed to broadening her investment management and leadership skills: in 2006 she became a Chartered Financial Analyst and then in 2011 she attended Harvard Business School’s Executive Education in Investment Management program.
Leading and managing her team of portfolio managers is one of the most rewarding aspects of her job, Pai said. She is especially proud of the fact that in spite of the market turmoil in recent years, she successfully guided her team and their clients through and the group is now reaching new highs.
Although she acknowledged that there can be challenges of leading a multi-generational team, Pai enjoys discovering new ways to be an effective leader and utilize the individual strengths and talents of everyone on her team. “It is a very dynamic environment where it is important to strike a balance between motivating senior professionals and mentoring the rising stars,” she explained.
According to Pai, the team-centric environment promoted by the leaders at her firm creates a wonderful company culture where everyone knows they are appreciated. “As many companies have been forced to make job cuts throughout the market downturn, Fiduciary Trust has emerged with new technologies, resources and talent to provide our clients with the best investment solutions,” she explained.
One of the newest investment avenues Pai and her team are following is ESG investing, which stands for Environmental, Social and Government investing. “ESG awareness can go a long way with investors who are committed to these issues,” said Pai. Right now, Pai is conducting extensive research in this area to gauge client interest. “If ESG is ranking high among our clients, then we will respond by dedicating more resources to this new alternative investment channel,” she added.
Another area of interest, Pai indicated, is to expand opportunities in the global high net worth markets, such as Asia and Latin America. “Asia, for example, represents one of the highest growth segments currently and we are strategizing on how to expand our presence in Asia,” Pai explained. She will be attending the Society of Trust and Estate Practitioners (“STEP”) Asia Conference in Hong Kong this fall in order to stay on top of Asia’s rapidly-evolving wealth management landscape.
Inspiring Future Leaders
When it comes to narrowing the gender gap in finance and investment management, Pai agrees that the industry as a whole has not evolved as much as she would like to see, especially at the highest levels of leadership. She noted, “I believe women are more likely to thrive in work environments that don’t strictly focus on hiring look-alike skill sets, but instead value the power of marrying complementary skills.” “I have been extremely fortunate to work for Fiduciary Trust, a company that fosters a positive environment for women,” said Pai, who encourages all women to read Sheryl Sandberg’s Lean In to gain introspection and inspire confidence. “As a woman who comes from an Asian background, I tended to be very modest and soft spoken early in my career,” Pai noted, “but I had an epiphany and realized that if I didn’t display the internal confidence I had, my career would not move in the direction I wanted.”
Pai was so inspired by Sandberg’s book that she –along with several of her colleagues – started a Lean In forum and discussion group where women gather to talk not only about the institutional barriers affecting their career advancement, but also the internal barriers that might be holding them back. “This is a really exciting initiative that has garnered a lot of interest among women at Fiduciary Trust and Franklin Templeton Investments, our parent organization,” she added.
According to Pai, it is also important for women to take calculated risks in their career by accepting challenging roles and assignments that will allow them to grow into a position instead of turning down opportunities for which they feel they are not 100 percent qualified.
Outside the Office
When Pai is not in the office, you can find her spending quality time with her two young boys, practicing her swing on the golf course. She looks forward to traveling more around the world and experiencing local cuisines. Pai is also a supporter of the advancement of medical science, especially cancer research.
By Michelle Hendelman
