FIFTY LEADING WOMEN IN HEDGE FUNDS 2019 IN ASSOCIATION WITH his is our seventh 50 Leading Women developed the first two corporate governance in Hedge Funds report. In an funds in emerging markets. Previous reports encouraging sign of the times, last have featured women from CIAM (Catherine year – after running it as a biennial Berjal); Cevian Capital (Friederike Helfer); Ides Tevent since 2010 – we took the decision that it Capital (Dianne McKeever) and Blue Harbour should be annual. Group (Tanisha Bellur and Lauren Taylor Wolfe, who has now launched her own firm, Impactive Just two of the women have featured in previous s the leading global provider of Capital, with seeding from pension fund reports. One nominee appears because she services to alternative funds CalSTRS). For the first time, we feature a Head has had a significant promotion; the other worldwide, EY is once again of ESG Engagement, at Third Point, and this is has moved to a larger company. Many of the proud to sponsor the 50 Leading likely to be a growing trend. Women have held WomenA in Hedge Funds report and to firms here: The Baupost Group; Bridgewater senior positions in corporate governance for at recognize this accomplished group of Associates; BlueMountain Capital Management; least 20 years, and the profile of these roles is women who are making their mark in the Capital Fund Management; Citadel; D. E. Shaw; industry. We congratulate all the honorees now rising. EY; GAM Systematic Cantab; Man Group; who have been selected by The Hedge Fund Maples Group; Pictet Asset Management; Journal – impressive and inspiring women Alternative credit managers have been Point72 and Simmons & Simmons are recurring who are leading by example. growing assets faster than most hedge fund fixtures because such companies are hiring managers, and we have started to receive more and promoting more women into senior roles. At EY, we have a steadfast commitment nominations for women working in private Companies featuring for the first time include: to diversity and inclusiveness and debt: we include Kirsten Bode from Muzinich in creating a culture where all people can Balyasny; BNP Paribas; Cartica Management; this report. experience a sense of belonging. This is Caxton Associates; Citco Fund Services (US) Inc; fundamental for building transformative Millennium Management; Third Point; Yaupon leaders to serve our clients and lead in our This report and the associated events are, of Capital Management LP and Wincrest Capital. communities. Diversity and inclusiveness course, partly a public relations exercise to is an important journey that we are proud attract more suitably qualified women to apply It is apt that EY is sponsoring the report to be on – one that creates innovation for jobs. Four HR professionals feature in as professional services firms appear to be and growth by maximizing the power of this report, and interestingly they have made leading the way in terms of gender equality. different perspectives. We hold our status horizontal career transitions into HR (which is in the DiversityInc Top 50 Hall of Fame in Approximately 50% of EY’s trainee intake and dubbed business development at one firm) from the highest regard and are committed to 30% of its partners are now women. At law firms continual progress. Foremost, we know prior roles in four different areas: legal; equity the trainee intake is similarly evenly balanced. that an inclusive culture that values our analysis; investment and prime brokerage sales. This report includes lawyers from Simmons people’s unique perspectives is critical to & Simmons in London, Matheson in Dublin, drive quality and innovation – and a better In the broader investment and alternatives and Maples in Cayman and London, where the working world for all of us. industry, there are also positive signs of London office joint managing partner is now imbalances being redressed. Over 50% of those Please join us in recognizing and Heidi de Vries. taking the CFA exam in China are now women, congratulating these 50 truly exceptional and indeed the CFA Institute will very soon, women – not because they are women, These percentages are generally much lower but because they exemplify success and and for the first time, be helmed by a woman, in the hedge fund industry, but there are some leadership, and are a beacon to those who Margaret Franklin (formerly of BNY Mellon). encouraging signs of change. For instance, 40 follow in their footsteps. The CAIA Association is led by Bill Kelly, but per cent of the 49 people in Point72’s Summer it has many women in senior roles, including Academy class of 2019 are women. In the full its regional leaders in Asia and Europe. Trade time Academy class, they represent 25 per cent associations as well have women in senior of the 36 recruits. than investment or portfolio manager, so tallies roles: AIMA’s local leaders in the US and Canada based on the latter label will overlook many. are women. As women appear to be most under- represented in quantitative and technology- Headhunters have brought it to our attention The standard disclaimer applies. This report is oriented roles, we have made a special effort that data scientists are red hot right now. The not a ranking per se, but rather a selection of to prioritise success stories from firms quants are the only women in this report who examples of senior women intended to inspire including: Capital Fund Management; GAM have doctorates. The deficit of women in STEM others. Many of those omitted from this report Systematic Cantab; Man Group; Millennium (life sciences apart) is partly due to educational are worthy candidates and may well feature in Management, Systematica Investments and choices typically made in teenage years. Many future reports. We have also received a large Tudor Investments Corporation, where the firms that have featured in these reports over number of nominations for women who do not CTO is notably a woman. (Women may be even the years have developed initiatives designed to yet seem quite senior enough, but they could more under-represented in the technology help girls catch the maths and computing bugs. well “graduate” to leading women status quite industry than in finance, according to some soon as they ascend the career ladder. Many estimates). It is worth noting that investment Women are also under-represented in activist female portfolio managers running very small professionals working in systematic and investing, but we continue to find new names amounts of money (sometimes outside a fund or quantitative firms may sometimes have job here. This report features two from Cartica corporate structure) could also be considered if titles such as “researcher” or “scientist” rather Capital, whose co-founder, Teresa Barger, they grow assets, form or join a firm. 2 Emily Alejos Ella Hoxha Managing Director and CIO, Cartica Management, LLC, Washington, DC Senior Investment Manager, Global Bonds Team, Pictet Asset Management, London Elizabeth Appleford Head of Human Resources, Marshall Wace, London Margaret Jones Principal and Portfolio Manager, Taconic Capital Advisors, New York Teresa Barger Co-Founder and CEO, Cartica Management, LLC, Washington, DC Harjit Kaur Co-Head, Funds & Investment Management, Maples Group, London Barbara Ann Bernard Founder, CIO, Wincrest Capital, Bahamas Megan Kelly Senior Trader, The Baupost Group, Boston Claudia Bertolino Managing Director and Global Head of Business Development, Citco Fund Annie Lerner Services (USA) Inc, New York Chief Financial Officer, PSAM, New York Jennifer Blake Marina Lutova Meyers Managing Director and Global Head of Business Development, Balyasny Portfolio Manager and Head of Fundamental Relative Value Credit, Asset Management, Chicago Citadel, New York Kirsten Bode Erin Miles Co-Head Private Debt, Pan-Europe, Muzinich & Co., Zurich/London Research Team Lead, Bridgewater Associates, Connecticut Giuliana Bordigoni Jessica O’Mary Head of Alternative Markets, Man AHL, London Partner, Ropes & Gray, New York Jessica Bowden Archana Parekh FIC Business Manager, Millennium Management, New York Portfolio Manager, Millennium Management, Singapore Michelle Brouhard Gwyneth Rees Partner and Head of Commodities, Yaupon Capital Management LP, New Partner, Funds & Investment Management, Maples Group, Cayman York Islands Soraya Chabarek Michelle Ridge Global Head of Distribution and Business Development, CQS, London Asset Management and Investment Funds Partner, Matheson, Dublin, Ireland Julie Chang Managing Director and COO, Balyasny Asset Management, Asia offices, Dava Ritchea Hong Kong CFO, Partner, BlueMountain Capital Management, New York Nadia Cobalovic Alyson Rodriguez Head of Relationship Management, Americas, Northern Trust, Chicago FICC Sales and Relationship Management, Citadel Securities, London Deborah Cohen Malka Miriam Roiter Managing Director, AlbaCore Capital, London Managing Director, CTO, Tudor Investment Corporation, Stamford, Connecticut Sarah Crabb Managing Associate (Financial Services – Funds), Simmons & Simmons LLP, Virginie Saade London Head of Government and Regulatory Policy for Europe, Citadel, London Sarah Davidoff Dr Camilla Schelpe Partner, Ropes & Gray, New York Senior Scientist, GAM Systematic Cantab, Cambridge, UK Elissa Doyle Tess Shih Chief Communications Officer and Head of ESG Engagement, Third Point Executive Director, Investor Relations, Capital Fund Management, New LLC, New York York Marianna Fassinotti Julie Siegel Managing Director, The D. E. Shaw Group, London