Group-Of-Women-Meeting-In-Creative-OfficeLast week The Glass Hammer hosted its 6th annual Top Women on the Buy-Side Breakfast. The lively discussion gave way to even livelier networking, as senior women across the investment management industry mulled over the question, “Where do we go from here?”

Our panel included Jane Buchan, PhD, CAIA, Managing Director and CEO, PAAMCO; Michelle Meyer, Senior U.S. Economist, Bank of America Merrill Lynch; Leah Modigliani, Senior Vice President, Investment Strategy and Risk, Neuberger Berman; Ranji Nagaswami, CFA, previously Chief Investment Advisor to Mayor Bloomberg, City of New York; and Anjun Zhou, PhD, Managing Director and Head of Multi-Asset Research, Mellon Capital. Each shared her point of view on where the markets are going and how to deal with inflation and risk moving forward.

Our moderator, Heidi Moore, US Finance and Economics Editor at The Guardian, began, “Previously, we’ve always had a crisis to talk about.” But this time, the biggest factor facing women on the buy-side is uncertainty. “What is important to know about the markets,” she asked, “when so much is unknowable?”

Read more

People around a laptopRecently, The Glass Hammer hosted its Third Annual Women in Technology networking event, sponsored by American Express. Our panelists discussed how they advanced through the ranks to become senior leaders within their organizations.

Moderator Jennifer Christie, Chief Diversity Officer at American Express, noted that while each woman had a very different career path, there were some identifiable threads of similarity – specifically, recognizing male sponsors, taking risks, and leveraging problem solving skills.

Our panelists included Hanna Derry, Managing Director Technology, Blackrock Investment Management; Avis Yates Rivers, CEO, Technology Concepts; Joyce Ulrich, CIO, Legg Mason Global Asset Management; and Gabrielle Vitale, SVP and Chief Information Security Officer, American Express.

Christie also commented that a big trait each of the panelists displayed was a desire for growth. Throughout their careers, the women identified their next step, made it known what they wanted, and then set out to achieve it. “As they made that next move, it was something they saw out there and went for it – they decided ‘this is what I want and I’m going to go for it.’”

1. Finding Male Champions

It can be difficult for women in technology to find their niche and break through to leadership in the male dominated technology workspace. Yates Rivers believes a big part of this comes down to confidence. “On the company side and on the customer side, most of the people I interact with are men. But I have noticed that women will tend to doubt themselves and won’t take as many risks in general,” she explained. “Or they won’t give themselves individual contributor credit. They’ll say, ‘the team did this,’ whereas men will say, ‘I did this.’”

A big factor in developing breakthrough confidence comes from gaining the support of coworkers and superiors. In fact, in recent years, sponsorship has been increasingly recognized as one of those game-changing factors for advancement. Sponsors are senior, influential people who champion the individuals they believe in. They may put them up for promotions or suggest them for stretch assignments. In return, protégées support them and come through on the assignments they’ve been sponsored into.

The event’s keynote speaker Catherine Ashcraft, Head of Research at the National Center for Women and Information Technology (NCWIT), gave a presentation on forthcoming research on the subject of male champions. “Men are often the leaders and gatekeepers in the technology environment. It’s important to understand men’s experiences and what motivates them,” she explained, specifically when it comes to championing women and diversity on their teams.

Ashcraft said prime candidates for male gender champions are men who have had female mentors, who have daughters or working wives, who have noticed inequities on their own teams and worked to correct them, or who see themselves as a minority as well.

She encouraged women to feel free to tell their own stories about what it is like to be a woman working in technology. “We want to help men who want to be advocates but are not sure how.”

Several of the panelists also discussed men who championed their advancement. Ulrich explained how she chose her first job out of college based on which boss she felt would be the best champion. She said, “I recognized that this was a guy who seemed to really care about people in that company – now I know that he was a sponsor.” Similarly, Derry broke into the tech space when a male champion who interviewed her for a job took a chance on her. She recalled, “He said, ‘you have none of the skills we need right now, but I see potential in you. I’d like to hire you and we’ll find you something to do.’”

2. Taking Risks

Yates Rivers, who founded her own company after working for Exxon for many years, said that an appetite for risk is a critical part of being an entrepreneur. She explained, “I just felt internally that I needed to direct my own path. Starting out in Corporate America is great. But if you have an inner desire or an innate desire to be your own boss in technology, then there is that possibility.”

Now, she is driven by the ability to develop solutions for her clients. “Being a sales person has taught me a lot about how to negotiate and ask for what you want.”

Similarly, Vitale’s own reinvention brought her into the technology field. After working in CFO roles for a time, she was offered the role of Chief Information Security Officer at American Express by one of the company’s presidents she had gotten to know well and who trusted her (sponsorship again). She accepted the stretch role because of his support. “I’ve thrived here,” she said, “because I’m so fascinated. I’ve forced myself into very uncomfortable positions to keep learning.”

Ulrich also took a big risk when advocating for transformational change at Legg Mason – and wound up with a new and exciting role. The company was in the process of dismantling its centralized technology division, but she saw an opportunity and made the case to senior management to transform what was essentially a “keep the lights on” model into a “grow the business” model. She convinced them to explore outsourcing the technology functions that were really commodities, and “take the budget headroom that outsourcing would create and spend on innovation,” she recalled. “I said if you think that this approach makes sense, then I’ll throw my hat into the ring for CIO.” And that’s exactly what happened.

3. Leveraging Your Problem Solving Skills

Both Vitale and Derry discussed how they leveraged their personal skills to help them advance. Vitale, who has spent her entire career at American Express, said the early skills she developed as a college student working in customer service for the company have benefited her throughout every stage of her advancement. “I learned to listen and understand people, which helps when you are doing problem solving. And problem solving really helped me understand how to navigate.” She continued, “Don’t underestimate some of those early job skills. You learn something with every experience and carry it forth.”

Derry began her career in technology without having a traditional technical background, but when she started working in the space, she managed to catch up through a lot of studying and hard work, she recalled. She explained that her skills as a problem solver also helped her advance to leadership. “One thing I’ve learned is that when you raise your hand and say I don’t understand this, more people are willing to say so too. I think that helps you because then you are fixing things from a consensus-driven standpoint.”

By Melissa J. Anderson (New York City)

Women-on-TabletLast week, The Glass Hammer hosted its fifth annual Top Women on the Buy-Side breakfast for female leaders in the investment management industry. Our panelists discussed the risks and opportunities for the year ahead, as well as how and where they are finding yield in a volatile market.

Moderated by Wall Street journalist Heidi Moore, the panel included Gabriela Franco Parcella, Chief Executive Officer, Mellon Capital Management Corporation; Denise Higgins, CFA, Client Portfolio Manager, ING Investment Management; Anne Milne, Managing Director, Emerging Markets Corporate Research, Bank of America Merrill Lynch; and Judith Posnikoff, PhD, Co-Founder & Managing Director, PAAMCO.

The lively conversation ranged from dealing with the challenges of uncertainty, managing risk, and the bright spots ahead. Milne quipped, “What are we looking for? Returns. Moreover, we’re looking for risk adjusted returns. We’re looking for good ideas to generate risk adjusted returns. And we’re making calls to find analysts to generate ideas to generate risk adjusted returns.”

Read more

diverse women in the boardroomLast week’s event, Managing Identities: Being out at Work, brought to the UK by The Glass Hammer and hosted by Bank of America Merrill Lynch, gave a unique insight into the personal journeys that notable LGBT women in the financial and professional services have experienced being out at work and the difference coming out has made to their careers.

Nicki Gilmour, CEO of The Glass Hammer, kicked off the evening with a thought provoking snapshot of the latest research that she and her team are conducting around being “the L in LGBT” at work in financial services. Despite the rise of LGBT groups in companies and the increase of attention by the media on LGBT life in the world at large, out of about 100 people surveyed so far only 59% confirmed they were out at work.

The panel, craftfully moderated by Jane Hill of the BBC, began by inviting the five openly gay women from Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley, Nomura International, and Marsh USA to share their own journeys of coming out at work.

Coming Out at Work

When Sarah Walker, Executive Director of the Enterprise Data & Services Group and Global Head of Securities Reference Data; IT & Data Operations at Morgan Stanley, started work in Australia, she was “19, dating guys and still straight, had a boyfriend, but during that time I realised I wanted to see women.” During the process of coming out to her family and friends, she didn’t feel it was important to come out at work. On reflection, she felt she didn’t have any role models or examples of others coming out at work and didn’t really know how to handle the situation.

The answer? “It seemed easier to move companies than to come out.”  The good news is that it has gotten better for Walker since then. When she moved jobs, she decided she would be open about who she was immediately. “It changed from being a big deal to not a big deal, it was easier, and it was part of me then.”

Julia Hoggett, Head of Covered Bonds and FIG (Financial Institutions) Flow Financing EMEA and Head of Short Term Fixed Income Origination EMEA at Bank of America Merrill Lynch, was on drugs when she came out. She was recovering in hospital from spinal surgery on morphine and when her Managing Director visited her, she introduced her girlfriend. It was three days later that she realised she had just outed herself at work. Following the incident, Hoggett was asked to contribute more to the firm and join the gay and lesbian network. She really appreciated that endorsement early on in her career.

All of the panelists agreed how important it was that they had support from those they came out to at work. As Angela Best, EMEA Group Tax Controller at Nomura, put it, “It only takes one person to build on your confidence to come out.” Next the panelists considered how, as most firms have set up Allies programs, being LGBT can still be an issue. For the global community that we all operate in, it is. As Toni Mohammed, Client Manager at Marsh Inc., explained, “It is still illegal to be gay in Trinidad & Tobago,” and this is the crux of it. Similarly, Lale Topcuoglu, Portfolio Manager, Managing Director, Co-head of Global Investment Grade Portfolio Management, Goldman Sachs Asset Management, hasn’t had an issue about being gay at work and has found Goldman Sachs to be supportive, including having her CEO speak out publicly about marriage equality in the US. But she feels that there are legal issues that need to be addressed outside of work. “I only had to cross the river and my marriage was not recognised and I didn’t have the same rights over my kids,” she pointed out. For Mohammed, talking to clients was a continual challenge. She recalled, “You had to remember the lie you told one other person, to another person,” and she found herself deflecting a lot of the time before coming out to selective clients with whom she has long term relationships.

Supportive Groups

The panelists examined how Allies groups create a platform for LGBT issues to be understood, but they also provide an opportunity to build networks and ultimately business.

The panel discussed how education and awareness contribute to a more inclusive environment at work. This is achieved by stronger relationships with your co-workers. The need for role models at senior levels is very important. “If you are seen as a success, but not relatable to, then you are not necessarily going to be an accessible role model for women coming up through the ranks,” said Hoggett.

All felt it important that if you are in a senior level position you should be open and available for questions from women working through the ranks, and be frank of your achievements as an open gay woman as well. Hoggett continues, “You are only going to get ahead in this industry if you are good. The fact that you’re gay is one thing that makes up who you are, but it’s not the driving thing. You have to prove that you are effective. You have to put yourself forward and have people recognize what you have achieved, and that is something that women tend to gloss over.”

Finally, when asked if the panelists saw themselves as role models Mohammed answered that she “considers all the people before us as role models.” She has recently been asked to join the Marsh USA diversity council as a representative of the Pride group and feels it is “a great opportunity for a company like Marsh, to draw our business into the LGBT world as we are a huge market and can show everyone what we can bring to the table.”

Are you an LGBT woman working in the financial services in the UK? If so, please help us with upcoming research by taking our confidential and anonymous survey! Click here: http://www.surveygizmo.com/s3/882311/LGB-Workplace-Survey

By Lucy Sandilands (London)

Women-working-on-tablet“I continue to be humbled by being in the company of women,” said Cynthia Fryer Steer, Executive Vice President and Head of Manager Research and Investment Solutions, BNY Mellon. “We can learn so much from each other.”

Steer was speaking at The Glass Hammer’s latest career management event “Navigating, Negotiating, and Building Your Strategic Network” last week. Our panelists shared their advice and wisdom (based on their combined “150 years of experience” said moderator Kathleen McQuiggan, President of Catalina Leadership) on how to get to the next level in the investment management industry.

In addition to Steer, our panelists included Nicole Arnaboldi, Managing Director and Vice Chairman of Alternative Investments, Credit Suisse; Nanette Buziak, Managing Director, Head of Equity Trading, ING Investment Management; Ingrid Dyott, Managing Director and Associate Portfolio Manager, Neuberger Berman; and Paula L. Rogers, President, Institutional Capital.

Read more

Business meeting“I learned the importance of sponsorship along the way,” said Lisa Davis, Director and Global Product Manager at Citi Global Transaction Services. “And I didn’t realize what a sponsor was until I didn’t have one.”

She recalled a year when she didn’t get a promotion she was expecting. “I had the whole package – on paper – but when I asked why I wasn’t promoted, my manager said, ‘well, nobody knows you.’”

Davis was speaking at The Glass Hammer’s recent event for lesbian professionals on “being out at work.” Moderated by Jill Schlesinger, Editor-at-Large of CBSMoneyWatch.com, the panelists included Jennifer Barbetta, Managing Director and Chief Operating Officer, Alternative Investments & Manager Selection, Goldman Sachs; Lisa Davis, Director and Global Product Manager, Citi Global Transaction Services; Lee A. Merkle-Raymond, Strategic Solutions Executive, Bank of America Merrill Lynch; and Marion Regnier, Senior Associate, PwC. They discussed issues like coming out at work, the importance of sponsors and networking, and the value of top-level support for LGBT issues.

Davis, who is co-chair of Citi’s Metro NYC Pride network, said she spent the following year making sure everyone knew who she was.

Sponsorship and Networking

“A sponsor is someone who says, ‘I’m going to vouch for this person,’” Davis explained.

Merkle-Raymond continued, “As a sponsor, you have to put yourself on the line and it comes back to your own credibility.” If the person you vouched for fails, she explained, that makes you look bad too. So, she continued, if you’re seeking a sponsor, make sure you have the skills to follow through on your responsibilities. “It means building up your own credibility so that people want to sponsor you.”

Regnier said she has met sponsors by strengthening relationships with people she has worked with internally and externally. “I’ve found sponsors in different ways – by leveraging the networking relationships that I have outside the firm, and in the firm, leveraging relationships I have with the people I’ve worked with.”

“I’ve never sought out LGBT sponsors specifically,” interjected Barbetta. “But LGBT networking can only be additive to your career development. And as you get more senior, the network of relationships you build becomes increasingly important. Having those relationships enables me to draw upon the expertise of other people in the firm – to know who to call when a new challenge or opportunity arises.”

Merkle-Raymond agreed. “BAML has a significant number of networks. And, for me, they have been critical if I end up with a problem and need to know how to solve it.”

Davis added, “Affinity networks are absolutely important and key for the business. Especially in the financial services industry.”

Coming Out

Schlesinger asked the panelists to discuss how they came out at work. Regnier began, “For me, it was a decision. At my previous firm, I was in the closet for two years, and I kind of felt like I was lying, or just avoiding the truth. When I joined PwC, they had a great event on National Coming Out Day and I was like, ‘Wow – all of these senior people are out. What am I afraid of?’”

She continued, “Counting people who knew and didn’t know and keeping a list takes a lot of energy.”

Barbetta agreed. “Work is stressful enough. To expend any energy or effort on hiding who you are – at some point for me, it just wasn’t worth it.” She said she gradually came out to colleagues. “When I first joined the firm, I never lied about who I was, but I just sort of withheld information about my personal life. It was a process that took time. I think for me it was about becoming more comfortable with myself, becoming more confident and mature.”

Davis said she never had an actual “coming out” event either. “When we had events, I just thought it would be okay if I showed up with my partner. I never had the notion that I needed to be strategic about it. If people found out, they found out.”

Merkle-Raymond said she had been out since starting her career. She was initially warned against it, but, in fact, being out actually provided her a boost. “I came to orientation with a pink triangle pin on my lapel, and my senior manager said, ‘You’re never going to get promoted if you tell people you’re out.’ And I said, ‘What about the five other guys who are out in our group?’”

She decided to come out at work anyway. And in fact, she continued, working on a task force to secure partner benefits at the bank in the ‘90s enabled her to meet senior executives she never would have had access to. “I was even asked to drive our CEO to the airport as a junior person,” she recalled, explaining how she discussed LGBT issues with him in the car.

Working in a Supportive Culture

“Support in the financial services for LGBT is astounding – we have come so far,” said Schlesinger. “A long way since having my bra snapped on the floor of the Commodities Exchange of New York [COMEX],” added the former trader with a laugh.

For an example of meaningful support, Barbetta pointed to the new HRC television ad featuring Goldman Sachs CEO Lloyd Blankfein declaring his support for marriage equality. “It’s fantastic that he’s doing that and putting himself out there on a personal level.”

Barbetta also mentioned the importance of straight allies for building a culture of inclusion. “The Ally Program has had a huge impact. We started inviting straight allies to join the network, and now there are gay members and straight members and you don’t know who’s LGBT or who’s an Ally, which is the entire goal of this – that it shouldn’t matter – no one cares who’s straight or who’s gay.”

She added, “From the diversity office, Lloyd himself, and various other senior members at the Firm, the support has been amazing.”

By Melissa J. Anderson (New York City)

Women-working-on-a-computerLast Wednesday, Theglasshammer.com held its first annual event in London for senior women in the capital markets. Our panel’s topic, “How to manage risk and find growth in the new regulatory environment,” opened up dialogue for senior women to discuss how to do business in the financial markets in 2012 and beyond. The event drew almost 100 senior women from leading financial firms in the City as senior women from both the sell-side and the buy-side came to network and participate in a closed-door discussion. The focus of the event was to address how to navigate the markets, find growth, and stay compliant in an increasingly regulated environment.

Moderator of the event, Monica McConville, Partner, Practice Leader, English Law Equity Capital Markets at Shearman & Sterling, invited the panelists to give their perspective on the way capital market regulatory changes might impact day-to-day business.

The panel, consisting of Mary Pragnell, Managing Director, Regulatory Response, GBM Treasury, RBS Global Banking and Markets; Joanna Cound, Managing Director, Government Affairs and Public Policy, BlackRock; and Dr. Sonja Koerner, Partner, Risk, Financial Services, Ernst & Young, tackled a set of questions posed by regulatory reforms in the post 2008 crisis ‘New Normal.” To manage risk and continue to grow as an industry, we contemplated how could we predict, define, and manage some of the unintended consequences of regulators’ actions.

Read more

Business-meetingThursday morning marked The Glass Hammer’s fourth breakfast panel for top women on the buy-side. The topic was Dodd Frank, and what’s in store for the investment management industry as we get closer to implementation.

Moderated by Donna Parisi, Partner, Shearman & Sterling, the panel included Viva Hammer, Principal, KPMG Washington National Tax; Sarah Lee, Managing Director, Global Head of Fixed Income Derivatives Legal, Bank of America Merrill Lynch; Cynthia Meyn, Executive Vice President Operations, Pimco; and Barbara Novick, Vice Chairman, BlackRock.

Parisi commented, “It’s a brave new regulatory environment, and it will take a lot more resources going forward.”

Read more

Business meeting“Our economy depends on women being at the table creating technology,” said Dr. Telle Whitney, President and CEO of the Anita Borg Institute for Women and Technology. She continued, “The innovation that will drive the future is in your hands.”

Dr. Whitney was the keynote speaker at The Glass Hammer’s event Tuesday night entitled “Women on Top: The Newest Innovation in Technology.”

The event, sponsored by Barclays Capital and American Express, was held at the Barclays Capital headquarters in New York. Moderated by Avis Yates Rivers, President and CEO of Technology Concepts Group, the panel speakers included Sarah Sherber; Head of Securitized Products IT and Cross Product Operations Technology, Barclays Capital; Linda Albornoz, B2B Payment Solutions, American Express Technologies; Augusta Sanfilippo, Managing Director, Cash Securities Operations IT, Citi; and Mary Cecola, CIO Asset Management Business Solutions, Deutsche Bank.

When trying to plot out a career, the panel advised, simply do what you love. Albornoz said, “Follow your bliss. Find the thing you’re engaged by and enjoy doing. Because you’re going to spend a lot of time doing it!”

Sanfilippo agreed. She said, “Passion… is something you have to stay true to no matter what you do. Make sure you manage your career. Don’t make someone else manage your career for you.”

Read more

Group of Multiethnic Diverse Busy Business PeopleOn Tuesday, The Glass Hammer hosted our latest event on career management. Sponsored by Accenture, Bloomberg, and Sungard, the event discussed how women can build professional negotiation skills, and provided tips on networking and how to navigate tricky office politics.

Panelist Carol Frohlinger, Principal at Negotiating Women Inc. and co-author of Her Place at the Table, commented, “Women often suffer from the tiara syndrome – we work hard and wait for someone to place a tiara on our head.” But, she said, in today’s environment, we can not wait for someone to notice hard work or reward it appropriately.

“We must proactively negotiate for the conditions of our own success,” Frohlinger said.

The event’s panelists included Frohlinger, Anne Erni, Head of Leadership, Learning and Diversity, Bloomberg; Camille Mirshokrai, Global Director of Leadership Development, Accenture; Linda Descano, President and CEO, Citi Women & Co.; and Kathleen Weslock, Chief Human Resources Officer, SunGard. The discussion was moderated by Selena Rezvani, co-founder of Women’s Roadmap, Washington Post columnist, and author of The Next Generation of Women Leaders.

Read more