In honour of Women’s History Month, and on the occasion of International Women’s Day, Global Trading is delighted to welcome a panel of female trailblazers from across the world (and across the street) to offer their insights into the importance of diversity, identify the changes we still need to see, and explore the programs they’re currently working on to support inclusion and promote change.
Read selected insights from Teresa Woodard, global head of trading analytics at T Rowe Price; Melissa Hinman, director of equity trading at Glenmede Investment Management; Melissa Ellis, electronic sales and product, Virtu Financial; Valerie Miles, director of European credit trading, Loomis Sayles; Ako Nishi, equity trader, JP Morgan Asset Management; and Catriona Lawlor, multi-asset trader, Baillie Gifford. Watch this space for the full interviews with each of these exceptional women, released next week, and catch up with the full feature in the Q1 Spring Edition of Global Trading magazine.
‘A move from ‘fit’ to capability’ – Teresa Woodard, global head of trading analytics, T Rowe Price (Baltimore)
Challenges still exist. There is still lack of representation in the most senior roles for women and people of colour. According to the McKinsey’s Women in Workplace, women of colour in particular lag both white women and men of colour across senior and executive roles. If we don’t increase the pipeline today, it will be very difficult to move the needle in the next three to five years.
By next year, I want to see leaders throughout trading become more fluent in the areas of inclusion and development. To see more women in the senior ranks, there should be focus on the talented individuals on our teams and making sure they have tools they need to grow.
‘Change starts with education’ – Melissa Hinman, director of equity trading, Glenmede Investment Management (Philadelphia)
One of the biggest and most positive changes I have seen are the diversity discussions taking place at conferences. These are helpful in understanding the importance and value of a diverse workforce. This past year, I had the privilege to participate on DEI panels and much to my surprise, following the presentations all of the panellists were approached by audience members thanking us for our participation and asking questions.
Getting involved should not be limited to ‘inside the walls’ of your firm. Consider additional ways to foster engagement. One option is to partner with well-run non-profit organizations.
I believe change starts with education, which can happen immediately. Understanding the advantages of diversity of thought, socioeconomic background, and education can add to our uniqueness and how we handle tasks. Knitting together our differences can lead to a more powerful team.
‘Pay it forward’ – Melissa Ellis, electronic sales and product, Virtu Financial (London)
International Women’s Day reminds me of how grateful I am to all the women who have paved the way for greater equality. It is inspiring to know the challenges these women faced for me to be where I am today. As a mother to a 15-year-old girl, I am committed to creating a space for people like my daughter to excel, the same way these women had done for me. I hope that on International Women’s Day we can reflect on the amazing women around us and continue that gratitude throughout the year, paying it forward.
‘A new generation of young female traders’ – Valerie Miles, director of European credit trading, Loomis Sayles (London)
We have made progress! Females are increasingly being represented in trading roles in both the sell side and buy side. We have noticed a new generation of young female traders across the industry, which shows that we are moving in the right direction.
Challenges persist though, especially in senior positions where the new/post-Covid hybrid working environment (ability to work from home on a regular basis) remains a major obstacle for women to be promoted to senior positions. While management seem officially supportive of women growing their career, biases remain as male traders tend to work in office more regularly than women, making them better candidates for advancement. It’s fair to say though that for many the hybrid working environment has added longevity to their career in finance.
‘Being different is a powerful thing’ – Ako Nishi, equity trader, JP Morgan Asset Management (Hong Kong)
Last year, JP Morgan Asset Management Global Equity Trading set an objective to work on DE&I development as a group. Since then, our trading desk has taken great strides in facilitating every team member’s engagement on the topic. Throughout the year, we’ve had opportunities to participate in various volunteering events for both external and internal organizations and also get involved with tutoring sessions with students from various backgrounds. This has not only accelerated our awareness of DE&I issues but also boosted our team spirit by creating shared goals and achievements outside the daily trading business.
Systems and technologies evolve over time, which should support diversity in many ways as it gives us more options in education and work as well as remove some hurdles in language and physical abilities. With a more diversified community, we should foster and embrace a new set of values that will spur innovations and enrich society. The whole series of events around International Women’s Day encourage us to celebrate ourselves and realize that being different is a powerful thing.
‘We still have a long way to go’ – Catriona Lawlor, multi-asset trader, Baillie Gifford (New York)
There’s been definite progress with gender diversity in our industry, though we still have a long way to go. From personal experience, occasions of being the only woman in a meeting room, or one of very few at a conference, are still commonplace – and so we need to work hard as in industry to ‘accelerate progress’ (in the spirit of this year’s International Women’s Day theme).
One topic I’m passionate about is how we make this industry a more attractive career path for women from an early stage. Thankfully, some fantastic organisations are already working on this, such as Future Asset, with whom we at Baillie Gifford partner. Future Asset works with school-age pupils to inspire and inform Scotland’s next generation about following a career in the investment management industry.
International Women’s Day is a chance to celebrate women and all they contribute to the world – a lot of which has historically been underappreciated. It’s also a day to pause for thought and remind ourselves – and – everyone else why a more gender-diverse and equitable world would be a very positive place to be.
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