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In Association With IN ASSOCIATION WITH his is the fifth edition of The Hedge This report showcases several women in senior Fund Journal’s biennial 50 Leading quantitative roles, including Aspect’s Anna Hull and Women in Hedge Funds report, Campbell’s Grace Lo. The apparent female STEM generously sponsored by EY. Some disparity is most obviously relevant to systematic 45 women in this report have and quantitative hedge fund strategies, but, less not appeared in previous reports, obviously, many discretionary fund managers published in 2015, 2013, 2011 and are also increasingly making extensive use of T2010. No less than 21 women in this report are quantitative techniques. portfolio managers of hedge funds. Eight work in As the leading global provider of services to hedge funds worldwide, EY is again proud to sponsor the 50 sales, investor relations or marketing. Seven are Leading Women in Hedge Funds report and to recognise Indeed, the technology industry has been practising lawyers. Four are COOs. Three work at this accomplished group of women who are making criticised for the small number of women in senior their mark on the industry. We congratulate all of the prime brokers. Two are risk managers, two are honorees who have been selected by The Hedge Fund management, and employment trends in the allocators, one is a finance director, one a regulatory Journal – an impressive group of professionals that hedge fund industry must be seen in a wider social is moving the needle and shaping the future of the consultant and one a researcher. Women have industry. context. attained the highest echelons right across the hedge At EY, we recognise that our strength comes from our fund industry. diversity. We also know that an inclusive culture that Women are scarce in the C-suites of many other values our people’s unique perspectives is critical to industries. Take aviation, where only around 5%- drive quality and innovation – and a better working Among the portfolio managers, many work for large world for all of us. As the #1 firm on DiversityInc’s 6% of pilots in both the UK and US are female. hedge fund managers, which run over $10 billion, 2017 Top 50 Companies for Diversity list, EY is proud to We surmise that cultural norms and gender and several of them have personal responsibility for have earned the distinction of the leading professional services firm for diversity and inclusiveness. We are also stereotyping could deter women from seeking running billions. They may have been active for as extremely proud to have been ranked #1 on their Top careers in either managing money or flying planes. many as 20 years, yet this report is, in some cases, Companies for Executive Women list. This is changing as acceptance of diversity in society their first media exposure. As credit and alternative Accelerating achievement of gender parity – within EY allows for more freedom of expression. For instance, lending are of growing importance to the hedge and in business at large – is an economic imperative. in May 2017, an Australian senator made history by The world can’t afford to wait as long as some estimates fund industry, it is also notable that women occupy predict – another 170 years – for women to achieve breastfeeding her infant in the Senate. senior portfolio manager roles at many leading credit gender parity in the workplace. To accelerate closing the gender gap, we need to work together to equalize houses: Avenue Capital, BlueMountain, Canyon, representation in the workplace, both in established Of course, studying science is only one of many Gramercy, Oak Hill and TCW. economies and emerging markets. We also need avenues into senior hedge fund roles. The academic purposeful action by both men and women to recruit, retain and advance women in equal proportion to their and professional qualifications of those in our report Women such as Ellen Wang, Michelle Kelner and numbers and commensurate with the limitless potential show a wide spread. The US JD legal qualification is they offer the workplace. Together, we can redefine Maggie Arvedlund, who have launched their own opportunities for future generations of women, forging quite widely held, including by many women who companies, generally start with lower assets than a lasting legacy of growth, increased prosperity and are not actually practising as lawyers. The US MBA stronger communities throughout the world. the largest male-led launches though the success is also popular, as are various master’s degrees. of Sonia Gardner’s Avenue Capital shows how they The world economy is driven by sustainable value Many in the report also have PhDs. Equally, 15 and business growth, which depend upon attracting, can grow over time. It is perhaps surprising when optimizing and retaining all talent. Women’s participants, or 30% of this report, have not pursued credible academic studies based on large samples advancement and leadership are central to business academic studies beyond the bachelor’s level. Some performance and economic expansion. It’s in every and long time periods, such as The Performance organisation’s and every nation’s best economic interest have taken professional qualifications, such as the of Female Hedge Fund Managers by Nicole Boyson to fully utilise and optimise the talents of women. CFA or CAIA charters. and Rakesh Aggarwal, find no difference between Please join us in recognising and congratulating those performance of male and female portfolio managers. truly exceptional women represented in the 2017 edition After studies are complete, social networking can of the 50 Leading Women in Hedge Funds – not because We think the jury is out on some surveys that they are women, but because they exemplify success help career development, and growing numbers suggest that women portfolio managers have and leadership, and are an inspiration to those who of voluntary organisations, in addition to the CFA follow in their footsteps. generated spectacular outperformance. Institute and the CAIA Association, are helping women with their careers. The organisation 100 In an ideal world, what percentage of top jobs would Women in Hedge Funds is now called 100 Women be held by women? The answer from some quarters One contributory factor could be that fewer girls in Finance. High Water Women is another group is around 30%, to reflect the fact that overall female are choosing to study STEM (science, technology, with a wide-ranging membership that has some participation in the workforce is lower. Some firms engineering and maths) subjects. The movie Hidden focus on impact investing. Girls Who Invest is, as the in the hedge fund industry have already attained Figures and the US Government have recognised name suggests, focused more specifically on those this target: roughly one-third of staff at PAAMCO are the contribution that black women made to the US managing money. The 30% Club in the UK wants female. If women have a relatively strong presence space programme. Though in some countries women 30% of company directors to be female. We do not in allocation roles, they remain underrepresented do make up a majority of students in biology- and think that so-called glass ceilings need prevent the in front-office portfolio management positions, medicine-related science subjects, science in general advancement of women in the hedge fund industry, versus labour force participation rates. Even in does not seem to be women’s most popular subject. but educational and career choices made many years the Scandinavian countries, some of which have Since 1990, the percentage of software engineers or ago could leave some opportunities out of reach. highly prescriptive policies on affirmative action for computer programmers who are women has actually company directors, combined with taxpayer-funded declined. Dutch CTA Transtrend and UK-based CTA Overall, we look forward to a steady and continuing paternity leave, very few hedge fund portfolio Aspect Capital are two examples of hedge funds that growth of women in senior roles throughout the managers are women. are acutely aware of this phenomenon. industry. THFJ 2 Elif Aktug Rashmi Kwatra Fund Manager, Agora, Pictet Asset Management, Geneva, Switzerland Partner, Prince Street Capital Management, Singapore Karen L. Anderberg Grace Lo Partner, Dechert LLP, London Director, Risk and Portfolio Management, Campbell & Company, Baltimore Lucia Arienti Marina Lutova Meyers Managing Director, Goldman Sachs, London Portfolio Manager and Partner, BlueMountain Capital Management, New York Maggie Arvedlund Anna Maleva-Otto Founder and Chief Investment Oficer, Turning Rock Partners LP, New York Partner, Schulte Roth & Zabel International LLP, London Abigail Bell Murielle Maman Partner, Dechert LLP, London Chief Operating Officer, Verrazzano Capital, Paris and London Leslie Biddle Zeynep Meric-Smith President, Serengeti Asset Management, New York Co-Leader, UK Hedge Funds Sector, EY, London Molly Blincow Dominique Mielle Director and Chief Product Architect, Murano, London Partner, Senior Investment Professional, Canyon Capital Advisors, Los Angeles Jane Buchan Claire Musgrave Co-Chief Executive Officer and Managing Director, PAAMCO Prisma, Irvine, California Partner and Finance Director, Marshall Wace, London Beth Campbell Saleha Osmani-Eliard Senior Vice President, Citadel Securities, New York Managing Director, Head of Prime Brokerage Sales and Capital Introductions, Middle East, Societe Generale Prime Services, Dubai Jane Castle Portfolio Manager, Avenue Capital Group, New York Nadia Papagiannis
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