A changing world.
Karine Litou, Deputy Head of Private Capital for the Securities Services business of BNP Paribas, talks about private capital, engagement and complexity.
Can you please tell me what is your day to day role at BNP Paribas’s Securities Services business?
As Global Deputy Head of Private Capital for the Securities Services business of BNP Paribas, I supervise the development of our product and solutions across products and geographies, and the transformation and enhancement of our platforms. I also ensure we continuously develop our teams’ expertise. I spend a lot of time with my teams. Their engagement and expertise are at the heart of all our successes, and ensure our Private Capital strategy is aligned with that of the rest of the bank.
Market conditions have been volatile but what have you found to be the most challenging?
Private capital encompasses all non-listed asset classes, which are generally less volatile than listed assets. Nevertheless, institutional investors have started to reduce allocations to private capital funds as a consequence of the decrease in listed assets. Fundraising is now much more challenging for private capital asset managers, who are now looking at diversifying their client base and are focusing on retail investors. Such change in investor typology brings new challenges to an industry which was previously not used to this type of investors.
What skill-sets are required for today and have they changed over the past couple of years?
Today, as both the technical framework and clients’ demands are becoming increasingly complex, the capacity to evolve and adapt oneself to a fast-moving environment is a highly sought-after skill. The ability to work in a multicultural environment is also a must-have in a globalised industry.
How did you get started in financial services and is this the career you envisioned? If not, what had been the plan?
I spent my whole career working in finance, in consulting, asset management and now asset servicing. I never expected to work in the private capital sector, which was not well known when I started my career.
What progress do you think women have made in financial services? How have things changed since you started?
Things are changing. Even though management and technology positions are still largely held by men, we now find more women in these roles than in the past. The financial industry is also working to address gender inequality. This includes in particular a focus on achieving equality in terms of wage, professional promotion, training and skills development. But there is still a long way to go.
What needs to be done to move the needle further?
A priority is to create workplaces that are respectful and inclusive of everyone thanks to active policies in favour of diversity, equality and inclusion. Valuing employees of an organisation as individuals, treated on an equal footing, allows companies to foster an environment that values and respects people for their talents, skills and competencies.
There is also progress to be made in the way people think of these issues in order to challenge their assumptions and avoid racial, cultural or gender bias.
How does your firm support women and diversity, equity and inclusion (DEI) in general?
BNP Paribas is committed to promoting and encouraging diversity in all its forms, including ethnicity, age, gender, sexual orientation, gender identity and religion. We are also working on improving access to colleagues with disabilities.
More specifically, on the issue of gender equality in the workplace, the new Diversity and Inclusion Agreement raises BNP Paribas’ requirements in terms of equal pay, governance and equal treatment of male and female employees; in line with the HeforShe movement launched by the United Nations in 2014 to promote gender equality and supported by the Group.
How are you involved?
On a day-to-day basis, I make it a priority to ensure women in my teams have the opportunity to express their ideas and demonstrate their expertise as much as their male colleagues do. I also try to lead by example and make sure I participate in forums, roundtable discussions and panels.
There is a plethora of awards for women in the financial sector. How long do you think it will be before we won’t need a special category?
I think special awards for women won’t be needed anymore when women receive about half of non-gender specific personal awards.
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