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Leading Women in Hedge Funds 2015

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Leading Women in Hedge Funds 2015 LEADING WOMEN IN HEDGE FUNDS 2015 IN ASSOCIATION WITH LEADING WOMEN 50IN HEDGE FUNDS he Hedge Fund Journal’s is made by a number of books and studies. promote more women”. Hedge funds are only 50 Leading Women in However, such studies typically compare one subset of the investment industry, but we Hedge Funds 2015 survey, between 70 and 200 female fund managers with think our survey (and the many nominations generously sponsored by many thousands of male ones, leading some we received that did not appear this year) EY, is now in its fourth, observers to question whether the results are suggest that the hedge fund industry is offering biannual incarnation, with conclusive. In any case, very few allocators focus a springboard of opportunity. Hedge funds that the previous surveys having exclusively on women-managed funds; even by their nature have a more entrepreneurial been done in 2009, 2011 some US mandates to allocate to WMBE (Women culture and a flat structure, contrasting with and 2013. 45 of the names in this survey have and Minority-owned Business Enterprises) will the hierarchical nature of some corporate Tnot featured in the previous three. Some former include firms run by certain ethnic minority bureaucracies, may be able to offer swifter surveys have emphasised the roles of women groups and the disabled, as well as by women. advancement. in senior managerial, executive, operational, So we think that women fund managers are marketing and service provider roles – and earning allocations on their own merits and are Both the CFA Institute and the CAIA Association they are present here too. But this time we are performing well in a variety of vehicles, ranging are amongst many organisations that have majoring on investment managers, with 16 from traditional offshore regulated funds such as various initiatives to help women progress in (32%) of the women in this survey being portfolio Cayman vehicles, to onshore regulated structures the investment industry; CAIA has a scholarship managers – and another 16 being allocators to including UCITS and ’40 Act mutual funds, as programme for women that was taken advantage hedge funds, accounting for 64% of the survey. well as customised managed accounts, insurance of by at least one person in this survey. Some If alpha generation is the lifeblood of the hedge companies, pension funds, endowments and nominees are actively involved in groups such fund industry, portfolio managers and allocators foundations. as 100 Women in Hedge Funds (100 WHF) and should be front and centre. High Water Women, and there are also manifold One essential entry ticket for the hedge fund specialist groups including those for women Many portfolio manager nominations were industry now seems to be higher education, business lawyers. drawn from the largest managers that populate and some of this survey’s fifty have as many as The Hedge Fund Journal’s US 50 and Europe 50 four or more degrees, while others began their We feel compelled to flag up two disclaimers. listings, but there are also smaller managers and careers in academia. But not all of the women Firstly, while a handful of women in our prior even some start-ups here. The spread of strategies in this survey have attended the most expensive surveys are not currently working in the hedge is broad: global macro, systematic trading, CTAs, universities, such as Ivy League colleges in the fund industry, most of the women in the previous managed futures, discretionary commodities, US. Some have attended much lower-cost and three surveys continue to have very strong claims equity long/short, credit, distressed, emerging publicly funded universities outside the US, in to be in this one. And secondly, the ceiling of 50 markets, equity market neutral, event driven countries including Ireland, Russia, Indonesia, names inevitably means that we are constrained and activism are all represented. The activist the Netherlands and Norway. This shows how the from recognising the many hundreds of very world may be characterised as a macho one, but hedge fund industry is a meritocratic one, where strong candidates, who could well appear in we have located at least two women who have individuals from diverse educational backgrounds future surveys or indeed other articles. We also spearheaded activist campaigns and tenaciously can prove themselves on the job; most of the 50 recognise that in an industry with over 10,000 secured shareholder value: Lauren Taylor Wolfe Women finished academic study after receiving funds, and hundreds of service providers, we will of Blue Harbour and Frederique Helfer of Cevian. their Bachelor’s degree. But professional study not have received comprehensive nominations As well as shareholder activism, one sign of undertaken after university can also be a popular on every woman in a senior role. Nominations women’s growing confidence is that many choice. The MBA or Masters in Finance is still come from our industry network, including continue to break away from larger groups and the most widely held postgraduate qualification, prime brokers, banks, lawyers, accountants, launch their own firms. For instance, Leda Braga’s with doctorates, legal, accountancy or actuarial administrators, custodians, fund allocators, trade Systematica this year spun out of Bluecrest; qualifications also held by some women. At least associations, and professional associations. Monica Hsiao has flown the CQS nest to set up six (12%) are CFA Charterholders and three (6%) Triada; and Genevieve Kahr has left Jericho to are CAIA Charterholders. As industry assets break new records above $3 start Ailanthus. trillion, thousands of women worldwide are The new CFA Institute CEO, Paul Smith, argued at rising up through the ranks of hedge funds and The assertion that funds or hedge funds run by the CFA Annual Conference in Frankfurt in 2015, are setting their sights on “C-suite” roles that women perform better than those run by men that the investment industry “needs to hire and now look more attainable than ever. THFJ Darcy Bradbury Managing Director and Director of External Affairs The D. E. Shaw Group New York As their first MD of External Affairs, Darcy Bradbury and marketing for the hedge fund group. Bradbury handles regulatory affairs and communications served the US Government as Assistant Secretary to globally for the D.E. Shaw group, one of The Hedge the US Treasury, working under President Clinton Fund Journal’s US 50 managers, which manages and supporting Bob Rubin as Treasury Secretary, more than $36 billion and has offices in the US, and also served as Deputy Comptroller for Europe, and Asia. While at D. E. Shaw, she was Finance for New York City. She holds an MBA from elected the first woman Chair of the Board, Chair of Harvard Business School and an AB from Harvard the Legislative Committee, and Chair of the Trading College. She is a member of the Council on Foreign and Markets Committee of the Managed Funds Relations, The Economic Club of New York, the US Association. Before that Bradbury was a Managing SEC’s Investor Advisory Committee, and the US Director at Blackstone, heading up client relations CFTC’s Global Markets Advisory Committee. Adrienne M. Baker Marjorie Hogan Partner, Dechert LLP, Boston CIO, Managing Member, Founder, Portfolio Manager, Altum Capital, New York City Betsy L. Battle Chief Investment Officer, Lone Peak Partners, New York City Monica Hsiao CIO and Founder, Triada Capital Management, Hong Kong Leslie D. Biddle Partner, Serengeti Asset Management, New York City Denise Hu Founding Partner and Chief Investment Officer, Archer Asia – Rockhampton Darcy Bradbury Management Limited, Hong Kong Managing Director and Director of External Affairs, The D. E. Shaw Group, New York City Genevieve Kahr Founder and Managing Partner, Ailanthus Capital, New York City Leda Braga Chief Executive Officer and Founder, Systematica Investments, Geneva Kathryn Kaminski Director, Investment Strategies, Campbell & Company, Inc., Baltimore, Maryland Stephanie R. Breslow Partner and Co-Head of SRZ’s Investment Management Group and a member Polina Kurdyavko of the firm’s Executive Committee, Schulte Roth & Zabel LLP, New York City Partner, Senior Portfolio Manager, BlueBay Asset Management LLP, London Anne Casscells Elaine F. Mann Co-Founder, Co-President, and Chief Investment Officer, Aetos Capital, San Partner and Chief Operating Officer, The Baupost Group L.L.C., Boston Francisco Roxanne Martino Jo Cunningham Partner, Chief Executive Officer, Investment Committee Chairperson, Aurora, Partner, Maples and Calder, Cayman Islands Chicago Dahlia Dana Michelle McCloskey Managing Director, Tekne Capital, New York City Senior Managing Director, Man FRM, New York City Effie K. Datson Youlia Miteva Global Head of AIS Product Management, Senior Managing Director, State Managing Member, Proxima Capital, New York City Street Alternative Investment Solutions, London Lisa O’Connor Natalie Deak Jaros Head of Global Macro Portfolio Management, State Street Global Advisors, San Partner, EY, New York City Francisco Bay Kelsey L. Deshler Rebekah Pang Head of Fundamental Strategies, Research and Portfolio Manager, Credit Head of Capital Introductions – Asia, Alternative Investment Solutions, Societe Suisse Generale Prime Services, Hong Kong Angie DiCarlo Hope Pascucci Senior Vice President, Citadel Securities, Chicago President and Partner, Rose Grove Capital Management LLC, Wellesley, Massachusetts Kerry Duffain Partner and Head of Distribution, Markham Rae LLP, London Rani Piputri
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