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US Offshore
TOP 20
Women Leaders
2020
Leading by example
Leading by example
&
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BCI SECURITIES
BCI SECURITIES
Tracy Cochran
Tracy Cochran
&
bci-securities
Itaú Private Bank
Itaú Private Bank
Daniela Fortuna
Daniela Fortuna
&
itau-private-bank
Citi Private Bank
Citi Private Bank
Sonia Garcia-Romero
Sonia Garcia-Romero
&
citi-private-bank
Sanctuary Wealth
Sanctuary Wealth
Susan Graybeal
Susan Graybeal
&
sanctuary-wealth
Lesson Learned
Lesson Learned
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Capital MSCI
Capital MSCI
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Investment Placement Group
Investment Placement Group
Rocio Harb
Rocio Harb
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investment-placement-group
BBVA Securities
BBVA Securities
Maria Hernandez
Maria Hernandez
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bbva-securities
Inspirational Women
Inspirational Women
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inspirational-women
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WE Family Offices
WE Family Offices
Maria Elena Lagomasino
Maria Elena Lagomasino
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Capital System
Capital System
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BNY Mellon - Pershing
BNY Mellon - Pershing
Glorinete Laurentino
Glorinete Laurentino
&
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Franklin Templeton
Franklin Templeton
Danielle LeClair
Danielle LeClair
&
franklin-templeton
HSBC Private Banking
HSBC Private Banking
Joana Li
Joana Li
&
hsbc-private-banking
Morgan Stanley
Morgan Stanley
Ileana Musa
Ileana Musa
&
morgan-stanley
UBS Wealth Management
UBS Wealth Management
Eliza Pepper
Eliza Pepper
&
ubs-wealth-management
Bolton Global Capital
Bolton Global Capital
Nancy Peterson
Nancy Peterson
&
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BigSur Partners
BigSur Partners
Rosa Rincón
Rosa Rincón
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Female Fortunes
Female Fortunes
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EFG Asset Management
EFG Asset Management
Janet Rodriguez
Janet Rodriguez
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Banco Sabadell
Banco Sabadell
Karla Sandino
Karla Sandino
&
banco-sabadell
Intercam Advisors
Intercam Advisors
Victoria Santaella
Victoria Santaella
&
intercam-advisors
JP Morgan Wealth Management
JP Morgan Wealth Management
Jennifer Solimine
Jennifer Solimine
&
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Griffinest Asia Securities
Griffinest Asia Securities
Cindy Wang
Cindy Wang
&
griffinest-asia-securities
Ultralat Capital Markets
Ultralat Capital Markets
Carolina Yepes
Carolina Yepes
&
ultralat-capital-markets
Power Playlist
Power Playlist
&
power-playlist
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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Leading by example
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Leading by example

Closing the gender divide is a goal every investment firm needs to embrace. It’s not just about creating a more equal playing field – that’s a no brainer – studies have shown that having more women in investment teams contributes positively to risk-adjusted returns. Yet while efforts are being made to address these issues, a lot more work needs to be done.

As part of our contribution to this cause, Citywire Americas has put together this special magazine highlighting some of the women that are at the top of their game within the competitive US offshore wealth management industry.

All of those featured hold senior positions at renowned wirehouses, private banks, advisories and family offices, and represent just a snapshot of some of the female talents in our industry.

These leading lights have shared some of the experiences and challenges they have encountered throughout their careers and what they feel can be done to encourage more women to join wealth management.

We hope you enjoy it and pick up some valuable lessons from these inspirational women.

Atholl Simpson & Raj Dhaliwal
Citywire Americas
Atholl Simpson
Editor
RAJ DHALIWAL
Head of US offshore and Mexico
DAVID GUTIERREZ
Head of South America relationship management
CHRIS DELAHUNT
Director, US and Latin America
FAUSTO AMARAL
Sales manager for Iberia, Latin America & US offshore
ANNA DAWSON
Production Assistant
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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Tracy Cochran
VICE-PRESIDENT, HEAD OF CLIENT SERVICES
BCI SECURITIES
Location:
Miami, FL
Team Members:
7
Assets Overseen
$600m
Tracy Cochran
VICE-PRESIDENT, HEAD OF CLIENT SERVICES
Role
‘For the next generation of women entering the industry, the advice is as simple as it gets: Obtain as much knowledge as possible and never stop learning’

As head of client services, Tracy Cochran is part of a team of business line leaders that handle Bci Securities’ domestic as well as offshore broker-dealer and RIA businesses. Cochran is responsible for the day-to-day client experience at Bci Securities that her team manages and is in charge of opening the lines of communication between clients, customers and businesses to get projects done.

One of the most recent projects she has implemented is Bci’s managed account model platform which caters to the group’s offshore clients. Along with her team, she selects strategies to add to the open architecture platform, which are then included in one of the four model portfolios on offer to clients. Her team carries out the required due diligence, testing strategic implementation and running the investment strategy of the model portfolios.

RÉSUMÉ

Cochran has spent more than 33 years in the financial industry, having gained a wealth of experience across all aspects of the banking, broker-dealer and the RIA worlds, both on the domestic and international side. She joined Bci Securities in 2018 following its acquisition of Miami-based TotalBank, where she had been working for almost 20 years. While at TotalBank, she held the role of director of banking centers and more recently that of manager for strategic retail initiatives.

Inspirational women

‘There are so many female role models, but one that inspired me early on to become the person that I am today, is Amelia Earhart, the first female aviator to fly solo across the Atlantic Ocean. I realized that if she was able to achieve what she did in the 1930’s, there really should be no boundaries for any woman. As her quote says: “the woman who can create her own job is the woman who will win fame and fortune”.

‘The second is my mother, who showed me the importance of knowledge, and the necessity of strength, determination and independence.’

Finding balance

‘Women have proven that they are amazing assets in the US offshore and wealth management Industry. To encourage more women to look to this profession, women that are currently in the field need to create some form of ongoing mentorship. This will provide a contact base and foundation to be able to guide them, show them what opportunities exist, what would be the best fit and how to take advantage of them.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Daniela Fortuna
Head of commercial, international
Itaú Private Bank
Location:
Miami, FL
Team Members:
30
Assets Overseen
$25.3bn
Daniela Fortuna
Head of commercial, international
Role
‘It’s obvious that right now there are more men than women in this industry but there’s a lot of potential for women in this space’

Daniela Fortuna is the head of all commercial operations for the International Personal and Private Bank of Brazil’s Itaú in Miami. This includes being in charge of the company’s international private bankers, its commercial strategy, target markets, revenue model and commercial marketing initiatives, as well as client centricity and acquisition. Her main focus is creating and developing projects and customizing products and solutions for offshore clients.

Based in Miami, Fortuna oversees a team of 30 people and the firm’s international private bankers who cater to Brazilian and Hispanic clients. She is also in charge of the group’s sales teams that are located in Miami, Zurich, Lisbon and Latin America.

RÉSUMÉ

With over 20 years in the financial market, Fortuna has spent the last 12 years of her career at Itaú Private Bank. Before coming to Miami, she served as a private banker in Rio de Janeiro and contributed significantly to the growth of Itaú Private Bank’s operations in the region. Prior to joining Itaú in 2008, Fortuna worked at Banco do Brasil where she was a private banker for eight years.

Memorable moment

‘A point in my career that I’m really proud of would be when I was a private banker back in Brazil, right before coming to Miami. I had the biggest client book [in AUM] in Brazil, not just Rio de Janeiro. Not only was this great for me professionally and within the bank, but I really knew and understood my clients. This was when I was asked to come to Miami and prioritize client-centric initiatives and make our structure work 100% for the client.’

Biggest Barrier

‘A barrier that I have faced, and I know other women have as well, is proving new ideas. You know the idea is good and works, but you have to prove and implement it before getting people on board. This is difficult because you’re often doing it alone and with little help. This is where having a good mindset can change things. I look at the cycle of learning (learn, unlearn, relearn) and try to promote this regularly. It pushes people beyond their comfort zone and encourages an environment that reaches for new ideas. So I try to lead by example. I go ahead, create the space for this idea, and prove it works for our clients.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Sonia Garcia-Romero
Managing director
Citi Private Bank
Location:
Miami, FL
Team Members:
24
Assets Overseen
Sonia Garcia-Romero
Managing director
Role
‘The constant need to prove that I was “ready” for my next assignment or career opportunity has been a barrier I have regularly encountered as a woman’

Sonia Garcia-Romero is responsible for a team of investment specialists that work across a number of Citi Private Bank’s US and Latin American offices, as well as Switzerland, that offer investment services to the group’s US offshore and Latin American ultra-high net worth clients. In this role she builds tailored investment portfolios to cover the needs of Citi clients across multiple generations.

RÉSUMÉ

Garcia-Romero has more than 25 years’ experience in the financial industry. She started her career at JP Morgan where she was an institutional trader in the London office with the firm’s investment bank and global markets treasury liquidity and repo desks from 1995 until 2000. She was also the head of the JP Morgan Latin America global investment opportunities group.

She then moved to Deutsche Bank where she spent three years as a structured derivatives specialist within its Latin American private wealth management arm. She returned to JP Morgan in 2003 and joined its Latin America Private Bank where she served as the market manager and investments team leader for the Andes, Central America and Caribbean region. In late 2016 she moved to Citi Private Bank to take on her current role.

Memorable moment

‘After 2008 I was asked to create a Latin America global investment opportunities desk to cover the most asset class agnostic and self-directed clients that were willing to invest in a dislocated global financial market. As it happened, this start-up was perfectly timed for the opportunity size and the moment and we grew to $14bn in assets and $60m revenue the following three consecutive years. We had a team of 10 specialists covering all Latin American countries and an amazing flow of business. It was a great challenge at the right time.’

Nextgen

‘I love to see our young talent being so vocal in sharing their opinions. It is refreshing and instructive to spend time with them. However, one thing that women don’t do enough of is take risks. When a new opportunity that you dream of opens up, raise your hand and go for it. Do not wait to be 100% “ready”. That 100% probably doesn’t exist in reality.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Susan Graybeal
Director, international wealth management
Sanctuary Wealth
Location:
San Antonio, TX
Team Members:
Assets Overseen
Susan Graybeal
Director, international wealth management
Role
‘Women within the industry should feel compelled to reach out to the next generation, providing mentorship and the confidence that this is an industry in which they can grow and succeed’

Susan Graybeal joined Sanctuary Wealth this summer to lead the team building the group’s wealth management and product platform aimed at independent international advisors.

As director of international wealth management, she will oversee Sanctuary’s new offshore platform and look to onboard around two to three teams of international advisors by the end of the first quarter next year, with a focus on advisors with ultra-high net worth clients in Mexico.

Her responsibilities also include providing partnered support to international wealth advisors who wish to manage their own practice on Sanctuary Wealth’s platform.

RÉSUMÉ

Graybeal is an experienced hand, having started her career with Merrill Lynch in 1985 working directly with management in an office comprising advisors assisting both domestic and international clients.

In 1994, still at Merrill Lynch, she became client relationship manager and in 2008, she assumed the role of international supervision manager where she worked directly with advisors to assist in providing solutions, compliance and relationship building for their international clients. She held this role until she left Merrill Lynch to join Sanctuary Wealth in August 2020.

Memorable moment

‘To be honest, it would be my current position as the director of international wealth management at Sanctuary Wealth. This exciting new role gives me the opportunity to support our network of financial professionals and advisors in an industry that I am truly passionate about.’

Inspirational women

‘Michelle Obama is unapologetically genuine. Her positive attitude, family-first priorities, ambition for success and commitment to honoring her self-worth is beyond inspiring. She encourages freedom of choice, advocates valuing people, promotes the importance of empowering others, and teaches women that failure is a part of growth. She is extraordinary.’

Take control

‘I am a leader by example who cares about people and puts them first. I believe this is a strength, when some in the industry consider it a weakness. I lead with a culture of communication and listening, and provide my team with guidance and respect.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Lesson Learned
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Lessons learned

Rebecca Macieira-Kaufmann was head of Citi International Personal Bank’s US offshore wealth management division before she launched her own consultancy firm this year. Here she shares some anecdotes from her impressive career and the secrets to her success
Rebecca Macieira-Kaufmann
RMK Group

I have worked and lived in five countries and studied nine languages – to say ‘international’ is in my blood is an understatement.

Throughout my nearly-30-year career, I have had the honor of serving as the head of multiple business lines across international banking and wealth management, and during that time I have had my fair share of unusual encounters.

I remember walking into my first board meeting at a Mexican-American bank I was working for and feeling like I was stepping into a new land. First, the all-male board stood to greet me. Then, as I went around the room to shake everyone’s hand, we had a few awkward moments when each man leaned in to kiss my cheek instead of shaking my outstretched hand. I can assure you, this never happened to me in other board meetings!

I also recall a gentleman in France mistaking me for my boss’s assistant or, worse, in Hong Kong, a client assuming I was the entertainment. Despite the awkwardness, I always tried to stay the course as a professional and politely correct them while assuming good intentions on their part.

I have given clients, team members and peers real-time feedback in private to let them save face and learn from their lack of awareness.

In offshore wealth management, I experienced very few gender challenges. In fact, I always felt hugely supported. One area in particular that worried my team was my safety, as I traveled frequently, including to Mexico, Colombia, Brazil, Peru, Uruguay, Chile, Russia, Singapore, Hong Kong, and the Philippines. My team insisted that I always travel with others and not walk alone, as is my habit.

I did observe that while the industry had many excellent female financial advisors, there were not as many as would be representative of the population at large. I believe the world of offshore wealth is a great career path for women, and I highly encourage women to pursue this path if it matches their acumen and their passion. The key is to get more women the experience in management, sales, operations, and risk analysis they need to help them grow as leaders in the industry.

My experience in the wealth management world was very positive – I loved meeting clients around the world and learning about their families, hopes, dreams, and challenges. Discussing how we could help them plan for, enable, and protect their future and legacy was an honor. Who could ask for more?

As to lessons learned, here are a few of the kernels I’ve gathered along my career journey.

Be you
Internalize your skills, knowledge, and power. When in doubt, be even more of you. If you aren’t true to yourself at work, you’ll lose yourself and your way. The Oscar Wilde quote, ‘Be yourself, everyone else is already taken,’ always makes me smile.

Stay in motion
Move the ‘proverbial ball’ forward all the time. Act. Make decisions. Execute. Get the work done and know your numbers! I can be impatient at times, which has served me well in getting products to market or enhancing the customer experience with speed. The secret is to engineer success from the start: plan, test, adjust, test again, and then implement and repeat.

Find awe
Stay curious. Ask questions. Ask why. Ask how. Ask when. Ask what could go wrong. Ask to learn more. And when things get really crazy, act like Alice in Wonderland and ask: ‘Who shrunk the door?’ This has helped me to laugh at myself or at the situation even in the most stressful of times.

Be a duck
Sometimes you have to paddle really fast with your feet underwater but show the team you are gliding smoothly on top, instilling confidence and optimism about the future. The key to being a duck is to let things roll off your back.

Put your own oxygen mask on first
You can’t lead people, help others, or be a role model if you aren’t taking care of yourself. I bring enormous energy and passion to my work that requires fuel and rest. Hence, I adopted the airplane instruction as a life metaphor: ‘Put your own oxygen mask on first before helping others.’

Rebecca Macieira-Kaufmann spent more than 11 years at Citigroup in a range of roles including CEO, president and general manager. Most recently she was head of the group’s International Personal Bank, which caters to US offshore wealth management clients. Before Citi, she spent 13 years at Wells Fargo and has also worked at Providian Financial and Retail Solutions Management Consultants in London. Since leaving Citi in April 2020 she has launched her own consultancy and CEO coaching business, RMK Group LLC.

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Capital MSCI
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RÉSUMÉ
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who put the ci in msci?
How a pioneer for women in investment management helped create an industry icon

Nilly Sikorsky, who was a portfolio manager at Capital Group for more than 40 years, compiling data for the Capital International World Indices in 1973.

Nilly in 1967 and 2004

The MSCI indices are among the most recognizable names in the investment world. What many people don’t realize is that Capital Group — one of the oldest and largest investment management organizations — was responsible for creating them, initially as an internal tool to support the company’s pioneering global investing approach.

Founded in 1931, Capital established a presence in Europe in the early 1960s, opening an office in Geneva under the name Capital International. A founding associate of that office, Nilly Sikorsky, became a central figure in the growth of Capital’s investment services around the globe. Over 48 years, she served in many leadership roles within Capital and had a tremendously positive impact on the organization both as an investment professional and as a role model.

In this excerpt from an essay published just prior to her retirement in 2010, Nilly looked back at the early days of global investing — and the origin of what would become the Morgan Stanley Capital International indices.

As I reflect on my years in the investment management business, there is one theme that is as true today as it was when I started in the investment business in 1962: The economies of the world are integrating. The implications are that (1) investors would become global investors, and (2) companies would have to be viewed from a global, not just national, perspective. This was a relatively new concept then. And it is because of this belief that we created the Capital International World Indices, or what have become known today as the MSCI indices.* This philosophy of global investing continues to drive our focus on investing in companies with a global perspective.

A NEED FOR WORLDWIDE SECTOR INDICES
When we first started managing global equities in the 1960s, we had no way of substantiating our vision or measuring where we added value. To prove our thesis that it would be more important to compare industries on a global basis rather than within a particular country, we needed worldwide sector indices. We created the EAFE (Europe, Australasia, Far East) index initially as an in-house resource, but eventually made it available to the public. It was a laborious process of finding and organizing company data that hadn’t otherwise been organized before.

At that time, many local markets were relatively small and highly specialized in areas like banks, utilities or autos. It was common to find many sectors not represented in a local market, or to have only one national champion. If you look at it today, the concept is not very different. Many markets around the world do not offer enough diversification for investors. So, for example, we felt it would be more important on a long-term basis to compare Fiat to Peugeot than it was to compare Fiat to another Italian company. We found that you need a global vision to understand how the various sectors would function.

INVESTING WITH A GLOBAL PERSPECTIVE
Today it’s clear to me that the integration of the global economy continues. The first phase is over within the developed world; we are now in phase two, in which the emerging market countries are integrating with us. As such, the philosophy of looking at companies in a global context is even more applicable today than it was when we created the EAFE index. This philosophy is one of the cornerstones of our global research effort. It’s about bottom-up stock picking and investing in companies with a global perspective.

When I say we do things bottom up, I really do mean bottom up. While we do consider macroeconomic conditions, we don’t employ strategists or make committee-based decisions on countries or regions. By striving to select the best companies, geographic diversification occurs naturally. Essentially, it’s about striving to invest in the best companies around the world with a global perspective.

A global perspective and deep, fundamental research remain cornerstones of Capital Group’s investment philosophy. Today, Capital has 29 offices around the world and manages nearly US$2 trillion as of June 30, 2020.

THE BENEFITS OF GLOBAL FLEXIBILITY
In a U.S. equity mandate, a portfolio manager who seeks to invest in tele-communications could not invest in Telefónica (Spain) or América Móvil (Mexico). An investor in Latin American equities could not invest in AT&T (U.S.) or NTT (Japan). However, a portfolio manager of global equities can invest in companies with long-term growth potential at attractive prices, regardless of their location.

*MSCI indices are now maintained by MSCI, Inc.

References to particular companies or securities are included for informational or illustrative purposes only and should not be considered as an endorsement by Capital Group. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds, investment advice nor a recommendation to buy or sell. Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
The Capital Group companies manage equities through three investment divisions that make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
Regulatory information. Risk factors you should consider before investing:
• This material is not intended to provide investment advice or be considered a personal recommendation.
• The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment.
This material, issued by Capital International Management Company Sàrl (“CIMC”), 37A avenue J.F. Kennedy, L-1855 Luxembourg, is distributed for information purposes only. CIMC is regulated by the Commission de Surveillance du Secteur Financier (“CSSF” – Financial Regulator of Luxembourg) and is a subsidiary of the Capital Group Companies, Inc. (Capital Group). While Capital Group uses reasonable efforts to obtain information from third-party sources which it believes to be reliable, Capital Group makes no representation or warranty as to the accuracy, reliability or completeness of the information.© 2020 Capital Group. All rights reserved. STR NRC
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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Rocio Harb
Branch manager/director
Investment Placement Group
Location:
Miami, FL
Team Members:
8
Assets Overseen
$250m
Rocio Harb
Branch manager/director
Role
‘Surround yourself with very smart, hard-working people full of integrity and, most importantly, that you like’

As branch manager for Investment Placement Group’s (IPG) Miami office, Rocio Harb’s main responsibilities are to support the team, whether it be with sales, compliance, operations or guidance. She also supervises the group’s financial advisors and sales associates/assistants teams. As director, she has been charged with helping IPG expand in size, assets, products and new ideas. She works closely with her firm’s team in its San Diego headquarters.

RÉSUMÉ

Harb started her financial career in 1992 working for the managing director of Tucker Anthony in New York City. Shortly after, she relocated to Miami and joined Donaldson, Lufkin & Jenrette (DLJ) where she worked for eight years until the group was bought by Credit Suisse. The executive team of DLJ then joined Dominick & Dominick in 2004 and Harb was appointed to run the group’s operations department and assist in opening the Miami office before later being named branch manager. In 2015 Wunderlich Securities purchased Dominick & Dominick and Harb continued in her role until 2016 when she moved to IPG to spearhead the opening of its office in Miami.

Finding balance

‘This is a wonderful and rewarding profession. I believe that showing a united front to the women who would like to join the industry is essential. It is important to advise, mentor and support them. We need to listen and understand their concerns. We need to share our stories, our challenges and our achievements. We need to be willing to divulge our knowledge and our experiences so that they can learn from them and excel. It has been said that women make excellent financial advisors because of their very many attributes: patience, attentiveness, traditionalism, honesty and loyalty – to name but a few. We need to keep reminding them how successful they can be.’

Memorable moment

‘It is such a great feeling when you start a new firm and have your team join you. First and foremost, the ability to hand-pick my team is a dream. My career high point was having my team show their loyalty and dedication to move alongside me in this new venture. The extra perks were picking the location, setting up an office, and furnishing it, which – I can’t lie was – a lot of fun.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Maria Hernandez
Vice president, investment and insurance product manager
BBVA Securities
Location:
Houston, TX
Team Members:
Assets Overseen
Maria Hernandez
Vice president, investment and insurance product manager
Role
‘I have been very lucky throughout my career to work for institutions that value women to the highest degree’

Maria Hernandez is responsible for managing strategic partner relationships for BBVA’s international broker-dealer and insurance agency, and conducting analysis to build business cases for potential new products and services. She also serves as the primary liaison between strategic partners and the sales, operations, and legal and compliance groups for product-related projects.

RÉSUMÉ

After graduating from Mexico’s Universidad Autonoma de Coahuila with a degree in accounting, Hernandez started her 20-year career as a financial services officer at Laredo National Bank. When the bank became BBVA Compass, she then served two years as a senior preferred relationship manager promoting banking product sales by profiling clients’ financial needs with an emphasis on loans, investments and deposit product sales. She then spent the better part of a decade in various roles in compliance before returning to BBVA, and has spent the last five years in her current role.

Memorable moment

‘One of the highlights of my career has been the opportunity to integrate various product solutions, training, and communications for our international financial consultants with the help of their leadership. This allows me to provide specialized expertise to meet clients’ needs. BBVA USA’s mission is to create opportunities for everyone, and that includes its own employees. It has been an immense pleasure to work at the bank, doing what I love.’

Nextgen

‘Live by the golden rule: Treat people with respect, be honest, never forget where you came from or the people that helped you get there. Your roots are part of who you are today and how successful you may become.

In addition, I would say education is key for any profession, so go to school and prepare your mind. I’ve always remembered what someone once told me early in my career: There is no such thing as a free lunch in America. You have to work hard for what you want in life. Have short-term and long-term goals and you will succeed.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Inspirational Women
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INSPIRATIONAL WOMEN

All the women featured in this magazine have broken down barriers on their way to success. But who has inspired them and given them the confidence and courage to reach further?
Maria Elena LagomasinoWE
Family Offices
I identify most with Queen Elizabeth I of England. She broke many glass ceilings and was one tough lady.
Eliza Pepper
UBS
My mother, Dr. Maria Aparecida. She was one of two female students at the school of medicine in São Paulo and the first female doctor in my hometown. She was a pioneer in the prevention and treatment of women’s cancer. She worked at the hospital, at her private clinic, raised four children and also volunteered her time to treat the poor.
Jennifer Solimine
JP Morgan Private Bank
Billie Jean King. She was a pioneer for equal opportunities and pay for women in sports and a tireless advocate for LGBTQ rights. She was instrumental in helping pass Title IX, which ultimately led to a dramatic increase in the number of women playing sports at high school and college levels.
Janet Rodriguez
EFG Asset Management
Maya Angelou because of her famous quote. We go about our day and we really do not know what challenges colleagues or friends are going through. If we encourage others or make them laugh, this is what they will remember about us.
‘I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel’
Maya Angelou
Carolina Yepes
Ultralat Capital Markets
My mother. She has always developed a capacity to re-emerge even from the most difficult moments, with amazing strategies. She always knows exactly what to say and she is the bravest, most determined woman in the world. As basketball star Lisa Leslie once said: ‘My mother was my role model before I even knew what that word was.’
Sonia Garcia-Romero
Citi Private Bank
I need to name at least three but I could make such a long list. Angela Merkel for her strong leadership which has given her such respect globally, and Mother Teresa for her tenacity and perseverance. And of course my mother, who has shown me how to be a strong woman and a fighter in life till the end.
Cindy Wang
Griffinest Asia Securities
My mother. She has always developed a capacity to re-emerge even from the most difficult moments, with amazing strategies. She always knows exactly what to say and she is the bravest, most determined woman in the world. As basketball star Lisa Leslie once said: ‘My mother was my role model before I even knew what that word was.’
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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Maria Elena Lagomasino
Chief executive officer
WE Family Offices
Location:
Miami, FL
Team Members:
48
Assets Overseen
$12bn
Maria Elena Lagomasino
Chief executive officer
Role
‘After a long career in the wealth management industry, I, along with my co-founders Michael Zeuner and Santiago Ulloa, founded the kind of company we had always wanted to create. I wouldn’t do anything differently and I love what I do’

As CEO of WE Family Offices, Maria Elena Lagomasino helps US offshore and Latin American families build their wealth enterprises. This involves helping them rethink how they see their family wealth and how to manage it, in the same way as they would with any successful business venture. In addition to working with families, she provides strategic direction for WE as a company.

RÉSUMÉ

Before founding WE in 2012, Lagomasino served as CEO of GenSpring Family Offices, a wealth management firm. Her career in banking began in 1977 at Citibank. She then joined Chase Manhattan Private Bank in 1983 and was named head of its worldwide private banking business in 1997. Following the Chase/JP Morgan merger, she became chairman and CEO of JP Morgan Private Bank. She currently serves on the boards of Walt Disney and Coca-Cola. She is also a member of the Council on Foreign Relations.

Finding balance

‘I think recent events with Covid-19 have really changed the way we look at work/life balance. One of the biggest problems in the financial industry for women is a general lack of flexibility when it comes to working at home, job sharing and other solutions to make it possible to have a career and raise a family or act as a carer. That rigidity has led to an absence of women in wealth management, and ultimately, that is a disservice to clients and the industry as a whole.

‘In a post-Covid work culture, the financial industry’s leadership will have to look at flexible work options that have proven productive. Long term, I think these kinds of changes will lead to a happier, more diverse workforce, which will promote better client service and loyal team members.’

Nextgen

‘My advice to the next generation of wealth advisors is do what you love, and love what you do. If you’re going into wealth management, you have to understand that your clients come first. You’ll have to work long hours and become personally committed, so you’ll need to love it to do it well.’

we-family-offices
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Capital System
Location:
Team Members:
Assets Overseen
Role
RÉSUMÉ
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HIGH-CONVICTION INVESTMENTS AND DIVERSE PERSPECTIVES
Get to know The Capital SystemSM

Capital Group has been focused on delivering superior, consistent results for long-term investors since 1931. Helping investors succeed has helped the company grow. Today, Capital is a global leader in investing, working with financial intermediaries and institutions to manage nearly US$2 trillion in long-term assets for investors around the globe.

Early in Capital Group’s history, its leaders realized that their funds would outlast the professionals who managed them. They believed they had a responsibility to provide stability and management continuity to their investors, so they asked themselves a key question: If a portfolio manager left the firm, how could they keep funds going strong?

In the single or “star manager” system, transitions can be disruptive. When a manager retires or leaves a firm or a strategy, portfolios can undergo dramatic changes in approach, holdings and risk characteristics under the new leadership. This requires clients and their advisors to re-examine their original choice of investment. They need to review how the new approach fits with their requirements, and potentially will be forced to make changes — with inevitable implications in terms of risk, time and cost. Capital Group pioneered a solution. By dividing funds into sections and giving each of the existing managers a portion to invest, no fund would be too dependent on a single person.

Over several decades, the company established and fine-tuned what it calls The Capital System, which provides a unique framework for portfolio management that promotes collaboration within the investment groups while encouraging individual investment professionals to pursue their highest-conviction ideas. The principles that underpin The Capital System are simple but powerful:

  • Diverse perspectives from a multi-manager structure. Portfolios are divided into segments, each run by an individual manager. The managers represent a diverse set of backgrounds, styles and approaches. Typically, each is personally invested in the portfolios they manage.
  • High-conviction investments. While managers collaborate and share insights, each invests independently according to their strongest convictions — and each is held accountable for their results. The resulting portfolios are a diverse collection of investment ideas, not just one manager’s perspective.
  • Research-driven investing. Fundamental research informs Capital Group’s deep understanding of companies and the people who run them. Its investment analysts conducted more than 14,600 face-to-face meetings with companies in 2019. Visiting factories, facilities and headquarters helps drive deep operational understanding and informs all their investment decisions.

This approach brings real and meaningful benefits to investors and advisors:

  • A long-term perspective. Capital Group strongly believes long-term investing aligns with client goals, and its culture and compensation structure reinforce that focus. Longer measurement periods mean more time for well-researched high-conviction investments to perform well.
  • Management continuity and a consistent approach. Capital Group’s multiple manager system supports its commitment to investors with long-term goals. It has allowed the company to navigate near-term noise and periods of economic and market uncertainty in pursuit of key goals.
  • Opportunity. Capital Group delivers a wealth of global investment ideas to its clients, exploring diverse opportunities from multiple perspectives, enhancing the potential for investors to benefit from a wide, global investment universe.

In short, The Capital System is designed to produce highly diverse portfolios that deliver consistent long-term results. Using this disciplined approach, Capital Group’s portfolios have typically delivered a smoother ride and management continuity over a range of market conditions. And a smoother journey helps investors stay the course for the long term.

Data as of June 30, 2020, unless otherwise noted. Source: Capital Group
The Capital Group companies manage equities through three investment divisions that make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
Regulatory information. Risk factors you should consider before investing:
• This material is not intended to provide investment advice or be considered a personal recommendation.
• The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment.

This material, issued by Capital International Management Company Sàrl (“CIMC”), 37A avenue J.F. Kennedy, L-1855 Luxembourg, is distributed for information purposes only. CIMC is regulated by the Commission de Surveillance du Secteur Financier (“CSSF” – Financial Regulator of Luxembourg) and is a subsidiary of the Capital Group Companies, Inc. (Capital Group). While Capital Group uses reasonable efforts to obtain information from third-party sources which it believes to be reliable, Capital Group makes no representation or warranty as to the accuracy, reliability or completeness of the information. This communication is not intended to be comprehensive or to provide investment, tax or other advice.
© 2020 Capital Group. All rights reserved. STR NRC
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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Glorinete Laurentino
Director, business development officer and relationship manager
BNY Mellon - Pershing
Location:
Jersey City, NJ
Team Members:
10
Assets Overseen
Glorinete Laurentino
Director, business development officer and relationship manager
Role
‘This is a fast-growing, very exciting industry to be in. There are now far more opportunities to progress than when I started my career’

Glorinete Laurentino is a director at BNY Mellon’s Pershing where she oversees business development and relationship management for the firm’s international global client relationships team. She is responsible for driving client strategy and growth in Latin America for some of Pershing’s largest US offshore independent broker-dealer clients.

Laurentino works with leaders and experts across the BNY Mellon organization to help develop enterprise strategy, conduct market risk analysis and bring clients deeper insights on the nuances of doing business in Latin America. She also regularly interfaces with regulatory bodies in the region to stay ahead of any changes impacting the firm’s US offshore clients.

RÉSUMÉ

Laurentino has almost 20 years’ experience working with Pershing clients across many markets, with a particular focus on Latin America. She started her career with The Bank of New York in 1998 and moved to Pershing after it was acquired by BNY Mellon in 2003.

She holds a master’s in risk management from Saint Peter’s University and a degree in business from Lehman College. She is currently pursuing a second master’s in industrial and organizational psychology. She speaks fluent Portuguese and Spanish.

Memorable moment

‘Transitioning to the client relationship management role was a key turning point in my career.

‘As an account manager, I loved my job and had already built strong relationships with clients. I was also on a rotation program, covering different countries across Latin America and building important connections in those markets. I knew that these skills and relationships would prove invaluable in a relationship management role - and they definitely did.

‘Since being appointed to this position, I have expanded my responsibilities to include business development and an ever-growing list of fantastic clients.’

Finding balance

‘I think one of the most important ways we can attract more women into our industry is by reaching out and educating them about our profession and the need for their talent. To that end, educational programs and internships are highly effective in bringing new blood into the profession.

‘In fact, Pershing has various initiatives in place dedicated to introducing financial literacy to young students. We also offer global internships for high school and college students. Many of my colleagues have remained with Pershing after their internships, which speaks volumes about the importance of these programs for students interested in entering the US offshore space.’

bny-mellon-pershing
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Danielle LeClair
Senior research analyst
Franklin Templeton
Location:
Toronto, Canada
Team Members:
8
Assets Overseen
$20bn
Danielle LeClair
Senior research analyst
Role
As women in the industry, it is our duty to network and mentor the next generation of female investment professionals’

Danielle LeClair is a senior member of Franklin Templeton’s manager research team. She conducts due diligence on active Canadian equity, Canadian fixed income, European equity and global equity funds across the asset manager’s third-party product platform. She also co-leads the development and integration of the firm’s ESG philosophy and process across her multi-asset solutions suite of products globally.

RÉSUMÉ

LeClair has almost 10 years’ experience as a manager researcher and investment analyst. She started her career working as an administrative assistant for two financial advisors. Having always been curious about international economics, due studiing international relations at college, she applied for a job at Franklin Templeton and joined the firm’s high net worth division in 2011 conducting research and client service in the Calgary office. Three years later, she moved to Toronto and joined the group’s multi-asset solutions team. LeClair has held several roles at the group including portfolio analysis, trade input and macroeconomic analysis, but has been mainly focused on manager research.

Memorable moment

‘I have always been passionate about sustainability and sustainable investing. A high point for me has been co-creating the ESG philosophy and processes for our manager research team and multi-asset group more broadly. We have now integrated these processes and have adopted the slogan “ESG Everyday” in how we create solutions for our clients.’

Biggest Barrier

‘In many ways, I was the most significant barrier to my career. Early on, I struggled to feel like I belonged in a male-dominated industry where everyone seemed so much more confident and knowledgeable than I felt. I was constantly second-guessing myself, and on more than one occasion contemplated a career change. It was when I realized that the asset management industry is a melting pot of ideas and schools of thought that I found my confidence.

‘Working in a highly collaborative team also contributed to that by giving me a platform to grow and learn by sharing my perspective and hearing from those that approach things differently from me. The open forum allowed me to see how valuable my contributions are.’

franklin-templeton
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Joana Li
Senior investment counsellor
HSBC Private Banking
Location:
New York, NY
Team Members:
12
Assets Overseen
$500m
Joana Li
Senior investment counsellor
Role
‘During the Covid-19 crisis, our clients, particularly offshore ones, were panicked and nervous’

Joana Li is responsible for the positioning and delivery of investment solutions to offshore clients and prospects of HSBC Private Bank, mainly for the group’s US/Asia corridor team. This role also involves establishing, growing and managing investment relationships for HSBC’s international and domestic ultra-high net worth clients and providing them with wealth planning, trust and estate services, and cross-market opportunities. Li works with relationship managers and the investment strategy and product service group to develop and execute investment strategies across markets, asset classes, currencies and jurisdictions.

RÉSUMÉ

Li has over 20 years’ experience in global investment management across markets, industries and asset classes, mainly in the US and Asia. Her extensive knowledge of Asian culture and strong investment skills have led her to work with global ultra-high net worth Asian clients and families from Hong Kong and China.

Prior to HSBC, she was a senior investment analyst within Citi Private Bank’s global investment lab unit, where she was responsible for delivering comprehensive, analytical and highly customized strategies for ultra-high net worth clients, including family offices and foundations.

Chief challenge

‘The increasing legal risks in regulation and compliance for the US offshore and wealth management industry, from onboarding to servicing, present a major challenge for our business. Wealthy individuals and families are interested in diversifying their exposure, and will come to US private banks to help them achieve this. These clients are frequently domiciled in different jurisdictions from those where their private bank is based. This exposes private banks involved in providing cross-border services to complex regulations, where they must ensure compliance both with the regulations and laws where they are based, and with the rules that apply to the country where their client is domiciled.’

Nextgen

‘Women own and control greater wealth than ever before, and are also changing the direction of wealth management and the goals of wealth creation. This creates a perfect opportunity for women to enter the wealth management business. Women should start making wealth management a career when they enter college so they can start building an extensive network. Receiving education in business helps to build a solid foundation for their future career.

‘The financial services industry is constantly innovating. Offshore businesses are always responding to changing client needs and regulatory requirements. So make sure you are ready to embrace the rapid changes and be ready to adapt.’

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US OFFSHORE TOP 20 WOMEN LEADERS 2020
Ileana Musa
Managing director, co-head of international wealth management
Morgan Stanley
Location:
Miami, FL
Team Members:
35
Assets Overseen
$160bn
Ileana Musa
Managing director, co-head of international wealth management
Role
‘Women’s ability to build long-term relationships and, in many cases, their passion for helping others, is well-suited to our industry’

As well as being co-head of international wealth management, Ileana Musa is also the head of global banking and lending within Morgan Stanley’s international unit. Her roles cut across the firm’s broker-dealer and bank to cater for both sides of a global family’s balance sheet. Musa co-leads strategic decisions for Morgan Stanley’s international business across numerous areas, including risk and operations, business development and advisor development. Her role is to support her firm’s advisors and make it easier for clients to tap Morgan Stanley’s capabilities and solutions through every phase of the family’s legacy.

RÉSUMÉ

Originally from Cuba and raised in Miami, Musa joined Morgan Stanley in October 2017 as head of international banking and lending for international wealth management. In March 2019, she was named co-head of international wealth management, alongside fellow co-head Greg Gatesman.

Throughout her career she has worked at a number of renowned financial institutions, including JP Morgan, Bank of America and Merrill Lynch. Prior to joining Morgan Stanley, she served at Merrill Lynch Wealth Management for more than three years as global client segment and strategy executive.

She sits on numerous national boards, including Girl Scouts of America, where she strives to mentor and sponsor young Latinas.

Memorable moment

‘Landing my first job in international private wealth with Bank Boston after relocating from Miami to New York. After speaking with many recruiters, I managed to secure an interview with the head of the Southern Cone at Bank Boston. I borrowed a royal blue suit from a friend and ended up having to run across town because I was on the East Side when the interview was on the West Side (and yes, I couldn’t afford to pay for a cab that was in bumper-to-bumper traffic). I had no prior experience in international private wealth, but I shared my personal story and asked for the job. That was my first break, and I worked directly for the head of the business, which jump-started my learning.’

Nextgen

‘Working closely with families across different cultures, time zones and generations is incredibly rewarding, and the roles can give women the flexibility to balance work/life demands. Embrace positions of power early in your career as those roles will enable you to flourish, be empowered, and in turn, allow you to empower others. Use your influence every step of the way to drive positive change and remember that success knows no limits. There is enough room at the top for all of us.’

morgan-stanley
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Eliza Pepper
Head of investment advisory and wealth planning, Latin America
UBS Wealth Management
Location:
New York, NY
Team Members:
45
Assets Overseen
$100bn+
Eliza Pepper
Head of investment advisory and wealth planning, Latin America
Role
‘Over the course of my career, I vetoed the distribution of a number of funds, which ultimately were exposed as fraudulent’

Eliza Pepper joined UBS in June 2020 to lead the firm’s wealth planning and investment advisory activities for the Latin American region. Prior to this, she worked at Brazilian firm XP Advisory where she was its US-based CIO and was in charge of XP’s offshore manager research teams.

Her role at UBS involves working closely with the office of the CIO to provide portfolio construction and investment solutions across the globe. The Latin America investment and wealth planning teams are based in the US, Europe, Mexico and Brazil.

RÉSUMÉ

A native of Brazil, Pepper has more than 30 years’ experience developing investment programs for individual and institutional investors. She started her career at Chase Manhattan Bank, providing investment advice to pension funds, endowments and foundations. After Chase, Pepper held senior positions at CTC Consulting, Citigroup Private Bank, UBS, Itaú USA and XP Advisory. More recently, she was the CIO of XP Advisory USA and has now rejoined UBS’s wealth management division as head of investment advisory and wealth planning for Latin America.

Biggest Barrier

‘Not playing poker or being a sports fan has kept me out of some natural bonding, which helped advance the career of some of my male colleagues. I always believed that knowledge and hard work would be the best way to gain recognition and advancement, but on a few occasions that was not the case. Fortunately, this situation is not prevalent in organizations that welcome a diversity of backgrounds and experiences. Additionally, companies have evolved. There is now greater gender awareness and acceptance.’

Women in Wealth

‘The wealth management industry is broad and allows for many career paths. It is constantly evolving and there are many challenges that make the daily routine more interesting rather than repetitious. There are plenty of fields to choose from, including specialties in investments, wealth planning, communications, finance, risk and sales. These areas can be global or specific to a geographic region. To be good at it, you should attempt to learn something new every day – that’s what makes it interesting and rewarding.’

ubs-wealth-management
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Nancy Peterson
Wealth Manager
Bolton Global Capital
Location:
Miami, FL
Team Members:
3
Assets Overseen
$155m
Nancy Peterson
Wealth Manager
Role
‘I would encourage women starting in the industry to join a large firm, which provides greater training as well as more varied opportunities’

Nancy Peterson carries out research and due diligence on offshore mutual funds. She develops diversified model portfolios every January and subsequently carries out reviews throughout the year to ensure her client portfolios are aligned with the model. She fully reviews the mutual funds with her team when the model is adjusted in order to ensure that only top-performing strategies are included. Additionally, she develops new clientele and counsels existing clients on other financial topics, such as credit, banking, cash flow, real estate strategies and estate planning.

RÉSUMÉ

Peterson’s first job was in corporate treasury at Xerox in Mexico City. After six years in Mexico, she moved to Miami and joined Merrill Lynch’s wealth management team. Subsequently, she moved to Barnett Bank to manage the firm’s brokerage department, and then onto Northern Trust as a portfolio manager. She has also worked as a private client advisor at Bank of America, Lehman Brothers, and Citibank. Her biggest career change in recent years was when she moved to Bolton Global Capital, where she manages her own business and team within the group’s independent advisor network.

Inspirational women

‘Angela Merkel. She transmits an aura of calm, and is capable and ethical in a strong, quiet way. Despite disadvantages, she has been chancellor of Germany for 15 years. Yet, as a young aspirational politician, she had nearly everything going against her: female, divorced, nerdy scientist, non-influential family, and worst of all East German.

‘Merkel has held her own among the most powerful men in the world and achieved outstanding economic growth and stability in a country that was challenged by the reunification of two diverse halves. Her success shows me that goals can be achieved through talent and persistence, and that power doesn’t have to be loud.’

Biggest Barrier

‘The single greatest barrier has been male prejudice. On many occasions throughout my career, opportunities have been limited because of managers’ predisposition against women. Here’s a simple example: When an advisor leaves a company, their accounts are distributed among brokers at the office. When an advisor with Mexican clients left a previous company I worked at (Mexico was my bailiwick), I was not assigned any clients. When I asked the manager why, he said he didn’t think Mexican clients would want to deal with me because I was a woman, despite the fact I am fully fluent in Spanish and an expert on Mexico. That story has repeated itself in different permutations throughout my career.’

bolton-global-capital
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Rosa Rincón
Senior portfolio & research analyst
BigSur Partners
Location:
Miami, FL
Team Members:
3
Assets Overseen
$1.2bn
Rosa Rincón
Senior portfolio & research analyst
Role
‘As an economist and with a particular interest in development economics, I have always looked up to Nobel prize winner Esther Duflo and all the work and research she has conducted on tackling poverty’

As a senior portfolio and research analyst for Miami-based family office BigSur Partners, Rosa Rincón helps select investment products and strategies for her group’s client portfolios and assists in client and prospect relationships for all of BigSur’s advisors. In addition, she manages and oversees alternative investments, which make up 30% of the group’s book of business. Rincón also leads the research and due diligence on these products for BigSur’s investment committee.

RÉSUMÉ

Rincón didn’t start her career in wealth management and her first role was with British American Tobacco Mexico in 2013, supporting strategic planning and management of nationwide marketing assets. After moving to Miami and before joining BigSur in 2016, she worked at brokerage firm Invex where she focused on the development and execution of investment strategies for offshore clients.

Rincón has a degree in economics from Mexico’s Instituto Tecnológico y de Estudios Superiores de Monterrey and had the opportunity to complete her studies in economics abroad at Queen’s University in Canada and the Hong Kong University of Science and Technology.

Finding balance

‘There are growing trends in wealth management that will make this field an increasingly interesting place for women to work. Women are becoming a stronger financial force, gaining seniority as business leaders and taking charge in next-generation transfers of wealth. As clients, women generally behave differently from men when it comes to financial decisions and having someone who “speaks the same language” will be essential for the industry.’

Nextgen

‘The best advice I can give is to always make sure you remain challenged and willing to learn. At the same time, surround yourself with people who have more experience and perhaps different roles to you. Gaining exposure to a variety of disciplines within the industry can add great value to your career.’

bigsur-partners
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Female Fortunes
Location:
Team Members:
Assets Overseen
Role
RÉSUMÉ
By 2030, American women are expected to control much of the $30tn in financial assets possessed by baby boomers. Many will prefer wealth managers that best represent them but women are still relatively scarce in advisory teams. We asked our elite panel for their views on encouraging more women to join the industry
ILEANA MUSA
MORGAN STANLEY

In my view two opportunities should be seized. First, girls should become financially literate earlier in their education, in the same way that they are encouraged to participate in sports or hobbies.

Second, college students should come into contact with women from fields such as banking, finance, and trust & estate planning, to prepare them for this field. Giving students exposure to women in our industry and their personal stories will help consolidate any interest in a wealth management career.

Jennifer Solimine
JP Morgan wealth management

Simply getting more women in senior roles is the first step. In addition, if Covid has taught us anything, it’s that we need to be flexible in looking at how people go about their days. Too many women leave jobs because they don’t have the flexibility to manage their lives, which they worry will be viewed as a lack of commitment.

Sonia Garcia-Romero
Citi Private Bank

Women are very good at developing new relationships so this job is a natural fit for them. However, when I read the job postings for opportunities across wealth management I found them unappealing. Investment bank roles were made to sound much more interesting. We need to review our recruiting efforts and the way we interview to bring in different angles.

Nancy Peterson
bolton global capital

There has to be more effort by financial firms to attract women at an entry level, whether at job fairs, college recruiting, internships, or other forums. That said, the industry needs to clean up its image because it is a well-known fact that gender bias and inappropriate behavior are a common occurrence in the industry.

Once hired, I believe mentoring can be effective, particularly if young women are paired with more senior people. Firms have to create an environment that encourages the promotion of women as well as a forum that allows feedback without retribution. Finally, there has to be a reliable plan for women to return from maternity leave without loss of status or compensation.

Danielle LeClair
franklin templeton

There are two ways I believe more women can be encouraged to work in the US offshore and wealth management industry. First, wealth management firms can extend their university recruiting initiatives beyond finance-oriented programs, which can be male-dominated. As an arts degree student, I was never exposed to this career path in my secondary education, which is probably why it was not an obvious career choice for me early on. Second, women are naturally empowered and motivated by seeing other women succeed. I would encourage all women, seasoned and newcomers, to seek out, or create, women-in-finance networking opportunities.

female-fortunes
sm custom
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Janet Rodriguez
Portfolio manager
EFG Asset Management
Location:
Miami, FL
Team Members:
4
Assets Overseen
$524m
Janet Rodriguez
Portfolio manager
Role
This pandemic has shown us that, yes, we can work from home, but it’s also demonstrated the value of human interaction

Janet Rodriguez has a wide-ranging role at EFG Asset Management. She is responsible for implementing the group’s investment strategy across various accounts using a number of mutual funds.

She works closely with her firm’s equity teams globally to implement and monitor equity fund performance and contributes to the team’s evaluation and selection of mutual funds for EFG’s multi-asset strategies. She also produces contribution and attribution reports, which monitor alpha from active fund managers.

As well as managing the operational logistics for constructing local asset allocation models, Rodriguez is also a key point of contact for compliance queries from her firm’s private bankers and clients.

RÉSUMÉ

Rodriguez has more than 10 years’ experience in the financial industry, working in capital markets and financial services. Prior to her current role, she performed suitability analysis as a compliance associate.

Before joining EFG, she began her career on the equities and derivatives trading desk at Bulltick Capital Markets which shaped her proficiency in multi-tasking while working under pressure. She holds a degree from the University of Miami where she pursued a major in finance and operations research along with a minor in mathematics. She is a CFA charterholder and a member of both the CFA Institute and the CFA Society Miami.

Engaging women

‘Women need to be more engaged in their local financial industry because it is a small world. If you work hard and care about the results, others will take notice. Yes, 2020 has been a challenging year but it is not permanent. We also need to view the current environment in a positive manner. It is teaching every one of us to overcome adversity. Even if we are working from home, we need to push ourselves, because we are our own benchmark.’

Biggest Barrier

‘The two that immediately stick out are overwork and underachievement. If we do not draw boundaries we can burn out. I believe many can relate to this as we initially worked long hours in transitioning to working from home when the pandemic began. We need to be able to draw boundaries and have a healthy balance. If we do not delegate and use our network, we will never grow. Which brings me to my second barrier: growing past the skills I have already mastered. I am results-oriented which means I need to break through plateaus and the only way to do this is by continuously setting goals.’

efg-asset-management
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Karla Sandino
Vice president, portfolio manager, discretionary investment unit
Banco Sabadell
Location:
Miami, FL
Team Members:
8
Assets Overseen
Karla Sandino
Vice president, portfolio manager, discretionary investment unit
Role
‘My mother is my biggest inspiration. She is an entrepreneur who was able to build her business in Nicaragua in the 1990s after the country was recovering from a revolution’

Karla Sandino is a senior member of Banco Sabadell’s discretionary team and is also part of the bank’s fund selection team. She is responsible for the daily management of two Luxembourg-based Sicav funds and two discretionary equity investment strategies. In addition, she co-manages another 10 strategies across the risk spectrum that serve all of the firm’s discretionary clients.

She is also a member of the firm’s investment committee that decides portfolio strategy and the recommendations made in the group’s proposals to clients.

RÉSUMÉ

With 12 years’ experience in the industry, Sandino has spent her entire career at Banco Sabadell. She joined the bank in 2008 as an analyst and after two years became a portfolio manager. She holds a degree in industrial management and engineering from Purdue University and is a member of the CFA Institute and a CFA charterholder.

Biggest Barrier

‘Starting as a young woman in this industry was very challenging. I remember attending conferences and feeling intimidated. I learned that in order to succeed I had to prepare myself, be one step ahead and ask for help. Since I had little experience compared with my colleagues, I knew I needed to invest more in education and decided to prepare for the CFA. Luckily, I have been surrounded by people who have been willing to teach, challenge and support me along the way. Now, as a mother, I have to try and juggle my personal and professional life. With time and advice I have discovered there is no perfect balance, but not everything has to be perfect. Asking for help is acceptable.’

Empowering women

‘Companies should have sponsorship programs, and women in the industry should have a platform where we can share experience and ideas with each other. Early this year I attended a Women in Finance Summit by Franklin Templeton that was very inspiring and motivational. Listening to other women’s experiences, challenges and stories helped me realize we have similar obstacles which can be overcome. Listening to their advice and having a mentor or a sponsor is key. Also, I believe companies should promote diversity, and give us the tools and training to prepare ourselves better professionally.’

banco-sabadell
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Victoria Santaella
Strategist
Intercam Advisors
Location:
Miami, FL
Team Members:
2
Assets Overseen
$700m
Victoria Santaella
Strategist
Role
‘Get out of your comfort zone and learn something new’

Victoria Santaella conducts manager research for Miami-based wealth manager Intercam Advisors to help select ETFs and mutual funds for her group’s open architecture platform. Her group caters to international clients mainly from Latin America. She also maintains ongoing relationships with a wide range of different asset managers in order to be on top of the latest trends and investment alternatives. Her approach is to find the best-in-class investment vehicles.

In addition, Santaella and her team manage Intercam’s relationship with two independent research firms to set a recommended list of bonds and stocks that her group offers to clients. On an ongoing basis, Santaella and other members of her team review their risk levels and lead marketing initiatives with the company’s network in Mexico.

RÉSUMÉ

Santaella has over 20 years’ experience as an equity research and fund analyst, having worked in both New York and Miami.

Prior to joining Intercam Advisors in January 2019, she was head of Latin America equity research for Santander Investments in New York for almost 10 years. Earlier in her career she worked for private investment group VFinance Investments helping emerging companies secure funding. She was also an equity analyst for GBM, one of Mexico’s largest broker-dealers, in the early 1990s.

Memorable moment

‘There are a few that spring to mind. I’ve participated in the privatization and IPOs of several steel and mining companies in Latin America by providing valuations that were then used as a guideline for establishing the pricing of numerous transactions.

‘There have also been times when my metal price forecasts have been used by world-leading financial institutions, including mutual funds, pension managers and banks, as a guideline in multiple transactions.’

Finding balance

‘We can encourage women to join our industry by hiring and promoting more of them to key positions. In addition, we need men to share responsibilities at home, allowing women to take on more professional tasks. We also need to stop men’s sexist comments in the workplace, which make women feel very uncomfortable – even the offhand ones that are meant to be “funny”. Women should speak up when this happens.’

intercam-advisors
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Jennifer Solimine
global Head of manager solutions
JP Morgan Wealth Management
Location:
New York, NY
Team Members:
50
Assets Overseen
$500bn+
Jennifer Solimine
global Head of manager solutions
Role
‘There has never been a better time to enter the industry. One can make a career of research, or use it as a launching pad to so many things’

Jennifer Solimine leads a global team of experienced due diligence professionals across New York, London and São Paulo who determine which strategies are available on the firm’s investment platform. The team searches for managers who have a sustainable competitive advantage, using a highly selective process that combines quantitative analysis with qualitative research. The result is a diverse, best-in-class platform that spans multiple asset classes, including equity, fixed income, multi-asset, beta and systematic.

RÉSUMÉ

Solimine was named global head of manager solutions in June 2020 and has spent more than two decades at JP Morgan in various senior roles, most recently as the global head of fiduciary risk and the US private bank chief risk officer. Prior to that, she served as head of investments for the private bank’s Greenwich, Connecticut market, where she oversaw both the investments business and investment professionals in the market. Before joining JP Morgan in 1999, Solimine was a core equity portfolio manager at Nomura Asset Management, and also worked at Neuberger Berman in both research and marketing. She lives in the New York City suburbs with her husband and three children.

Memorable moment

‘A few years ago, I walked into an elevator and congratulated a colleague, with whom I didn’t work directly, who had recently become a managing director. He thanked me, and then commented that he would never forget the time years ago when he was an associate and I stood up for him in front a very senior professional at the firm. He said that even though I wasn’t senior myself at the time, I quickly jumped to defend him.

‘While I don’t remember the incident, I often recall the interaction in the elevator. As I’ve become more senior it has become increasingly important to me professionally and personally to see those around me succeed.’

Biggest Barrier

‘Learning to find my voice, step up and drive my own outcomes. It took me years to realize how much finding the next opportunity depended on simply asking for those chances.

‘I often found myself wanting to do something else – but inadvertently boxed myself into a very narrow set of jobs that were incremental to the role I currently held. Career opportunities are like upside-down funnels – and there are fewer openings at the top, so you have to think broadly.’

jp-morgan-wealth-management
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Cindy Wang
Head of research
Griffinest Asia Securities
Location:
Pasadena, CA
Team Members:
3
Assets Overseen
$600m
Cindy Wang
Head of research
Role
‘First-hand information is very important in this industry and is likely to affect your investment decisions’

Xinyi ‘Cindy’ Wang’s primary responsibility is delivering market insight and analysis, and providing asset allocation suggestions. She is responsible for macroeconomic analysis of global markets and setting investment theme guidelines.

Wang leads a team of researchers and analysts who carry out due diligence on a variety of products including mutual funds, option strategies and ETFs. She also conducts bond and equity analysis.

RÉSUMÉ

Wang joined Griffinest Asia Securities in 2013 as a research analyst and was later promoted to a senior level and put in charge of the firm’s research team. Prior to joining Griffinest, she worked as a data analyst at UCLA Medical Center, where she gained experience dealing with data and the healthcare industry.

She graduated from the Central University of Finance and Economics in China with a degree in economics and a degree in mathematics. She was then awarded a master’s in mathematical finance from the University of Southern California. She is a CFA charterholder.

Memorable moment

‘Years ago when I started to provide the global outlook at the end of the year for the first time, I summarized my conclusion and investment recommendations in a world map. This was a big breakthrough for the Taiwan and Hong Kong market. Our senior sales team, who have more than 40 years’ experience, said they had never seen such a comprehensive but concise example. I received recognition and appreciation from both sales and clients. This service attracted more clients into our company and our AUM has doubled since then.

‘When our business expands, my capabilities grow with it and I have taught myself to analyze bonds and preferred stocks. When offshore clients are concerned about withholding taxes from the IRS, I need to address their tax issues and I can now cover all the products offered on our platform. Nowadays, whenever our sales team runs into a problem, they will ask me for help, and trust my response.’

Biggest Barrier

‘The most significant one is gaining trust from sales and clients. I face multiple questions and challenges from sales every day, some of whom might have been in this industry much longer than me. At first they questioned my insight and investment advice. But backed by in-depth economic analysis and historical comparisons, I am confident in my work and that time will demonstrate my views are justified.’

griffinest-asia-securities
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Carolina Yepes
Vice president of wealth management
Ultralat Capital Markets
Location:
Miami, FL
Team Members:
5
Assets Overseen
$70m
Carolina Yepes
Vice president of wealth management
Role
‘As a woman and mother, I recognize the barriers women face in many societies when it is considered that we cannot achieve certain goals or don’t have the capacity to lead’

Carolina Yepes is responsible for handling accounts for high net worth clients, mainly Colombian soccer players, at Ultralat Capital Markets, a broker-dealer based in Miami. She also develops and executes initiatives aimed at winning new investment mandates for clients. In addition, Yepes structures and builds investment strategies, delivers regular sales presentations, and responds to inquiries from existing and prospective clients.

RÉSUMÉ

Yepes has 16 years’ experience working across Colombian and US capital markets. She has collaborated with clients’ lawyers, accountants and tax advisors around the world to design the most appropriate structure for developing business. She has also participated in negotiations with soccer clubs in order to explain the importance of preparing for the future and how to facilitate that.

She holds a master’s in finance from EAFIT University in Colombia.

Making a mark

‘You have to differentiate yourself from the rest. I was able to accomplish that by offering my clients an integral service but also by treating each one, not as a number, but as a long-term relationship. I am now recognized as a leading financial advisor in Colombia’s sports industry. To know that my name is mentioned in many countries where the players work, where they refer to me as a loyal professional that can contribute to structuring their lasting net worth, makes me feel the sacrifices I made have paid off.’

Finding balance

‘I have always identified the US as a country of opportunities. In the financial industry, which is skewed towards male recruitment, such openings can be more difficult to find. Wealth management is a highly competitive field, but women can contribute talent and skill, and promote the arrival of more empowered women. I want to encourage women in finance to respect and help each other through what can be a complex environment. Corporations that commit to closing the gap of explicit and subtle discrimination, should be able to improve salary and professional conditions.’

ultralat-capital-markets
US OFFSHORE TOP 20 WOMEN LEADERS 2020
Power Playlist
Location:
Team Members:
Assets Overseen
Role
RÉSUMÉ

power
playlist

What do you have on your Spotify playlist to get you motivated? Our leading women reveal their top feel-good tracks that energize and prepare them for taking on the world
RÍE Y LLORA
Celia Cruz
MAN! I FEEL LIKE A WOMAN
Shania Twain
YOU GOTTA BE
Des´ree
UNDER PRESSURE
David Bowie & Queen
STRONGER
Kelly Clarkson
EYE OF THE TIGER
Survivor
DON'T STOP BELIEVIN'
Journey
FREE YOUR MIND
En Vogue
GIRL ON FIRE
Alicia Keys
WHEN YOU BELIEVE
Whitney Houston and Mariah Carey
FIGHT SONG
Rachel Platten
TITANIUM
David Guetta
power-playlist
sm custom
Lead sponsor
Tarasov Russian Mafia
John Wick
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