Podcast Summary
The importance of the right tools and support for success: Success isn't only about having big names or money. Tools like high yield business bank accounts and effective mentoring programs can make a big difference.
Success in business and various industries is not just about having big names or a lot of money. It's also about having the right tools, like a business bank account that earns a high yield, and the right support, such as effective mentoring programs for underrepresented groups. The podcast "The Visibility Gap" and "The Deal" discuss the importance of seeing the challenges of those around us and working to overcome them, whether it's in business, sports, or entertainment. For instance, Holly Robinson Peete emphasizes the value of having a business bank account with QuickBooks Money that earns 5% annual percentage yield, while Alex Rodriguez and Jason Kelly explore deal making across different industries. In the world of finance, despite the push for gender parity, women are still underrepresented as fund managers. Helena Morrissey, a successful billion-dollar fund manager and author, is working to change that through a new high intensity mentoring program. These stories remind us that success is not just about the end goal, but also about the journey and the support we receive along the way.
Women's Underrepresentation in UK Fund Management and Helena Morrissey's Efforts to Change This: Helena Morrissey advocates for making diversity a business objective and promoting inclusive practices to increase gender balance in UK fund management, inspiring Rosie McMillan and future generations of women in finance.
Despite the progress made, there is still a significant underrepresentation of women in the UK fund management industry, with only 12% of fund managers being women. Helena Morrissey, a prominent figure in advancing women in finance, is using her influence and resources to change this. She believes there is an image problem and cultural impediment that discourages women from entering the industry, and that more needs to be done to include and support diverse talent. Morrissey's approach is to make diversity a business objective, ensuring that inclusive practices are in place from the start and aiming for better results for clients. Her legacy goal is to see the industry become gender balanced, with equal expectations for women and men in leadership roles. Rosie McMillan, one of Morrissey's mentees, shares this vision and is committed to passing on the knowledge and skills she gains to inspire and support the next generation of women in finance.
Challenges in Promoting Gender and Ethnic Diversity in the Financial Industry: Only 10% of new funds in the UK in 2022 were managed by women, highlighting the persistent challenge of promoting gender and ethnic diversity in the financial industry. Mentorship and support play crucial roles in fostering diversity and creating a more inclusive sector.
Promoting gender and ethnic diversity in the financial industry remains a significant challenge. Amit Shinde Lawal, the director of portfolio management at Fidelity International, shares her experience of the uphill battle to change deeply rooted beliefs and habits. The situation is even more challenging for women of color, like Ellen Mann, who is studying to become a chartered financial analyst and faces the intersectionality of being both a woman and an ethnic minority. The statistics are disheartening, with only 10% of the 562 new funds launched in the UK in 2022 being managed by women. Despite the determination of trailblazers like Helena Morrissey, little progress has been made in the past 20 years. However, Ellen remains hopeful due to the support she has received from her team and mentor. The industry still has a long way to go, but the stories of these women serve as reminders of the importance of mentorship and support in fostering diversity and creating a more inclusive financial sector.
Unsung Heroes: Small Business Owners Thrive with QuickBooks Money: Small business owners, from lighting engineers to caterers, maximize their earnings with QuickBooks Money's 5% annual percentage yield, while women face challenges in fund management and programs like Helena Morrissey's aim to increase representation.
Behind the scenes of major events and businesses, there are unsung heroes making things happen. These small business owners, including lighting engineers, photographers, and caterers, are savvy entrepreneurs who understand the importance of making their money work harder. They are earning a generous 5% annual percentage yield with QuickBooks Money, ensuring their hard-earned funds are not idle. However, the challenges faced by women trying to break into money management remain significant. Programs like the one led by Helena Morrissey aim to change this, offering practical solutions and encouraging diversity. Despite progress, there is still a long way to go in increasing the representation of women in fund management. As Holly Robinson Peete highlights on The Visibility Gap podcast, this issue requires a bottom-up approach and a shift in mindset, moving beyond limiting hiring practices and broadening the talent pool.
Lack of gender diversity in money management industry: Despite evidence of financial gains from mixed teams, only 12% of money managers in the UK and 18% globally are women. Initiatives to train and mentor women could help break down barriers and increase diversity.
While research shows that mixed teams can lead to increased financial gains, there is still a significant lack of gender diversity in the money management industry. This issue goes beyond just cultural barriers in the UK, with only 12% of money managers being women in the UK and 18% globally. One of the challenges is the metrics-driven nature of the business, which can make it difficult for women, particularly those who take time off to have children, to perform as well as their male counterparts. However, initiatives like the one mentioned, which focuses on training and mentoring women from various global businesses, could have a ripple effect and help to break down the old boys club culture in money management. Dame Helena Morrissey emphasizes the need for a more muscular approach to diversity, involving not just changing hearts and minds but also taking concrete steps to address the systemic barriers that keep women out of top positions.
Promoting diversity in senior fund management roles is crucial: Encouraging diversity in investment teams leads to better decisions, training women and addressing funding disparities are steps towards achieving this goal.
Promoting diversity in senior fund management roles is crucial for making better investment decisions, but there are significant challenges to achieving this goal. Helena Morrissey, who leads the 30% Club in the UK, emphasized the importance of having a diverse range of thoughts and backgrounds in investment teams and encouraged the training of women to become named fund executives. However, this issue isn't limited to the UK, and financial centers around the world are interconnected, making a diversity push in one place likely to have a ripple effect elsewhere. Another study this week showed that a record number of women are starting businesses in the UK but are still struggling to secure funding. The 30% Club's pathway program is a step towards addressing this issue, but it's not a permanent solution. Overall, promoting diversity in senior fund management roles is essential for improving investment decisions and should be a priority for businesses globally.
Understanding Invisible Struggles and Staying Informed: Be aware of colleagues' and community members' struggles, increase empathy, and stay informed through podcasts and events to build healthier relationships and make informed decisions.
It's important to be aware of the invisible struggles that colleagues and individuals in our communities face, such as stress, burnout, caregiving, and misunderstanding. By increasing our insight, awareness, and empathy, we can better understand and support those around us, leading to healthier personal and professional relationships. Additionally, data is playing an increasingly significant role in investment decisions and the creation of innovative enterprises. Join podcasts like "The Visibility Gap" and events like Bloomberg's "Future Investor" series to stay informed and engaged in these important conversations. Whether through listening to Bloomberg's radio programs or attending events in person or virtually, there are numerous ways to stay connected to the information and resources that can help us grow and thrive.
