Boston, MA – October 11, 2022 – The Nicsa 2022 General Membership Meeting (GMM) will take place November 2 - 3 at the Renaissance Boston Waterfront Hotel. With timely insights into critical business pathing for the global asset management industry, the two-day event will provide educational sessions on the strategic implementation of key business initiatives impacting asset management firms, broker dealers, and financial services firms.
Amid a landscape of market volatility, high inflation, and policy changes, the industry is resetting expectations, goals, and business models. The Nicsa GMM will provide 10+ hours of educational content broken out over three themes that are making a holistic impact on the asset management industry: Digital Innovation, Data, and Product & Distribution. Conference content will focus on the elements of these themes that are affecting all employees across the spectrum of the industry. Conference participants will include industry peers from all facets of asset management including product development, distribution, technology, operations, compliance, talent management and client service.
Speakers include:
Jennifer Ball
Head of US Marketing, Franklin Templeton
Sanjay Balu
VP, Sr. Director Enterprise Applications Architecture, MFS Investment Mgmt.
Bill Beaulieu
Principal Director, Strategy & Consulting, Accenture
Katie D'Angelo
Managing Director, Head of Wealth & Investment Management Partnerships, Allspring Global Investments
Tony Davidow
President and Founder, T. Davidow Consulting, LLC
Ben Doob (Moderator)
Head of Market Intelligence, ISS
Jim Fanning
Director, Global Financial Services Leader for North America, Amazon Web Services
Francesca Federico
Co-Founder & President, Twelve Points
Matthew Goulet
Head of Asset Management Services & Business Development, Fidelity Investments
Justin Hansen
Managing Director, Global Strategic Accounts, Retail SMA, MFS Investment Management
Todd Hjerpe (Moderator)
Cyber Security - Financial Services Managing Director, EY
Fiona Horsewill
Managing Director, Global Head Data & Digital, Securities Services, Citi
Miro Kazakoff
Author of Persuading with Data and a Senior Lecturer, MIT
Brad Mahaney (Moderator)
Managing Consultant, Aliter Investment Services
Amy McDonald
Senior Associate, Morgan, Lewis & Bockius LLP
Dan Menicucci
Chief Security Advisor for Financial Services, Microsoft
John Miller
Investment Strategies Consultant, Allspring Global Investments
Gautam Moorjani
General Manager, Intelligent Automation Solutions, SS&C
Lara Rhame
Chief US Economist, FS Investments
Jeff Roedersheimer
SVP, Global Technology Strategy & Architecture, Capital Group
Leia Rudikoff
Global Anti-Fraud Officer, Manulife
Tim Savage
Senior Manager Fraud Nexus, Nuance Communications
Mark Smith
Senior Portfolio Manager, Senior Vice President, Wealth Advisor, Morgan Stanley
Scott Smith (Moderator)
Director, Advice Relationships, Cerulli Associates
Hadley Stern
Managing Director, Head of Digital Asset Custody, BNY Mellon
Nicsa is offering registrations for all industry participants, along with a streaming pass for our member firms. Preview the GMM Agenda. See what firms are registered. Contact us to initiate a corporate registration.
Leader and innovator Ted Truscott has been announced as a keynote speaker at this year’s Fearless Leadership Symposium, the second annual DEI-focused event for asset management professionals hosted by Nicsa’s Diversity Project North America. Mr. Truscott will enlighten the FLS audience with inspiration from his decades-long career during the evening’s Rising Stars dinner in Boston on Oct 6.
Truscott, chief executive of Columbia Threadneedle Investments, is known for his enthusiastic and energetic connection to people. Mr. Truscott will share his takeaways on a broad range of themes and personal experiences, including the importance of recognizing and retaining rising diverse talent in the asset management industry.
Truscott will be joined on the two-day agenda by thought leaders who will discuss “HOW” the asset management industry can accelerate the pace of diversity, equity & inclusion initiatives within their firms. Here’s a sneak peek at the October 7th FLS speaker lineup:
Partner, EY
SVP, Head of Investment Operations Outsourcing NA, Northern Trust
President, MFS Investment Management
Head of the Americas, President and CEO, Amundi US, Inc.
Global Head of Talent Management, BNY Mellon
President, Broadridge Financial Solutions, Inc.
Anchor & Chief National Correspondent, ABC News
Co-Founder, White Men as Full Diversity Partners (WMFDP)
VP of RISE, The Mom Project
Director, Relationship Management, SS&C
Global Head of Talent Acquisition, Invesco
The Fearless Leadership Symposium is an ideal opportunity to hear from forward thinking professionals across all facets of the asset management industry on how to drive effective DEI-focused business planning.
For more information on how to participate, visit the Nicsa website.
#DiversityProject
#FeaturedEvent
#NicsaEvents
#DiversityandInclusion
Boston, MA – September 15, 2022 – Nicsa is pleased to announce the 2022 awardees of its Rising Star Program, a mentorship and awards program aimed at providing networking and career development opportunities to diverse, aspiring leaders in the asset management industry. Watch video.
Nicsa’s Diversity Project North America recognizes the importance of supporting emerging leaders with a program that not only provides recognition and exposure for diverse employees, but develops and hones the skills critical for retention and advancement of valued talent within the industry.
The 2022 Rising Stars were nominated by member firms of Nicsa’s Diversity Project North America and will receive the following benefits:
The 2022 Rising Stars (representing their Diversity Project member firms) are:
American Century Investments | David Livingston, Director of Compliance
Amundi US, Inc. | Jessica Southam, Executive Assistant
Aon | Lauren Durfey, Investment Consultant
Aviva Investors | Sau Mui, High Yield Portfolio Manager
Bank of America | Jason Park, Vice President
Bank of New York Mellon | Megan Pruss, Lead Analyst, Corporate Actions
BlackRock | Jennifer Asare, Associate
Broadridge | Alfonzo Willoughby, Manager, ICS Risk and Compliance
Calamos Investments | Ayesha Khalid, Marketing Associate
Capital Group | Tiffany Howard, Senior Manager Intern
CFA Institute | Jay Patel, Senior Manager, Professional Learning Business Operations
Columbia Threadneedle | Tim Reitzenstein, Institutional Sales Analyst
Confluence | Katie Abbott, Senior HR Business Partner
Dimensional Fund Advisors | Ashley Guzman, Senior Associate, Corporate Marketing
EY | Divya Tewari, Manager
Fidelity Investments | Stacie Ware, Quantitative Analyst
FS Investments | Kara O'Halloran, Director of Research
Hartford Funds | Young Kim, Compliance Consultant
HSBC Asset Management (USA) | Joseph Tomic, Portfolio Analyst
J.P. Morgan Asset Management | Michael Mannarino, Vice President, Assistant Treasurer
Janus Henderson Investors | Preena Popat, IT Security Engineer
John Hancock Investment Management | Ahmed Zegnine, Fund Reporting Supervisor
MFS Investment Management | Eli Gramajo, Equity Research Associate
Nationwide | Cristian Ensley, Sr. Analyst, Business Development – Investment Management
Northern Trust | Megan Lynch, Manager, 2nd Vice President
Payden & Rygel | Stephanie Walker, Senior Vice President
Polen Capital | Alexandra Choinski, Relationship Manager
Putnam Investments | Ashley Montanez-Pineiro, Manager Financial Projects
Russell Investments | Alyssa Skrivan, Senior Manager, Investment Operations
Schroders | David Chuang, Fund Operations Manager
SLC Management | Rawan El-Khatib, Senior Director, Derivatives & Quantitative Strategy
SS&C Technologies | Whitney Smith, Product Manager
State Street | Jose Brandao, Vice President - Business Risk Management
Thornburg Investment Management | Natasha Rippel, Director, Fund Operations
The annual Rising Star Program offers Diversity Project North America member firms a high-profile and meaningful way to celebrate and cultivate the next generation of diverse leaders. Questions about the Program, the Fearless Leadership Symposium, or how to join the Diversity Project North America can be sent to [email protected].
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.
About Diversity Project North America
The Diversity Project North America promotes a diverse and inclusive asset management industry with the right talent to deliver the best possible results for our clients, reflect the society we serve, and ensure long-term business sustainability. We aim to achieve diversity across all dimensions through collaborative leadership from executive business leaders pooling resources from industry participants around challenges we all face.
The Project spans the entire range of the profession: asset managers, fund complexes, asset servicers, broker dealers, asset owners and professional service firms that support the industry. We seek to share best practices, identify gaps in our industry and initiate action to help solve or improve those inadequacies.
We strive to deepen the understanding and perception of what the asset management industry entails and the varied roles within it, to encourage a broader range of new candidates.
#PressRelease
#NicsaAwards
#DiversityandInclusion
#DiversityProject
#PR-DiversityandInclusion
Boston, MA – September 7, 2022 — Nicsa, a leading global asset management trade organization, will be hosting its second annual Fearless Leadership Symposium in Boston on October 6-7, 2022.
The pivotal two-day event will highlight leadership skills and sustainability practices that can enhance productivity and promote long-term growth in the asset management industry. The event will bring together an industry that has quickly come to terms with the “WHY?” of Diversity, Equity and Inclusion, and hone in on the “HOW.”
Attendees will hear from industry leaders via powerful keynotes, interactive panel discussions, and succinct “Lightning Talks” aimed at providing insights into how fearless leadership practices support creativity and innovation while enhancing long-term growth.
Featured speakers include Ted Truscott, CEO, Columbia Threadneedle; Lisa Jones, Head of the Americas, President and CEO, Amundi US, Inc.; Carol Geremia, President, MFS Investment Management; Chris Perry, President, Broadridge Financial Solutions; Janell Woodward, President, MacKay Shields; and Byron Pitts, Anchor & Chief National Correspondent at ABC News.
The symposium will also host Nicsa’s Rising Stars Program, spotlighting individuals from member firms who have demonstrated business excellence and made notable contributions toward advancing inclusivity in the global asset management industry. These honorees, who will be announced at a special ceremony the evening of October 6, embody the values of Nicsa’s Diversity Project North America and demonstrate emerging leadership and intentionality for change.
Attendees will include CEOs, senior business executives, and DEI leaders from asset managers, broker-dealers, consulting firms, custodians, executive search firms, fund accounting and audit firms, investment managers, law firms, private equity firms, technology providers, third-party service providers, and technology companies. View Diversity Project North America member firms here.
Details on speakers, panels, and other aspects of the Fearless Leadership Symposium can be found on the Nicsa website. Firms interested in attending or otherwise being involved in this event should contact Anne De May of Nicsa at [email protected]. Media interested in attending this event should contact Allison Lovett of Nicsa at [email protected].
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.
About Diversity Project North America
The Diversity Project North America promotes a diverse and inclusive asset management industry with the right talent to deliver the best possible results for our clients, reflect the society we serve, and ensure long-term business sustainability. We aim to achieve diversity across all dimensions through collaborative leadership from executive business leaders pooling resources from industry participants around challenges we all face.
The Project spans the entire range of the profession: asset managers, fund complexes, asset servicers, broker dealers, asset owners and professional service firms that support the industry. We seek to share best practices, identify gaps in our industry and initiate action to help solve or improve those inadequacies.
We strive to deepen the understanding and perception of what the asset management industry entails and the varied roles within it, to encourage a broader range of new candidates.
#PressRelease
#NicsaEvents
#FeaturedEvent
#DiversityandInclusion
#PR-DiversityandInclusion
#DiversityProject
Boston, MA – August 29, 2022 – Leading trade association Nicsa is celebrating its 60th anniversary. The Boston-born association has expanded across geographies and business functions to cover all facets of the global asset management industry. View Anniversary Page. Watch Anniversary Video.
The organization announced it will celebrate the milestone at its upcoming General Membership Meeting on November 2-3 at the Renaissance Boston Waterfront Hotel in Boston.
Throughout its history, the association has evolved from a local Boston-based initiative to a globally focused organization focused on cutting-edge business themes such as product trends, digital innovation, and DEI.
Nicsa brings asset managers, intermediaries, and service providers to the same playing field to serve a wide array of business lines including product, distribution, technology, data, operations, risk management, compliance, and fund accounting & administration.
The association connects industry participants through committees, conferences, educational programs, and networking events. Nicsa’s initiatives include the Diversity Project North America, Blackwell Scholarship, Rising Stars, Nicsa NOVA Awards, and Accelerator – A Professional Development Program. Nicsa has been the asset management industry’s home for collaboration on important trends and can act as a valuable resource for the development of best practices.
“We are very proud of Nicsa’s legacy. The association has been on the forefront of vital changes in the asset management industry for 60 years, evolving along with its member firms,” said Jim Fitzpatrick, President and CEO of Nicsa. “We hope that this milestone underscores our continued mission to connect all areas of the global asset management industry as we collaborate to solve common industry problems with the best interest of our shareholders in mind.”
“This anniversary not only celebrates what Nicsa has accomplished over six decades, but also provides a solid foundation for even bigger and better things to come with our growing membership drawn from across the asset management industry,” said Scott Brady, Chairman of the Nicsa Board of Directors and Head of Product Development and Strategy at Columbia Threadneedle Investments. “I am excited about the future of Nicsa and look forward to all the contributions it will make to the industry we all serve.” Watch S. Brady’s Commentary on Nicsa’s Anniversary.
Among Nicsa’s founding firms were State Street Bank & Trust Company, Fidelity Investments, and Old Colony Trust (now part of Columbia Threadneedle Investments). Over the years, industry icons such as Jamie Dimon, Mellody Hobson, Jennifer Johnson, Lisa Jones, Joe Sullivan, Ted Truscott, and Tyler Mathisen have motivated audiences from the Nicsa stage. Watch T. Mathisen’s Commentary on Nicsa’s Anniversary.
Nicsa offers educational programs, professional development, industry awards, and networking opportunities for employees across all facets of the global asset management industry. To learn more about becoming a member firm, click here.
Boston, MA – July 25, 2022 — Nicsa has announced the winners of its 2022 Blackwell Scholarship Awards. Blackwell Scholars receive up to four years of scholarship support, a mentor from a Nicsa member company, and access to career networking and internship opportunities. 2022 marks the 60th anniversary of Nicsa, and the 24th year of Blackwell Scholarship awards.
The 2022 Blackwell Scholarship recipients are as follows:
Lizbeth Flores | University of Albany | Class of 2026
Brendan Ridge | University of Pittsburgh | Class of 2026
John Shen | University of Massachusetts Lowell | Class of 2026
Ruth Shiferaw | Massachusetts Institute of Technology | Class of 2025
Zuzanna Wheeler | Creighton University | Class of 2026
Nine additional students had their award renewed for the coming academic year. Awards are renewable for up to 4 years per student.
Maggie Banhart | Kansas State University
Berenika Belinkiy | Bryant University
Sebastian Cerro | Texas A&M University
E’Nyah Norris-Conley | Northern Arizona University
Jonathan Odima | University of Texas at Austin
Sofia Ostendorf | University of Illinois at Urbana-Champaign
Esha Thota | University of California, Los Angeles
Rayne Trevino | University of Texas – Rio Grande Valley
Olivia Tucker | Wichita State University
This year, eighty-six applications were submitted by children of employees representing twenty-one firms across the global asset management industry. Three out of the five 2022 awardees are first generation college students. Recipients were evaluated based on demonstrated excellence in leadership, community service and academic merit.
The five new awardees represent the following firms: Broadridge, Federated Hermes, MFS Investment Management, Edward Jones, and State Street.
The nine renewal awards represent American Century Investments, Broadridge, Calamos Investments, Capital Group, Invesco, and JP Morgan Chase & Co.
“Nicsa acknowledges the generous support its members for the Blackwell Scholarship Fund with their contributions and event participation over the course of the past year. We are very proud of the program, and we congratulate each of the 2022 Blackwell Scholars,” said Jim Fitzpatrick, President and CEO of Nicsa.
Each year, Nicsa’s Strategic Leadership Forum (SLF) features the Blackwell Scholarship Charity Golf Tournament. All proceeds from the tournament go toward the scholarship fund.
About the Nicsa/William T. Blackwell Scholarship Fund
The Nicsa/William T. Blackwell Scholarship Fund was established as a tribute to former Nicsa President Bill Blackwell’s commitment to education. Since the scholarship program's inception, the fund has made over $400,000 in awards to students with financial need. The Blackwell Scholarship Fund is endowed through donations by individuals and Nicsa member companies. Blackwell Scholars receive up to four years of scholarship support, a mentor from a Nicsa member company, and access to career networking and internship opportunities.
The Blackwell Scholarship is administered by The Philanthropic Initiative, in conjunction with The Boston Foundation.
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 – June 30, 2022 – Nicsa welcomed eleven new Committee Chairs over the past six months who will each help support the nonprofit’s work to advance leading practices within the global asset management industry.
Nicsa supports a variety of committees that are open to all employees of member firms, providing an excellent opportunity for all divisions, all departments, and all levels of management to participate in the development of industry solutions across myriad business lines. View full list of Nicsa Committees here.
Committee Chairs are the visionaries responsible for establishing and tracking the mission of Nicsa Committees, as well as presiding over activities and content generation. Committee members include asset managers, broker dealers, custodian banks, transfer agents, and other professional service firms including audit, tax, law, technology, marketing, and compliance professionals.
With congratulations to new appointees:
Gary Casagrande, Confluence | Fearless Leadership Symposium
Donelle Chisholm, American Century | DPNA Industry Engagement & Events
Naomi Fink, Capital Group | Diversity Project Next Practices
Chuck Gallant, BNY Mellon | General Membership Meeting
Emily Lawrence, Northern Trust | DPNA Industry Engagement & Events
Mark Lavan, Franklin Templeton | General Membership Meeting
Dan Moorman, Wells Fargo Advisors | Strategic Leadership Forum
Kelli O’Brien, Citi | General Membership Meeting
Rhett Payne, J.P. Morgan | Fund & Investor Services
Alex Pire, Amundi | International
David Rosen, Morgan Stanley | Strategic Leadership Forum
In recognition of past service:
Deidre Boulware | Diversity Project Benchmarking
Gary Casagrande, Confluence | Diversity Project Education & Outreach
Sarah Maynard, CFA | Diversity Project Next Practices
Lyndsay Noble | Data & Analytics, Strategic Leadership Forum
Dana Terry, Georgeson | Unclaimed Property
“We’re excited to welcome all new Committee Chairs who will bring their expertise and insight to Nicsa’s mission. I’d also like to thank those professionals that are rolling off of Committee appointments. Their efforts have been instrumental in advancing best practices in the industry we all serve,” said Jim Fitzpatrick, President & CEO of Nicsa.
A full list of Nicsa’s Committee Chairs follows:
Topic Committees
Alternative Investments
JonMichael Butler, Bank of America
Dawn Rohde, Wells Fargo
Compliance & Risk Management
Chuck Booth, Citi
Stephanie Tyler, Franklin Templeton
Data Analytics
Todd Neese, Janus Henderson
Brian Foote, Broadridge
Fund Administration
Jon Gezotis, Citi
Victoria McGowan, JP Morgan Chase
Fund & Investor Services
Rhett Payne, J.P. Morgan
Andy Schlueter, Voya
International
Alex Pire, Amundi
Next Gen
Lesley-Anne Archibald, Baillie Gifford
Nicholas Lombardo, Citi
Product & Distribution
Scott Brady, Columbia Threadneedle
Alaina Giampapa, Natixis
Retirement
Alvin Hasegawa, Franklin Templeton
Brad Spolec, DST Systems
SMA & Model Portfolio
Patrick Mullins, Columbia Threadneedle
Technology & Digital Innovation
Gary Casagrande, Confluence
Chuck Gallant, BNY Mellon
Karym Murphy, HengTian Services
UIT
Scott Larsen, Guggenheim Investments
Matt Wolcott, Hennion & Walsh, Inc.
Unclaimed Property
LeeAnn Dionne, SS&C
Event Committees
General Membership Meeting
Chuck Gallant, BNY Mellon
Mark Lavan, Franklin Templeton
Kelli O’Brien, Citi
Fearless Leadership Symposium
Cheryl Boyd, EY
Gary Casagrande, Confluence
Strategic Leadership Forum
Dan Moorman, Wells Fargo Advisors
David Rosen, Morgan Stanley
Lynette Turner, BNY Mellon
Diversity Project North America
Benchmarking
Cassandra McCarthy , EY
Education & Outreach
Suzanne Cullinane, Janus Henderson
Industry Engagement & Events
Donelle Chisholm, American Century
Emily Lawrence, Northern Trust
Maggie Klimentova, Russell Investments
Next Practices
Naomi Fink, Capital Group
Ofelia Potter, Northern Trust
Advisory Committees
Awards
Karen Walsh, Putnam Investor Services
Content
Anne Hebard, SS&C;
Janet Bienkowski, MFS
Membership
David Whitaker, Foreside
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.
###
The financial benefits of diverse workforces are no longer speculative — they’re proven. Today, mountains of evidence, including McKinsey & Company’s 2020 “Racial Equity in Financial Services” report, have established a direct correlation between profitability and the diversity of senior teams.
The McKinsey report, for example, found that “For every 10 percent more racially or ethnically diverse a company’s senior team is, earnings before interest and taxes are nearly 1 percent higher.”
In a 2019 analysis, McKinsey also found that companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than those in the fourth quartile. Companies in the top quartile for ethnic and cultural diversity also outperformed those in the fourth quartile — in this case, by 36 percent.
“These reports reaffirm the strong business case for gender, ethnic, and cultural diversity in corporate leadership,” Paul Newman, Co-Founder of the Association for Diversity in Financial Talent, said while moderating a recent Nicsa webinar. “The most diverse financial services companies are now more likely than ever to outperform non-diverse peers on profitability.”
The webinar, which also featured experts from Wilbanks Partners and DEI hiring solution provider Mathison, highlighted other benefits of hiring diverse talent, including enhanced innovation, better decision making, improved employee engagement, and reduced employee turnover.
“We’re all in agreement around the why — this conversation is for us to get into the how,” said social entrepreneur and LGBTQ+ leader Arthur Woods, co-founder of Mathison.
The panelists outlined several steps that leaders can put into effect to foster diversity, equity, and inclusion in the workforce:
Two years after the murder of George Floyd, many organizations now view DEI as a strategic imperative rather than an elective procedure. Still, Woods said many struggle to make real progress.
“At Mathison, we’ve had the chance to study the hiring practices of hundreds of employers,” Woods said. “We’ve found that the vast majority of organizations today have done very little to even consider what they mean by diversity.”
This lack of clarity prevents diverse hiring initiatives from gaining momentum.
“There are many underrepresented job seeker communities, ranging from the neurodivergent community to people with disabilities all the way to refugees and immigrants,” Woods said.
He added that it’s essential to acknowledge the intersectionality of these groups, as interconnected social categorizations and identities often create unique experiences with discrimination and oppression.
“If there’s one fundamental point we can start with, it’s having intentional conversations with our teams about what we mean by diversity and thinking of the historically marginalized cross-sections of communities that we may be able to recruit from.”
Clearly defining what diverse hiring means to an organization is just the beginning.
“In addition to identifying those individuals, it’s also important for leaders within financial services to do a better job of communicating what cohort of diverse individuals they would like to see in their organizations — and how these decisions are aligned with business goals and outcomes,” Newman said.
“This is an exciting moment when organizations can start to reconsider not only how they’re setting goals, but involving the rest of their organizations in their effort, making it communal and not led by the talent team alone,” Woods said.
Mathison’s analysis revealed several decision points during the lifecycle of a candidate’s hiring process that create systemic barriers for those from underrepresented communities. Improving accessibility, reducing bias, and creating more inclusive job-seeking experiences can help reduce these barriers.
“At every stage of the process, the more we slow down, follow structure, and train our teams beyond unconscious bias and around specific decision points, the more that we create a level playing field for all communities that can apply for a job,” Woods said.
Beverly Love, Head of Search Operations at Wilbanks Partners, stressed the importance of diversity at the decision-making level.
“Members of a diverse cohort should be present as key-decision makers at every level throughout the organization, including the hiring process, promotion process, and compensation discussions,” she said. “Networking with and supporting organizations like Girls who Invest also goes a long way in building more diverse pipelines and providing the social capital underrepresented groups need to succeed.
To achieve cultural change over time, firms must set targets, measure progress, and acknowledge wins.
“If you look at entry-level roles, diversity is often high, especially among women,” Newman said. “However, as you continue to progress across the hierarchical ladder, you begin to see people dropping off. If you’re not inquisitive enough as to why, if you’re not doing the research and studying the data, you potentially will lose strong, qualified candidates to your competitors.”
While It’s easiest to default to the path of least resistance, Love said leaders must overcome the all-too-common hurdles of time, energy, and investments, adding that managers should be held accountable for pursuing diversity targets and rewarded for their success.
“Measure your progress; pay your managers to take their time and make the systemic changes that will give you the inclusive culture you want,” she said.
While the business outcomes that come from diverse and inclusive workforces are undeniable, Woods said cultural change won’t happen overnight.
“We’re talking about changing hearts, minds, and systems all at the same time,” he said. “We’re talking about changing the fundamental way we’re hiring, the mindset with which we’re making decisions, and the behavior of our teams. A lot of leaders are disappointed in how long this work has taken, and that’s why it’s so important that we’re having these amazing conversations, and that everyone’s engaged in this work as it continues to evolve.”
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.
#DiversityProject
#DiversityandInclusion
A Guest Blog by Sanne-LIS, Luxembourg | ALFI Member
Pierre Weimerskirch, Managing Director, Sanne-LIS, Luxembourg
Over the last 10 years alternative investments have grown tremendously, with 2021 breaking records. Luxembourg, as a leading international hub for the distribution of alternative funds, has benefited greatly from this trend. Today, more than 6,000 alternative investments funds with more than USD 1.3 trillion of AuM are domiciled in Luxembourg[1]. The US is strongly represented. Among the top 10 US private equity (PE) managers, nine are present in Luxembourg. The central location of Luxembourg in Europe and its outstanding “ecosystem” around alternative investments have contributed significantly to the success of Luxembourg as a global hub for the distribution of alternative funds.
The strong growth in alternative assets was driven by a decade of negative interests, groundbreaking innovations and a greater global integration of the economy and capital markets. Currently the world is experiencing several major shifts: increasing interest rates, higher geopolitical risks and interruption of the global supply chain – the waters, so to speak, have become rougher.
Will the recent developments cause the Alts wave to break? If one looks more closely, one sees that there's still plenty of “swell” out there to support the alternative market.
First of all, there is a record amount of dry powder sitting currently with alternative asset managers. For PE alone, this capital is estimated at USD 3.4 trillion[2]. Although managers may be more cautious with capital deployment in the short term, the changing environment will present new investment opportunities in the medium term. Markets experienced a similar situation at the beginning of the Covid pandemic in 2020 with a slowdown of deals at first which picked up strongly 6 or 9 months later.
Moreover, managers are continuing to launch new funds. In Q1 2022 global PE funds secured more than USD 175 billion of new capital[3]. In this context responsible investment topics play a more and more important role, and we see an increased number of alternative funds in Luxembourg following an ESG compliant investment strategy.
Furthermore, institutional investors such as pension funds or insurance companies have increased their long-term commitment to alternative investments over the years[4]. In the US, pension funds have allocated as much as 25% of their funds to Alternatives. Continental European institutional investors are in urgent need of catching up in this context, with the current exposure being 5-7%. In the medium-term the target allocation ratio is 12-15%.
The current efforts undertaken by the market to make private equity also accessible to retail investors will help support the alternatives market. Only 7% of the PE capital raised in 2021 in Europe came from private individuals[5]. A recent survey among fund managers shows indeed that they expect the share of retail investors in their AuM to increase over the next five years[6]. We are currently seeing several initiatives in this respect.
These feeder funds are open to wealthy private individuals, family offices and private banks through which they can access the flagship private equity and real estate funds of well-known and reputable alternative managers. Due to Luxembourg’s attractive environment, many of these feeder platforms who intend to collect the money from a broader range of investors are set up here.
The ELTIF must pursue an investment strategy into long-term assets such as PE, real estate or infrastructure. With the review of the ELTIF Regulation in 2021 we have recently seen a stronger interest in the ELTIF. Some managers use the ELTIF as a parallel structure to their main fund, which is aimed exclusively at institutional investors, to raise capital from retail investors as well. The strategy of the two funds is very similar.
The increasingly difficult market circumstances will inevitably lead to certain adjustments in the alternative investments market. Most likely, the number of managers will be whittled down. The more challenging environment will favor high-quality managers with a proven track record and deep expertise in their respective fields. In addition, investors will amend their risk-adjusted return expectations. If positive interest rates can be expected again in the future, then hurdle rates of 5% will no longer be sufficient for alternative investments, however, the underlying trend for alternative investments should remain positive.
This is of course good news for Luxembourg as a global distribution hub for alternative funds. Luxembourg remains at the forefront and continues to adapt its so-called “toolbox” for alternative investment funds in order to make it attractive for alternative managers to domicile their funds in Luxembourg. A specialist, expert jurisdiction who help firms navigate their way quickly and safely from the depths of the ocean.
[1] https://www.cssf.lu/en/2022/05/investment-fund-managers/
[2] https://www.bain.com/insights/topics/global-private-equity-report/
[3] Preqin Pro, Historic Fundraising, 2022
[4] https://www.privateequitywire.co.uk/special/future-flows-next-generation-private-equity-lps
[5] https://www.investeurope.eu/research/activity-data/
[6] https://www.preqin.com/insights/research/blogs/future-of-alternatives-2025-the-retailization-of-private-markets
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.
#ProductandMarketing
#DistributionandSales
On the Clock to Advance DEI
Nicsa’s Strategic Leadership Forum wouldn’t be complete without a deep dive into building genuinely equitable workplaces — after all, DEI has to be practiced at the top, not just on the front lines.
Cassie McCarthy, Manager, EY’s Wealth and Asset Management Consulting Practice, moderated an important conversation between leaders from Northern Trust, SEI, and the Diversity Project North America. The session highlighted how organizations have begun to mobilize DEI efforts while exploring Nicsa’s annual DEI Perception Study.
Deidra Jenkins, SVP, Chief Diversity & Inclusion Officer - Americas, Northern Trust, focused on three strategic priorities within her firm:
Justine Phoenix, Head of Diversity Project North America, Nicsa, provided an overview of the Diversity Project initiative, which she heads.
“The Diversity Project of North America is organized under Nisca,” she said. “Our goal is to collaborate, educate, and offer support for our members, who all have their own DEI journeys.”
On the Clock: Nicsa’s Annual DEI Perception Study
Panelists also explored Nicsa’s Annual DEI Perception Study, which found, among other takeaways, that DEI priorities should be set at the highest levels of the organization, factored into every business decision, and supported via dedicated resources.
The study also found that perceptions vary widely amongst demographic groups in the industry, making it difficult to create a sense of shared culture.
When asked about roadblocks to increasing diversity in leadership, 26% of respondents pointed to “corporate culture or environment” as the largest obstacle to progress.
“I’m not surprised about that — culture is how we get things done in an organization,” Jenkins said. “Advancing culture is one of Northern Trust’s key strategic priorities. I am sure many firms have done this already, but we have unconscious bias training for all of our partners. We had about a 99% completion rate there and held additional training for our managers.”
“In 2020, right after the murder of George Floyd, Northern Trust created our DE&I Knowledge Center,” Jenkins continued. “That was developed because many of our partners wanted to understand the root cause of the racial challenges and issues going on at that time.”
Phoenix said the perception study revealed that internal and external stakeholders are looking for a clear understanding of data parameters and how firms will expand collection and tracking efforts.
“We have to make sure we are transparent about where that data is going, especially when you start to talk about the LGBTQ+ and disability communities, where it can be a little more challenging to get voluntary data,” Jenkins said.
It is essential that leaders explain that data is being used to enable change and advance careers within their organizations. “When we start being more transparent about that, we will create a safe space where people can trust organizations, and we can move forward,” Jenkins added.
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.
Website Design By Branophia LLC