Guest Blog: DPNA Industry Engagement & Events
The Diversity Project North America connects industry professionals to collaborate on the issues and opportunities that are driving DEI in asset management. The Engagement & Events Committee shares findings and ideas with the broader industry community.
Recently, the Industry Engagement & Events Committee met to discuss the content presented at the recent Fearless Leadership Symposium with the goal of summarizing and sharing the most tangible takeaways from the event.
The FLS focused on practices that enhance productivity and promote the long-term sustainability of the asset management industry. The event brought together an industry that has quickly come to terms with the “WHY?” of Diversity, Equity and Inclusion, and homed in on the “HOW.”
Below is a look at the ideas that bubbled to the top. For more ideas and takeaway, watch the FLS highlights video.
Set a purposeful mindset.
Among mindsets that shape behaviors and cultivate corporate cultures are self-awareness, courage, vulnerability, and empathy. When it comes to DEI, industry leaders must “own it” and check their motives regularly. One effective daily “to do” is to ask yourself “what didn’t I get right” today, reflect on the answers, and change course if needed.
Actively practice giving and accepting feedback.
Constructive feedback is an essential part of “feeling seen” and “being heard.” It can be a critical factor in retaining rising talent.
Make time for it: Add #FeedbackFridays to your weekly calendar, and allow yourself an hour, a half hour, even fifteen minutes to purposefully ask yourself: “Who did I give feedback to this week? Who did I recognize? Who didn’t I recognize, and why?”
It’s also a great time to challenge yourself with: “Who did I get feedback from this week and what did I do with that feedback?”
Get comfortable with the uncomfortable.
If you’re afraid of not doing the right thing, don’t hide behind “I’m not going to say anything that may get me into trouble.” Open yourself to making mistakes and accept the process of recovering from those mistakes. Watch The White Male Dilemma.
Ensure clarity of purpose.
Make sure your firm has a clear purpose that employees can relate to and get behind. Look for diversity of thought, but not diversity of values. Clearly stated corporate values that are shared by employees build connections over a common cause and a strong corporate culture.
Be an ally.
Explore how you can be an ally/advocate for historically marginalized employees and peers. Take the time to explore different perspectives.
Watch How to Support Transgender Colleagues.
Watch How to Re-Engage Working Moms into the Talent Pipeline.
Expand opportunities beyond your inner circle.
Think about your own management style and evaluate your typical “Go-To People” – Who do you turn to for help with challenging issues? Who do you count on when you need something done very quickly? For most managers, this inner circle is relatively small. Challenge yourself to broaden this list, or completely change it up. Ensure that you are giving everyone across the organization the opportunity to learn and contribute.
Reevaluate your tolerance for second chances.
Mistakes happen in business. For start-ups, new hires, and rising leaders, mistakes are a chance to learn and improve. Executives with oversight of employees, vendors, and/or relationship management should evaluate their own reactions to such situations. Are you giving certain employees, vendors, investment teams more second chances than others? If so, why?
These are just some of the many takeaways from the 2022 Fearless Leadership Symposium. Employees of registered firms can access session replays here.
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Note: The observations contained in this work represent the thoughts of individuals comprising Nicsa committees. They do not necessarily reflect the views of Nicsa or any of its member organizations. Nothing herein is intended to be or should be construed as legal advice.
Boston, MA – November 2, 2022 – Nicsa announced at its 2022 General Membership Meeting the election of five new members to its Board of Directors.
The new Board members are as follows:
Mike Mastroianni, US Head of Relationship Management, SS&C
Kelli O'Brien, Director, Citi
Charles Rizzo, Chief Operations Officer, Americas and EMEA, Head of Global Fund Administration, John Hancock
Tosin Salami, Senior Vice President, of Product Strategy, State Street Bank
John Stadtler, Partner, PwC Financial Services
“We’re excited to expand our board with five new members who will bring expertise and insight to our work and long-term mission,” said Nicsa President & CEO Jim Fitzpatrick. “These outstanding professionals, representing some of the industry’s leading firms, will add valued and varied perspectives to how Nicsa advances leading practices in the global asset management community.”
The following Board members’ terms were elected for a second term:
Katerina Tzouganatos, Principal, Control & Regulatory, Deloitte
David Rosen, Managing Director, Head of Wealth Management Innovation, Morgan Stanley
Clint Harris, Executive Vice President & Head of Wealth Management Platforms, Invesco
Eileen Norton, Managing Director, Managed Accounts, Alternative Investments & Structured Product Solutions, Charles Schwab
Dan Moorman, Managing Director, Packaged Investment Products, Wells Fargo
Frieda Lewis, Chief Commercial Diversity Officer, Broadridge
Chris Keller, President, Harris Associates
The full list of elected officers on the Nicsa Executive Committee include:
Chairperson: Scott Brady, Head of Product Development & Strategy, Columbia Threadneedle Investments
Vice Chairperson: Stacy Bernstein, Head of Financial Intermediaries, American Century Investments
Vice President & Treasurer: Irene Speridakos, Managing Director, Global Head of Investment Managers, BNY Mellon
Vice President, Membership: David Whitaker, Global Services Leader, ACA Group
Vice President, Content: Janet Bienkowski, Vice President, MFS Investment Management
Vice President, Audit: Lisa Halbach, Vice President, Director of Fund Administration, Bank of America/Merrill Lynch
Vice President, Nominating: Clint Harris, Executive Vice President & Head of Wealth Management Platforms, Invesco
View full list of Nicsa board members here.
About Nicsa
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement, and advance leading practices. For over sixty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
Nicsa aims to help firms operating in all segments of the global asset management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America. The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
Boston, MA -- November 2, 2022 -- Nicsa, a leading asset management trade association, is proud to announce the winners of the 2022 Nicsa NOVA Awards, which recognize excellence in innovation and leadership within the asset management industry.
The 2022 award winners are as follows:
Outstanding Service to the Fund Industry - Robert L. Gould Award
Rheeta Wise, President, MFS Service Center, MFS Investment Management
Strategic Leadership Award
Anne Hebard-Duduch, Strategic Client Executive, SS&C Technologies
Industry Innovation Awards
Innovation in Distribution | Eaton Vance Advisor Institute | Chasing Positivity®
Innovation in Product Development & Marketing | State Street | Total ESG Solutions
Innovation in Technology | Citi | Proprietary Advanced Citi ETF System (ACES)
Innovation in Technology | John Hancock/Manulife | Landscape DX
Operational Excellence | FIS | Global Transfer Agency Services
Emerging Leaders
Edmarie Leatherman, Product Owner, Capital Group, American Funds
Daryn Levesque, Senior Principal Consultant (ETP), ACA Foreside Distribution Operations, ACA Group
Sarah Mahmoud, Managing Consultant, SS&C
Xiaochun Zhu, Vice President, Insigma, HengTian Software
President’s Awards
Chuck Gallant, Director, Digital and Data Products, BNY Mellon
Mark Lavan, Co-Head Retail Sales, Franklin Templeton
Kelli O'Brien, Director, North America Fund Services Product Manager, Citi
“The 2022 Nicsa NOVA Award honorees are an exceptional group of industry professionals who have demonstrated dedication, excellence. and leadership. We are very proud of their contributions to the global asset management community,” said Jim Fitzpatrick, President & CEO of Nicsa.
About Nicsa
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement, and advance leading practices. For over fifty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
Nicsa aims to help firms operating in all segments of the global asset management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America. The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
“Never overlook the power of moms,” Chandra Sanders, VP of RISE at The Mom Project, said during a lightning session at Nicsa’s recent Fearless Leadership Symposium. “Why? Because moms are a force. A workforce.”
At The Mom Project, Sanders works to create economic opportunity for mothers and women of color by helping them live their most authentic lives while maximizing their power, influence, and earning potential.
Sanders said women who are moms bring a unique skill set to the workplace — one that should be recognized and sought after by hiring managers everywhere. “Moms act as the C-suite of their entire family,” she said. “They’re the CEOs, the CFOs, or whatever they need to be in the moment.”
According to WerkLabs, the research and insights division of The Mom Project, having moms in the workplace leads to 40% greater retention, 14% higher productivity, and a more positive work experience and environment for all.
The Three Things Moms Want
WerkLabs’ recent research report, “Talent Trends in 2022,” revealed that working moms primarily seek three benefits:
“Allowing a mom to opt into a less demanding role or reduce hours for a short time makes all the difference in the world,” Sanders said. “It allows her to feel valuable. It also allows her to continue adding impact and value to your organization.”
“These days, moms want to continue to grow,” Sanders said. “They want their children to continue to see them grow. “Leaders need to have intentional, authentic conversations with their employees about career development. Learning about your employees’ needs, dreams, and aspirations is extremely important.”
Sanders also stressed the importance of upskilling and rescaling. “Allow moms to learn at their own pace,” she said. “This gives them an opportunity to gain skills such as data analytics, UX design, and project management — all skills that will keep them again relevant and competitive in the future.”
“We move forward when we move together,” Sanders said. For more information, visit themomproject.com.
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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By the time Allie Shafer reached her mid-30s, she had transitioned socially as a transgender woman with one major exception: her workplace. Her company was located in Missouri, a state that to this day has no law prohibiting discrimination based on sexual orientation or gender identity.
Around the same time, Shafer’s wife was diagnosed with rheumatoid arthritis, a painful, chronic, and debilitating inflammatory disorder. In addition to the cost of making a living, available treatments for rheumatoid arthritis were expensive — approximately $100,000 per year without insurance.
Under Missouri law, the threat of being stigmatized or even fired at work simply for being transgender was very real. Concerned that coming out would jeopardize the financial support she and her wife so badly needed, Shafer made a heartbreaking choice.
“I essentially lived two lives; one authentic and the other as an actress,” Shafer said during a lightning session at Nicsa’s recent Fearless Leadership Symposium. “The pain was excruciating. I cried almost every day, and when I wasn’t crying, I was lashing out. I found myself broken.”
On June 1, 2020 — the first day of Pride Month — Shafer took the brave step of coming out to her employer.
“It should have been one of the happiest times of my life, bringing my identities together, living one life, no longer having to tell lies,” she said. “It was unfortunately marred by several missteps on the part of my employer.”
Nothing seemed easy. Shafer had to fight to have her email address changed before her formal name change made its way through the court system. HR would not change her name and gender with the company’s health insurance provider until she had a new social security card, preventing her from seeking cancer testing.
Though her colleagues and clients supported her, Shafer received little help or guidance from the company.
How You Can Do Better
Today, Shafer’s mission is to make sure the next transgender person who decides to transition on the job has a far better experience. To become the best allies possible in your workplace, Shafer recommends the following:
“I hope that by sharing just a little bit of my story and providing you with some ideas that you'll be motivated to make the world a kinder place for me and my wonderfully diverse community,” Shafer said.
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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The key to gaining support for diversity, equity, and inclusion (DEI) across your organization is to clearly communicate the reasons "why" it is important: Faster innovation, better team-building, and increased profits are but a few examples.
Once everyone is on board, the tactical side of embracing DEI — the “how” — can be even more difficult to navigate. But if there’s one industry primed to perform in that regard, it should be asset management.
“We’re an industry that’s all about results,” Tom Wilson, Global Head of Talent Acquisition at Invesco, recently told attendees during Nicsa’s Fearless Leadership Symposium. “Just as we use metrics to hold the companies that we invest in accountable, we have to create accountability around the talent that we bring in the door, their promotion and development, and their retention.”
How to create an environment that eliminates institutional bias around marginalized identities — and reflects the society in which it operates — was the focus of the session, moderated by Jamila Abston, Partner at EY. In addition to Wilson, panelists included Sharyn Jones, Global Head of Talent Management at BNY Mellon, and John Desmond, SVP, Head of Investment Operations Outsourcing NA at Northern Trust.
Abston said that effectively operationalizing DEI within the asset management industry is a matter of weaving values into the fabric of your organization and everything it does. “Is DEI something visible?” she questioned. “Because if you’re bringing new candidates into your firm, something as basic as the diversity on your interview panels speaks a lot about your organization.”
In that spirit, the panel provided the following actionable tips for making DEI a way of life using the “Start, Stop, Continue” technique:
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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Like most goals worthy of pursuit in life, the asset management industry’s focus on diversity, equity, and inclusion (DEI) is not a one-time initiative but an ongoing effort requiring continuous commitment, compromise, and even course corrections.
“We have to fight hard against short-termism when talking about DEI — and serving our clients well from an investment perspective,” Carol Geremia, President of MFS Investments, told attendees of Nicsa’s 2022 Fearless Leadership Symposium. “Oftentimes, we’re so fearful of not getting it right that we lose focus on the journey necessary to make our efforts successful.”
The session, moderated by ABC News Anchor & Chief National Correspondent Byron Pitts and also featuring Lisa Jones, Head of the Americas President and CEO of Amundi US, Inc., explored why DEI is necessary to sustain the asset management industry. Geremia and Jones shared insight from decades of real-life leadership experience rising to the top in a largely male-driven industry.
Both agreed that finding the right cultural fit is vital to the success of emerging leaders from traditionally marginalized groups.
“I’ve experienced super positive cultures and the magic that brings to an organization; I've experienced organizations where the culture was toxic and detrimental to productivity and motivation,” Jones said. “I wanted to be in a leadership position so that I could help shape the culture from the top and promote an environment where people treat each other with respect.”
Geremia stressed the importance of fostering a sense of belonging among employees from the beginning. “I was in a culture that allowed me to make mistakes, learn, and grow, as long as I was willing to do some self-reflection,” she said. “Even though we feel like we have only one shot sometimes, I needed a lot more than that. As long as I was passionate about working on getting it right and admitting when I got it wrong, I felt like I could keep growing and keep belonging even more.”
Jones said Amundi began a deliberate focus on DEI created both top-down and bottom-up (via an ambassador program) within the organization. Compensation is tied to her success in this area, and her executive team has KPIs to measure performance. Aiming to increase representation for women and people of color, the firm made a few changes, such as removing names from resumes, recruiting from different pipelines, and implementing mandatory unconscious bias training.
Amundi is also changing the average years of experience required for particular positions.
“Over the years, I have seen young women come to me and say, ‘I want to interview for this position. It says you need five years. I have four years, eight months, and 47 minutes, so I don't think I'm qualified for it,’” Jones said. “Whereas I would have a man come in and say, ‘I've been here for about an hour; I'm going for the job.’”
Geremia said that for MFS, supporting DEI also means setting expectations for the investment companies within their portfolios.
“We can't underestimate the influence that we have as an organization to press the idea of workforce equality in the companies that we own for clients — whether it’s voting against boards that don't have diversity or holding companies accountable for the future of their workforce as it relates to DEI,” she said. “But as we do that, we then have to make sure that we're holding the same mirror to ourselves.”
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
In the early 90s, before Bill Proudman founded his global leadership development consultancy, he began to notice a recurring pattern. Regardless of the industry he was working in, straight, white males like himself outsourced diversity initiatives to people who have been historically marginalized and underrepresented.
“If there were two women on the team, they were expected not only to teach us about gender and equality — but about everything diversity. The same for men or women of color or people who identified as gay or lesbian,” Proudman said. “The reality is, that’s not sustainable. It’s exhausting for those in the role, and it says that I, as a white man, don’t know anything about this topic, and I certainly can’t learn anything on my own.’”
Challenging that mindset, he founded White Men as Full Diversity Partners (WMFDP), a novel approach to DEI that aims to shift behavior personally and professionally through life-changing experiences. The firm’s current clients include Lockheed Martin, BAE, S&P Global, Mass Mutual, P&G, and Amazon Web Services.
“My life’s work has been understanding the mutual self-interest in creating and sustaining a more equitable and inclusive organization, community, and world — rather than saying, ‘I’m here to help others with their issues. As good as that might feel, it’s not sustainable if I don’t have my own skin in the game.’”
Like a rising tide floats all boats, Proudman said DEI initiatives help everyone, including white men, reach their full potential. “Operating from a place of mutual self-interest allows all parties to endure in partnerships over time,” he said.
But while everyone should take ownership of these issues, fear can get in the way.
“If I’m afraid of saying and doing the wrong thing, I could invoke my ultimate privilege of not getting involved,” he said. “But straight, white men must learn to make mistakes, metaphorically fall down, say the wrong things, and then recover.’
Proudman said assumptions — or the elephants in the room — about straight, white men and DEI in the asset management industry are vast, including the following:
Impacts on partnership, engagement, and morale can be significant when such assumptions remain unacknowledged and unexamined. Among other effects, white men may feel blamed or guilty, reduced curiosity in DEI may contribute to a “walking on eggshells” environment, and ultimately, DEI efforts may result in backlash and resistance from straight, white men.
To strengthen partnerships across differences, Proudman offered straight, white men the following guidance:
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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Between Airbnb, Uber, and Amazon, we’ve seen numerous companies recognize unmet client needs in recent years — and change the rules of the game entirely.
And, as was the case with hospitality, transportation, and retail, the asset management industry is ripe for innovation. What happens next is in our hands, according to Mel Lindsey, Founder and Managing Partner of Nile Capital Group.
“If we don’t do something about the institutional asset management business, it’s likely to be disrupted by machine learning or whatever technology comes around next,” Lindsey told attendees of Nicsa’s 2022 Fearless Leadership Symposium during a session moderated by ABC News Anchor & Chief National Correspondent Byron Pitts and also featuring Chris Perry, President of Broadridge Financial Solutions, Inc.
Time and time again, diverse teams have been shown to enhance innovation by unlocking the range of perspectives and ideas necessary to think differently.
“As we widen our talent pool, and people start to see success, the dynamic will change,” Perry said. “Our job at the C-suite level is to do whatever it takes to make sure that happens. It may be more difficult to make the change, but it’s proven to deliver better results.”
Lindsey pointed to the danger of positioning diversity, equity, and inclusion (DEI) as a zero-sum game. “The way we frame it is often ‘I win, you lose.’ But we have to change that narrative. Diversity is better for the entire industry; it’s making the pie bigger.”
Pitts noted that when it comes to DEI, studies show that most organizations are better at recruitment than retention. To combat this phenomenon, Perry said Broadridge employs “stay interviews,” an alternative to exit interviews designed to help leaders understand how to support and retain employees.
“We teach our leaders to have conversations that show we genuinely care about people’s talent,” Perry said. “It’s all about intention.”
Lindsey highlighted the importance of incentives in supporting and retaining a wide range of employees. “Are you incentivized to make sure that these people are successful? Is your bonus tied to the success of diverse employees, as it is with other people on your team?”
When asked to provide the audience with one takeaway, Lindsey stressed the importance of second chances.
“In the asset management industry, you can have a largely white, male firm underperform in the market and not get fired. If you have a firm of women or people of color that underperforms, people may say, ‘we shouldn’t have hired them.’ So I would say challenge your policy of second chances, and make sure you are not blaming an entire group for one person's actions.”
Perry’s advice for fellow asset management leaders? “Lean in and have the courage to have conversations,” he said. “It’s OK to be uncomfortable, but do it with respect, and give people an opportunity to learn in the process.”
For a full replay of this session, employees of registered firms can visit Nicsa’s 2022 Fearless Leadership Symposium website.
May contain forward-looking statements subject to various uncertainties. Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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Chief US Economist Lara Rhame from FS Investments has been announced as a keynote speaker at Nicsa’s 2022 General Membership Meeting, an annual in-person event for industry professionals across the asset management industry. The event will take place in Boston on November 2-3 at the Renaissance Boston Waterfront Hotel.
Lara Rhame is a Managing Director in the Investment Research group and serves as Chief U.S. Economist at FS Investments, where she focuses on macroeconomic financial market analysis to inform and develop the company’s long-term views on the economy, investment trends and issues facing investors.
A self-proclaimed “petite woman with a big outlook,” Ms. Rhame will draw connections between Main St., Wall St. and world economies in a one-hour address to Nicsa’s membership where she will address potential Fed moves, inflation, the recession debate, the job market, uncertainty around corporate earnings, as well as how asset allocation models are changing.
The Nicsa GMM will provide 10+ hours of educational content broken out over two-days, focusing on themes that are making a holistic impact on the asset management industry: Digital Innovation, Data, and Product & Distribution. Conference participants will include industry peers from all facets of asset management including product development, distribution, technology, operations, compliance, talent management and client service.
For more information on how to participate, visit the Nicsa website.
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