Manica Gautam Moved to Vancouver to Launch a Venture Capital Fund
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FINANCIAL STAKES Manica Gautam moved to Vancouver to launch a venture capital fund. Now she helps run the Houssian family's investment firm B.C.’S MOST INFLUENTIALmoney WOMEN on the To mark our fifth annual tribute to female leaders making a difference, we celebrate women in finance or Kai Li, a finance professor atUBC Sauder School of Business, it’s become a familiar sight. In a typical year, about 50 percent of the school’s commerce undergraduates are female. But as third- year specialization approaches, relatively few women choose finance. Li, who teaches a course that readies students for Fthe investment banking industry, thinks there’s both a supply and a demand problem. “People who I invite as guest speakers, there are very few female role models, unfortunately,” she says. At the same time, investment banking’s long hours may not appeal to women seeking work-life balance. Despite such challenges, this province is home to a remarkable group of women working in financial roles. For our fifth annual B.C.’s Most Influential Women fea- ture, we again sought the advice of an expert panel (see p.47)—three of whose five members are women mak- ing their mark in finance—to identify names worthy of recognition. We defined finance broadly, to encompass every- one from CFOs and entrepreneurs to bank executives and money managers. As usual, our list is representa- tive, not exhaustive or definitive. The goal is to celebrate the achievements of female leaders at different career >>> BY NATHAN CADDELL, NICK ROCKEL + FELICITY STONE <<< 28 BCBUSINESS MARCH 2019 LINDSAY SIU ON LOCATION AT INTERNATIONAL PRIVATE VAULTS › MARCH 2019 BCBUSINESS 29 stages, hear some of their stories and show how big an 28 stocks tracked. On average, the researchers found, impact they’re making as a group. This time around, they bought shares for less and sold them for more than we’ve divided the list into six categories, mindful their male peers. For her part, Li co-authored a 2014 that some of them overlap. study of acquisition bids by S&P 1500 companies from In the financial sector and elsewhere, research 1997 to 2009, showing that for each additional female suggests that female leaders make a business more director, the price a firm paid for its takeover target fell successful. In a 2016 global survey of almost 22,000 by 15.4 percent. companies, the Washington, D.C.–based Peterson Asked what can be done to get more women interested Institute for International Economics found that in finance, she points to Wall Street banks’ move to limit nearly 60 percent had no female directors and the number of hours worked, including a ban on weekend fewer than 5 percent had a female CEO. However, toil. Fostering a workplace culture that welcomes gender among profitable companies surveyed, those with and racial diversity is important, too, says Li, who is also 30-percent female leadership in the C-suite could expect UBC Sauder’s senior associate dean, equity and diversity. their net margin to be 1 percentage point higher than the Two more key pieces: mentorship and role others—a 15-percent profit gain. models. “I understand they do not have enough senior Also in 2016, in a study of male and female Finnish women in that industry, but senior males can also be traders from 1995 to 2011, women averaged an impres- mentors,” Li says. “But they also have to overcome the sive 21.4-percent annual internal rate of return across the backlash of the #MeToo events.” • B.C.’S MOST INFLUENTIAL WOMEN INVESTING Manica Gautam DIRECTOR, INVESTMENTS, JH INVESTMENTS When the U.S. government bailed out Citigroup in late 2008, Manica Gautam was working in its London office as an associate with the global consumer and retail invest- ment banking division. “I was probably for- tunate to be cheap enough not to lay off,” the casually dressed Gautam jokes at the smart downtown Vancouver headquarters of JH Investments, the private holding and investment company of the Houssian fam- ily. Citigroup’s near-collapse turned out be a blessing for Gautam, who gained respon- sibilities when the firm cut most of its mid- level investment bankers. Today at JH, she heads the private investment and venture capital portfolio of Joey Houssian, son of Intrawest Corp. founder Joe Houssian. Gautam’s other current gig is overseeing the wind-down of venture capital fund Campfire Capital, where she’s a partner with John Currie and Christine Day, former CFO and CEO, respectively, of Lululemon Athletica. The Toronto native moved to Vancouver in 2014 to launch Campfire and lead its US$32-million raise. The Houssian family 30 BCBUSINESS MARCH 2019 MARCH 2019 BCBUSINESS 31 were investors in Campfire, and Joey a brief stint as an associate for BMO Capital special effects. “It’s incredibly rewarding to time for my career Houssian sits on its advisory committee, Markets and joined the investment team of be able to work in so many different areas,” which led to her role with JH. ONCAP, the mid-market platform of Onex Gautam says of JH, which has five staff. Gautam, who laughs easily, was always Corp. She spent almost five years with Gautam sees plenty of women go into good at math, so she earned a commerce the private equity giant, including two as finance. Keeping them there is another mat- time for my MBA and finance degree at the University of director of fundraising at Onex Partners. “If ter. “Retaining that talent is the challenge Toronto. In 2005, with encouragement you think about the private equity invest- we all face,” she says. “As you progress along from informal mentor Kevin Li, who is still ing cycle, it all starts with fundraising,” says and climb the ladder, there are fewer of us a friend and now heads U.S. investment Gautam, whose skills in that area and as an here at the top.” banking for CIBC Capital Markets, she pur- investor caught the attention of her future When it comes to mentoring, sued a career in that industry, landing a job Campfire colleagues. Gautam keeps things informal. Besides sit- with Toronto-based Westwind Partners as Joey Houssian invests in a variety of ting down with people introduced to her an analyst. Around that time, the boutique early-stage ventures in consumer prod- through a mutual connection, she some- investment bank had opened an office in ucts, real estate, and travel and tourism. times responds to cold meeting requests on London, where Gautam worked before He recently launched Vallea Lumina, cre- LinkedIn. “The younger generation’s doing moving to Citigroup in 2007. ated with Montreal’s Moment Factory, a a great job of reaching out on their own,” she Returning to Toronto in 2010, she did global leader in video, lighting, sound and says. —N.R. ■ Stephanie ■ Heather ■ Kelsey ■ Brenda Irwin ■ Kristi Miller ■ Maria Andrew Conradi Dunwoodie Co-founder and manag- Co-founder and national Pacella Co-founder and Director, impact invest- CFO and chief compliance ing partner, Relentless managing director, First Senior VP, private executive director, ing, Vancity Capital officer, Deans Knight Pursuit Partners West Capital equity, PenderFund Capital Investment Capital Management Capital Management, Network; founding ■ Meryle ■ Jennifer and portfolio partner, Women’s Corbett Muench manager, Pender The MBA has helped me realize a Equity Lab CFO, KF Capital and KF Regional president, B.C., Technology Inflection more holistic view of the business by Aerospace Group BMO Private Wealth Fund learning facets of every department ■ Thealzel Lee ■ Annamaria from HR, to marketing, to finance, to ■ Samantha Founder and president, Nemeth operations. Being able to bring it all Findlay E-Fund; co-manager, VP and senior portfolio together adds tremendous value to National sales develop- Vantec Angel Network manager, TD Wealth ■ Christina ment lead, MD Financial Private Investment any organization.” Anthony ■ Nanon de Management ■ Ingrid Leong ■ Sybil Verch Len Hoang, MBA ‘17 VP, director, portfolio Gaspé Director of finance, Senior VP and national Area Director, Nando’s Canada manager and invest- Beaubien- JH Investments director of wealth ment adviser, Odlum Mattrick management, Raymond 2017 Brown; founder and Founder and president, James chair emeritus, Forum Beehive Holdings for Women Entrepre- ■ Tea Nicola neurs (FWE) ■ Bonnie Co-founder and CEO, Foley-Wong WealthBar ■ Alexa Blain CEO, Pique Ventures; ■ Julie McGill COO, Deetken Impact founding investor and Managing partner, board member, Pique Fulmer Capital Partners ■ Maili Wong ■ Nicole ■ Catherine Fund First VP, investment Bradbury Dorazio adviser and portfolio Partner, Renewal Funds Managing director, busi- manager, CIBC Wood For more information on our MBA: ness development, Gundy • 1.800.561.4650 Connor, Clark & Lunn business.athabascau.ca/mba 32 BCBUSINESS MARCH 2019 BCBUSINESS.CA MARCH 2019 BCBUSINESS 33 ■ Jennifer ■ Mia Maki Coulson Academic director, V P, ESG integration, undergraduate British Columbia programs, and entre- Investment Manage- preneurship professor, ment Corp. (BCI) Peter B. Gustavson School of Business, UVic; principal, Quimper Consulting ■ Gayle Gorrill VP finance and opera- tions, UVic; director, BCI ■ Trish Pekeles Executive director, financial operations, UBC ■ Christy Pham Senior principal, infra- ■ Amanda structure and renewable Hobson resources, BCI CFO and VP of finance and corporate services, British Columbia Lottery Corp. ■ Lori Wanamaker Deputy minister of finance, Government ■ Carole James of B.C. • Minister of finance, Government of B.C. B.C.’S MOST had a job as a customer service representa- law in Vancouver, but she never stopped has a ways to go. She’s encouraged by the the rest of her legacy, she points to things INFLUENTIAL WOMEN tive at Bank of Nova Scotia. She enjoyed the dreaming of a career in the financial sector.