Voice of Experience: Kelly Driscoll, Senior Vice President, State Street Corporation
Kelly Driscoll knew she was in the right place to take on more responsibilities at State Street Global Advisors. She just didn’t know that her next step would involve moving to Asia; Hong Kong to be precise, to head up the broad Asset Management business for all of Asia ex Japan.
“I literally went there, sight unseen and I had never been to Asia before. It was such an exciting adventure to accept a great job and have the opportunity to experience the multiple cultures of the region.”
Having paid her dues at the firm after attending Suffolk University law school, she worked in the legal department of State Street for eight years before moving to the business side to run a small fiduciary business. Under her leadership of almost 13 years, the AUM grew significantly and she was ready for a new challenge just as Scott Powers took up the CEO role for SSgA in 2008.
“I had developed really great people in my business during those years and in particular there were three women coincidentally with legal backgrounds who I had developed over time. Despite the recession, I knew that with such a strong business growth and such a strong succession plan in place that I was ready to take on my next challenge and so I raised my hand.”
On spotting opportunity and knowing when the time is right, Driscoll agrees that there is an art and a science to the timing of it. She recommends that women should definitely put themselves out there more to grab the next opportunity. She observes that assignments aren’t always framed in a neat box with a bow on it and that they can be created with the person in mind well ahead of them being advertised. Reflecting upon the way that she ended up taking the Asian position, she mentions that she wasn’t necessarily seeking an international placement, but that she couldn’t say no once she knew how interesting it would be.
Driscoll comments, “I probably wouldn’t have directly applied to work in Asia all things being equal, yet once asked to go, I wasn’t going to say no and it has been so rewarding. I can personally recommend a stint abroad as it helps give you exposure to senior management. You really get to interact more with them when they come to the region; you have broader exposure at the most senior levels.”
It Takes a Good Team
Kelly shared with us that the region grew more than 30% per annum on her watch and credits her local team on the ground for contributing to the success that was such a win in the recessionary years of 2008-2011.
“I knew that I had transferable skills from running a business back in the US, so the biggest challenge was getting up to speed with local clients and local culture especially since we had a significant number of government clients. My team really helped me with that part. They were so talented as a group with a tremendous work ethic as individuals, which made the experience so rewarding on various levels.”
In fact, Driscoll spoke passionately of developing local women while in Asia and her goals whilst there included ensuring women got the exposure and access to developmental opportunities. A focus for her was to develop a local successor, which she did with two women, who split her responsibilities and role to take the business baton and run.
She comments, “One thing that struck me while I was in Asia was the large group of talented women in the firm and in the industry. Perhaps the short commutes and the access to affordable domestic support contribute to the growth of the pipeline.”
She mentioned that she finds it very rewarding to have a one on one connection with other women as a mentor and a mentee.
“I have personally benefited from the ‘pay it forward’ attitude that State Street women have. From the original program whereby the most senior women mentored the next layer of up and coming talent, it has cascaded into a deeper program . It has been my focus to ensure that I develop talented women along the way. Overall, I have to say that I am optimistic about seeing more women advance at work.”
Re-entry to Your Home Country
Driscoll returned to the US at the end of 2011 and took on a broader role at State Street in the Asset Management business. She then moved to a bank-wide role as a Senior Vice President in the “Office of Regulatory Initiative Oversight.” She mentions the importance of keeping up relationships and networks whilst you are abroad both to get work done with HQ but also to facilitate re-entry when the time comes.
“A male colleague once told me to think about the job after the next job, and I think that was a great way to network and build strong relationships to return to the US. My career has not been linear and I personally feel that this makes it more interesting and challenging. You really develop a great set of skills when you are challenged,” she said, “and best of all, its up to you to continue to make it happen.”
By The Glass Hammer CEO and Founder Nicki Gilmour
