Women in investment AWARDS italy 2019
2019
INTRODUCTION & CONTENTS
Inspiring achievements
Diversity, globalisation and rapid technological change are all woven into the fabric of modern societies. But it is striking that one of these seemingly-universal trends is often missing in corporate life. Although this reality should be reflected in the business world, there is some data suggesting it is not the case yet, particularly when looking at gender diversity figures within the financial industry. And it is not just a matter of how many, it is more a question of how. According to a 2018 report from the World Economic Forum on equal pay across genders, Italy ranked 126th out of 144 countries surveyed worldwide. And the share of unpaid daily work was 61.5% for Italian women versus 22.9% for men. These were just some of the figures leading Italy to be ranked one of the less virtuous countries on this report. Women make up almost half of the labour force at a global level, but the higher we go in the earnings distribution, the fewer women we encounter. And they are also under-represented in leadership positions, which constitutes a major obstacle for closing the remaining gender pay gaps and achieving full gender equality. In an attempt to tackle the issue, some proposed mandated gender quotas. Norway was the first country passing a law requiring a minimum of 40% of each gender on the board of directors of public limited companies in 2003. Since then, Austria, Belgium, Denmark, France, Ireland, Iceland, Italy, Germany, the Netherlands, and Spain have adopted similar regulations. And they had some positive effect: By 2016 female board membership of large listed companies in the EU increased to 23%, from 12% in 2010. It is less clear, however, whether gender quota laws also have an impact on women who are not on corporate boards. We all embrace them, and they might be effective as a policy measure to promote female career progression to the top but, let us be honest, they are not enough. If I may, I would suggest policymakers change their focus from requiring quotas for the top of an organisation to the much broader responsibility of getting a more balanced gender division, for instance by encouraging more men to take advantage of parental leave schemes. And setting aside common sense, fairness, and any moral obligation; we can cite some of the business benefits of women empowerment at work. McKinsey’s most recent Delivering Through Diversity report found corporations that embrace gender diversity on their executive teams were more competitive and 21% more likely to experience above-average profitability. It has also been estimated that closing the gender gap would add $28trn to the value of the global economy by 2025 – a 26% increase. But it is not all bad. It is true that the fight to improve gender equality goes on, but at least the message seems to be getting through. It is great to see more and more women speaking at industry conferences and events, and the number of high quality entries in these industry awards showed there are so many women who are making huge achievements. With the ethos to recognise those great achievements InvestmentEurope launched the Women In Investment Awards Italy 2019, boosted by the conviction that they could play a valuable role in drawing attention to the issue while demonstrating that real change is happening. The Awards aimed primarily to recognise and honour the inspiring achievements of women working for the investment industry in Italy, but also the organisations and mentors supporting them. But they were also designed to prompt debate, while helping to shape the discussion around gender, and other strands of diversity, in the financial sector. Award-winning stories of individuals can also serve to inspire others and encourage them to keep pushing to unleash their greatest potential. But let us not forget that diversity and inclusion are not a one-time campaign, initiative, or PR glow. Diversity promotion in the workplace is a work-in-progress task, that needs to be maintained and cultivated to guarantee effectiveness. It might be an uphill battle, but the prosperity, development, and success of our societies depends on it. Eugenia Jiménez Iberia Correspondent InvestmentEurope
Contents
Roll of Honour Meet the judges Sponsors’ statements The Winners Analyst of the Year Manuela Cedarmas, Tages Capital Fund Manager of the Year Carla Scarano, Anima Fund Selector of the Year Chiara Mauri, Fideuram Investment Woman of the Year Anna Maria Reforgiato Recupero, Generali Mentor of the Year Cristiana Vai, Cordusio Most Inspiring Returner Francesca Bellini, Pramerica Role Model of the Year Anna Vigliotti, Allianz Team Leader of the Year Laura Nateri, Lazard Young Investment Woman of the Year Antonella Di Chio, Algebris Lifetime Achievement Award Cinzia Tagliabue, Amundi Promoting diversity Forum per la Finanza Sostenibile The Association of Professional Fund Investors in Italy The night in pictures
Emerging Talent of the Year Personality of the Year The Night in Pictures
Best International Pension Plan Best International Financial Centre Best International Platform Best International Fund Group Best International Portfolio Bond Best International Discretionary Fund Manager Best Family Office International Campaign of the Year Excellence in Private Banking Best Fintech Innovation Excellence in Fintech Best International Savings Plan Best International Life Group (UK) Best International Life Group (Non-UK) Best International Protection Plan (Life) Best International Private Health Insurance Provider Best International Trust and Estate Planning Excellence in Client Service, Advisers – sponsored by Hansard Excellence in Advisory Best Practice – sponsored by Investors Trust Excellence in Client Service, Industry
The winners and the shortlisted
Analyst of the Year Winner: Manuela Cedermas, Tages Capital Shortlisted: Francesca Villa, Banca Mediolanum; Patrizia Bussoli, Pramerica SGR Fund Manager of the Year Winner: Carla Scarano, Anima SGR Shortlisted: Barbara Ellero, Anthilia Capital Partners; Giulia Culot, Generali Investments Partners; Patrizia Bussoli, Pramerica SGR; Valentina Franceschini, Wise Equity SGR Fund Selector of the Year Winner: Chiara Mauri, Fideuram Investimenti SGR Shortlisted: Manuela Cedarmas, Tages Capital; Roberta Rudelli, Cordusio SIM; Stefania Taschini, Anima SGR Investment Woman of the Year Winner: Anna Maria Reforgiato Recupero, Generali Shortlisted: Anna Vigliotti, Allianz Global Investors; Cinzia Tagliabue, Amundi; Alessandra Festini, Cassa Forense; Laura Nateri, Lazard Fund Managers; Paule Ansoleaga Abascal, Rothschild & Co; Valeria Piani, UBS Asset Management; Donatella Principe, Fidelity International Mentor of the Year Winner: Cristiana Vai, Cordusio SIM Shortlisted: Anna Maria Reforgiato Recupero, Generali Investments Partners; Corinna Zur Nedden, Ambromobiliare; Laura Nateri, Lazard Asset Management; Patrizia Bussoli, Pramerica SGR Most Inspiring Returner Winner: Francesca Bellini, Pramerica SGR Shortlisted: Chiara Bertolesi, Zurich Investment Life Italy; Laura Nateri, Lazard Fund Managers Role Model of the Year Winner: Anna Vigliotti, Allianz Global Investors Shortlisted: Cristiana Vai, Cordusio SIM; Laura Nateri, Lazard Fund Managers Team Leader of the Year Winner: Laura Nateri, Lazard Asset Management Shortlisted: Barbara Costa, Amundi; Mary Thomson, Anima SGR; Sofia D’Alessandro, Banca IMI; Sabrina Racca, Eurizon Capital Young Investment Woman of the Year Winner: Antonella Di Chio, Algebris Shortlisted: Camilla Cotta Ramusino, Anima SGR; Claudia Ecca, Lyxor; Valentina Valdameri, LGIM (Europe) Managers Ltd; Gaia Salina, Eurizon Capital Lifetime Achievement Award Winner: Cinzia Tagliabue, Amundi
ROLL OF HONOUR
RETURN TO CONTENTS
Diverse voices and their methods
The judges
MEET THE JUDGES
Paule Ansoleaga Abascal Director Rothschild & Co Paola Bissoli Director, Business Development Aberdeen Standard Investments (Suisse) Guendalina Bolis, CFA CEO Inversis Gestion Silvia Bosoni Director – head of Italy ETFs, ETPs and open end Funds, Listing and Market Development Borsa Italiana, LSE Group Jonathan Boyd Editorial director InvestmentEurope Patrizia Bussoli Team Asset Allocation Research Pramerica SGR Betti Candia Chief investment officer Zurich Investments Life Italy Matteo Cassiani, CFA, CIPM Senior portfolio manager, Asset Allocation Fideuram Investimenti SGR Manuela D'Onofrio Co-general manager and head of Investment & Products Cordusio SIM Francesca Emanuel Director, head of Global Marketing & Branding Allianz Global Investors Manuela Frohlich Global head of Business Development (LRI Group) Co-founder at FondsFrauen Barbara Galliano Deputy country head, head of Retail Distribution Natixis Investment Managers Vlasta Gregis Managing director Capital Group Guido Lombardi, CFA Vice president, Fund Selection DWS Multi Asset Group, London Vanessa Orlarey Head of Fund Selector Relationships InvestmentEurope Giancarlo Sandrin Italy country head, Wholesale & Retail, LGIM/President of CFA Society Italy Sara Silano Managing editor Morningstar Kate Webber Lead product manager – Fund Services Northern Trust
Methodology
Judging for the Women In Investment Awards Italy 2019 was a multi-faceted operation. The first step was to invite nominations from women financial professionals. Nominees could be involved in roles including, but not limited to fund management, wealth management, investment research, financial advice, investment analysis, marketing, sales, human resources, compliance, middle, front or back office within the investment sector. They were required to be working in Italy, however, a person nominating somebody else could be based anywhere in Europe. Nominees were asked to provide qualitative information by way of a questionnaire, seeking short answers to questions about: • Themselves, what attracted them to join the industry, and about their current roles; • A description of one achievement or task that they were most proud of in the past 12 months, and why they should win; • Particular challenges they faced in the past 12 months and how they overcame them; and • Their top tip for women looking to progress in the investment industry. The questionnaire also asked for any relevant supporting documentation, such as testimonials from colleagues that supported the qualities outlined in the earlier answers; a case study or evidence of a track record; and any information on further activities that they believed had helped them grow professionally, such as volunteering, travel or involvement in associations or forums. The received nominations were given an initial look over by InvestmentEurope’s editorial and fund selector relations teams to filter out nominations that did not meet the requirements. Thereafter, the list of shortlisted nominees and their completed questionnaires were pushed out to the judges for consideration. There was no formal gathering of the judges to select category winners as such. This was because the methodology relied on a number of judges who are experts in relevant fields, but not necessarily across the board. As judges themselves may have been nominated, including by third parties, it was necessary to ensure that any would recuse themselves from judging any category in which their own name may have been put forward. Additionally, judges were allocated categories to avoid conflicts of interest, such as considering other nominees from the same companies as themselves. Judges were asked to score shortlisted nominees between 1-5, with 1 being the lowest and 5 the highest scores. Judges could also provide qualitative comments on each of the nominees. The scores provided were then aggregated per category to identify the winners. Where there were close calls between, say, two submissions, then the qualitative statements could be referred to in order to identify the ultimate winner.
Judges for the Women In Investment Awards Italy 2019 were selected for their wide range of experiences and backgrounds, the aim being to access the largest variety of respected industry voices as possible; who would thus be in a good position to pass judgement on their peers
Why the Awards matter
SPONSORS’ STATEMENTS
Building a pool of talent
Promoting diversity and inclusion is a key focus for Aviva Investors. We have recognised for a long time the importance of building a diverse pool of talent within the organisation – and in the financial services industry more broadly – to reflect our clients and help us better serve their changing needs. INCLUSIVE AND COLLABORATIVE We are an organisation that truly values our people; our strength as a business comes from nurturing diversity of talent through a highly inclusive and collaborative culture. We know that in an industry with ‘“all-too-similar individuals”, the more we welcome people from all sectors, countries, backgrounds, ages, disabilities, gender and skill sets, the better we will understand our client base – and make more robust investment decisions. We have created several initiatives across the business focused on HR and recruitment, talent development, and diversity. This has included developing a Return to Work programme for those having taken an extended career break, introducing equal parental leave for employees, as well as promoting diversity externally through industry bodies such as the Diversity Project and Investment 2020. While we remain committed to supporting a greater balance in our industry, we realise there is still much more to be done so we are delighted to support events such as the Women in Investment Awards Italy, which honours the achievements of women from across the industry.
For Paolo Sarno, head of Wholesale, Southern Europe, Aviva Investors’ support for the Women in Investment Awards Italy 2019 is a reflection of its corporate culture
Recognising talent and skills
Stefania Paolo, country head at BNY Mellon Investment Management Italy, explains why the pursuit of diversity is also a pursuit of efficiency
We have witnessed huge steps ahead on diversity and inclusion in Italy over the past decades. During the ‘80s and ‘90s, the asset management industry and the broader financial world had a very low presence of women, not only in managerial roles but also as employees and executives. This environment, initially not very encouraging for diversity in our country, started to improve at the beginning of the 2000s. The pace of change really picked up over the past 10 years or so, and today it is possible to find several virtuous examples in Italy where gender parity is a fact – as my own appointment as Country Head of BNY Mellon Investment Management shows.Indeed, the first companies that actually adopted practices that favour diversity were the large, foreign asset managers, such as BNY Mellon Investment Management; global groups with HQs and branches in countries such as the US and UK, that were (and sometimes still are) a few years ahead of Italy on these issues. That is not to say that the problem of the ‘glass ceiling’ is solved; there is still a gap in terms of presence of women and men at the highest levels of management of Italian financial companies. However, asset management is a business based on rationality and efficiency; and this is a natural incentive for companies to pursue diversity, as it is well proven and understood now that favouring inclusion brings a plurality of capabilities, skills, talents and points of views that can only improve productivity. DOUBLING EFFECTIVENESS For asset managers, the theme of diversity has a double implication. It is not only about diversity best practices or even “quote rosa”, literally “pink quotas”, as they are called here in Italy, meaning the statutory or mandatory presence of a minimum percentage of women in boards and executive committees. It is also about integrating diversity in sustainable investment processes; this way, we are twice as effective in contributing to inclusion, by engaging with other companies across all industries and regions to promote a fair governance with inclusion practices. That said, I also believe that it’s important to actively pursue and promote equal opportunities throughout all available channels, without leaving every initiative in the hands of companies, or else we would risk to work in an environment with some virtuous example and little changes elsewhere. This is why the activity of networks and associations, both internal and external to companies, is of significant importance. For example, in BNY Mellon we have a Women Initatives Network that has been active for years in organising international initiatives, conferences and meetings in support of gender parity, diversity and inclusion. And I am a member of DClub, an association that aims to support the role of women in finance, favouring networking within and beyond the industry. Our sponsorship of the Women in Investment Awards in Milan is part of the ongoing effort of our company to encourage and promote diversity, and at the same time to recognise and support talent and skills wherever they are most evident.
A better way to create value
Assunta Siviero, sales director, Italy, MFS Investment Management, outlines the MFS view of diversity: a three-fold one embracing diverse teams, decisions and culture
At MFS, we see diversity and inclusion as a mindset – one we fully embrace as a firm. We approach diversity with an eye toward how it can benefit our clients and how we operate as an organisation. For our industry, in particular, diversity makes it possible to bring different perspectives into the investment process, and it is essential in driving sustainable long-term value for clients. We recognise that diversity can take many forms, whether based on gender, ethnicity, nationality or cognition. At present, gender diversity garners the most attention, particularly in financial services. Perhaps that is because it’s easy to measure or it is an acknowledgement of more work to be done on the issue. But MFS views diversity more broadly, and we approach it in three ways: We build diverse teams, we make diversity-driven decisions and we promote a culture diversity both internally and externally – all so we might better understand, engage and align with each other, inside and outside the firm. TEAMS OF DIVERSE THINKERS Diverse perspectives have enabled us to create a powerful collective expertise – one that helps an active manager develop and vet investment ideas from multiple angles. To achieve that expertise, we hire and create teams of diverse thinkers. More importantly, we manage these smart people and provide incentives for them to work together effectively. Our goal is to achieve diversity of thought, fostered in a culture of shared beliefs, helping us to move beyond individual biases, personalities and egos. DIVERSITY-DRIVEN DECISIONS For investment managers, and MFS, in particular, diversity amplifies the potential to create sustainable long-term value and allows us to build and maintain conviction in our investment ideas. To have conviction – and to hold investments long enough for an investment thesis to potentially bear fruit – active managers must understand material risks and opportunities, i.e. environmental, social and governance factors, that impact a company’s competitive advantage. That takes the diverse viewpoints of people from different backgrounds who have had differing experiences in markets around the world. Diversity also impacts how we engage with companies and issuers. For example, we hold our companies accountable for diversity and vote against boards on which women are inadequately represented. While this manner of engagement is about gender diversity, it’s also an impetus to have a larger discussion about diversity of thought. PROMOTING DIVERSITY – INSIDE AND OUT Internally, the work we are doing on diversity has two goals: to attract and retain a diverse employee population and to develop the leadership skills of talented individuals within it. To make it more diverse, we have expanded the pool of candidates from which we hire, whether it be for an internship or a position on the investment team. MFS has also hired full time staff to develop our diversity and inclusion programs globally. Externally, we sponsor, support and participate in training, professional leadership development and talent management programs to encourage a more diverse workforce.Ultimately, we hope to turn today’s diverse talent into tomorrow’s diverse leaders. Towards that end, MFS has partnered with industry peers to share best practices and collaborate on diversity and inclusion programs. For example, MFS is a founding member of the Diversity Project in the United States and has strategically partnered with the Diversity Project in the United Kingdom, both of which are working to improve diversity in financial services firms. To further support gender diversity and develop more women leaders, we have a working relationship with the CFA Society. Our participation in events focusing on women, such as the Women in Investment Awards Italy 2019, is yet another way we advocate for women in financial services. We look at diversity in the industry as not about competing, but rather about contributing. We constantly assess our own progress on that front and share what we learn to help the industry become a more diverse and inclusive place to work.
Creating equal opportunities
Natixis Investment Managers outlines why its commitment to building a diverse and inclusive workforce made it a natural fit to sponsor the Women in Investment Awards Italy 2019
Sponsored and led by our Global CEO, Natixis Investment Managers is committed to building a diverse and inclusive workforce. We formed a global diversity and inclusion (D&I) steering committee and diversity team in 2015, which was charged with developing an action plan aligned with our 2020 business plan. Since then, we have created separate D&I teams in the US, France and the UK and we are rolling out a series of initiatives across other international offices. These include: • Women’s Leadership Initiative: promoting the growth and success of women at Natixis through leadership development and learning, networking and mentoring, and sponsorship programs. • Multicultural and Diversity Engagement Group: enhancing the progress of current and prospective Natixis employees of culturally diverse backgrounds through personal and professional development workshops, networking and mentoring. • Invest In Girls: building awareness of the financial services industry among high school girls and college mentoring programmes in the US and Australia. We are also conscious that others in the industry may have ideas or initiatives which are worthy of adoption. That is why our head of International D&I regularly meets counterparts in asset management firms, investment consultants, trade associations and specialists to ensure ‘best practice’ in our own group. Our CEO is currently on the executive council of the G7 Institutional Investor Initiative – indeed, Natixis is a Founding Member in partnership with the CFA Institute to increase gender diversity in global capital markets. ACTIVE THINKING At Natixis Investment Managers, we believe a diverse and inclusive workforce enables employees to learn from one another and challenge their own beliefs and viewpoints, creating a rewarding working environment that helps us attract and retain top talent.When we gathered our data in 2018, we found 40% of our workforce was female – including around 30% of our investment professionals. While both of these figures are highly encouraging from an industry perspective, we are continuously focused on improving. We believe strongly that D&I in all its aspects is a business critical issue and one that not only impacts and benefits employees, but clients also. We continuously work to create an environment that promotes diversity in all its forms, which we believe creates both equal opportunities for our employees and better outcomes for our clients. Our entire business model is centred on that belief. Our global CEO, together with a team of senior executives who together form the Global Diversity Steering Group, leads our diversity initiative – particularly from a global perspective, but feeding down into local country-specific strategic plans. Our objective is to ensure our employees work in an environment that continually promotes diversity in all its forms, and which creates equal opportunities for everyone. We encourage employees to learn from one another and challenge their own beliefs and viewpoints, creating a rewarding working environment that helps us attract and retain top talent, irrespective of their background, race, gender or religion. And we support and develop employees through networking and professional development programs, both inside and outside the company, including our Women in Natixis Network.
Disclaimer This document has been prepared for the express purpose of the Investment Europe (Italy) Women in Investment Awards 2019 and is aimed at financial professionals. This does not constitute a recommendation to invest in the underlying UCIs or strategies mentioned. While every effort has been made to ensure the accuracy of the information and data provided, given the nature of awards submissions and the non-standard time period that they tend to deal with, the potential for errors and omissions is likely to be higher than in that of standardised or regulated marketing collateral. We aim to state performance figures net of fees at all times and reserve the right to use our discretion as to the most appropriate share-class for performance calculation. Source data and footnotes are provided where appropriate to ensure that data, evidence and assumptions are clearly referenced.Provided by Natixis Investment Managers UK Limited, authorised and regulated by the Financial Conduct Authority (register no. 190258). Registered Office: Natixis Investment Managers UK Limited, One Carter Lane, London, EC4V 5ER.
Analyst of the Year
The judges said...
Manuela Cedarmas Tages Capital
SHORTLISTED Francesca Villa, Banca Mediolanum; Patrizia Bussoli, Pramerica SGR
“She demonstrates a real depth of experience, plus an appreciation for diversity of thought within the teams she operates”
Category: Open to women working in a fund analyst role in the Italian investment industry assessing mutual funds. Including, but not limited to, working for an asset manager, stockbroker, wealth manager, investment bank or investment research company.
L to R: Silvia Bosoni from Borsa Italiana (London Stock Exchange Group), Manuela Cedarmas of Tages Capital, and Veronica Yoko Plebani (guest speaker)
THE WINNERS
It gives us a push to convince other women to follow this path and especially it encourages our colleagues to continue it Manuela Cedarmas
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Fund Manager of the Year
Carla Scarano Anima
SHORTLISTED Barbara Ellero, Anthilia Capital Partners; Giulia Culot, Generali Investments Partners; Patrizia Bussoli, Pramerica SGR; Valentina Franceschini, Wise Equity SGR
“Her positive long term track record and professionalism in managing an equity fund makes her a good candidate for this prize”
Category: Open to women managing funds that are registered and authorised for sale in Italy. Nominees can be the lead or part of a joint all female or mixed gender management team. This award serves as an inspiration for other women to consider a career in fund management and is judged primarily on qualitative factors.
L to R: Assunta Siviero, MFS IM’s Italy sales director; Carla Scarano of Anima, and Veronica Yoko Plebani
I think that in Italy it is very significant to win such recognition because unfortunately we are still a minority. There are very few women managing funds in the country Carla Scarano
Award sponsored by
Fund Selector of the Year
Chiara Mauri Fideuram Investimenti
SHORTLISTED Manuela Cedarmas, Tages Capital; Roberta Rudelli, Cordusio SIM; Stefania Taschini, Anima SGR
“Chiara won a few awards before on performance and she manages the most important product at her firm. Although she conducted a large number of testimonials within her firm, no external ones were given”
Category: Open to women working in a fund selector role in the Italian investment industry assessing funds. Including, but not limited to, working for an asset manager, stockbroker, wealth manager, investment bank or investment research company.
L to R: Paolo Sarno, head of Wholesale Southern Europe at Aviva Investors; Chiara Mauri, Fideuram, and Veronica Yoko Plebani
In my work I have met many women who inspired me and learned a lot from both a personal and professional point of view, so this award is to a certain extent for them too Chiara Mauri
Investment Woman of the Year
Anna Maria Reforgiato Recupero Generali
SHORTLISTED Anna Vigliotti, Allianz Global Investors; Cinzia Tagliabue, Amundi; Alessandra Festini, Cassa Forense; Laura Nateri, Lazard Fund Managers; Paule Ansoleaga Abascal, Rothschild & Co; Valeria Piani, UBS Asset Management; Donatella Principe, Fidelity International
“She was able to change the existing modus operandi, transforming the quality of assets and revenue in some key strategic transactions”
Category: Open to women whose overall achievements and work within the Italian investment industry have helped raise the profile of the investment sector as a career for women either through education, training, leadership, mentoring or acting as a role model.
L to R: Natixis IM’s deputy country head and senior director & head of retail distribution Barbara Galliano; Anna Maria Reforgiato Recupero of Generali; Veronica Yoko
I am quite surprised… I would have never imagined to have the chance to win in the context of the Italian asset management industry as a whole Anna Maria Reforgiato Recupero
Mentor of the Year
Cristiana Vai Cordusio
SHORTLISTED Anna Maria Reforgiato Recupero, Generali Investments Partners; Corinna Zur Nedden, Ambromobiliare; Laura Nateri, Lazard Asset Management; Patrizia Bussoli, Pramerica SGR
“Strong commitment to promote diversity and inclusion in the industry, which is very relevant to this category”
Category: Open to men and women in the Italian investment sector who have supported and encouraged women to fulfil their potential within the workplace.
L to R: Manuela Frohlich from LRI Group and Co-Founder of FondsFrauen; Cristiana Vai of Cordusio; Veronica Yoko
I do really believe these Awards are a huge recognition for women, for the hard work we do, but also for the efforts made by all women Cristiana Vai
Most Inspiring Returner
Francesca Bellini Pramerica
SHORTLISTED Chiara Bertolesi, Zurich Investment Life Italy; Laura Nateri, Lazard Fund Managers
“Francesca has been able to overcome difficulties during her maternity and come back to work stronger. It is also clear her dual focus is on maternity and her financial career”
Category: For women who have returned to work in the Italian investment sector following maternity leave and have acted as a role model to women looking to achieve the balance between work and family life.
L to R: Giancarlo Sandrin of LGIM and president of CFA Society Italy; Francesca Bellini of Pramerica; Veronica Yoko
This award is a recognition to the women who ‘made it’ without giving up other aspects of their lives. They encourage other women of value to take careers in a sector with a strong male tradition Francesca Bellini
Role Model of the Year
Anna Vigliotti Allianz
SHORTLISTED Cristiana Vai, Cordusio SIM; Laura Nateri, Lazard Fund Managers
“More than 25 years’ experience in the industry, facing different environment with a forward-looking approach”
Category: Open to women in the Italian investment sector who have helped inspire others to fulfil their potential and achieve excellence in the workplace.
L to R: Paola Bissoli of Aberdeen Standard Investments; Anna Vigliotti of Allianz; Veronica Yoko
It is a privilege for me to be part of a network of impactful women: together we can help to make the difference Anna Vigliotti
Laura Nateri Lazard
SHORTLISTED Barbara Costa, Amundi; Mary Thomson, Anima SGR; Sofia D’Alessandro, Banca IMI; Sabrina Racca, Eurizon Capital
“Strong determination, she never gives up, being always herself in any situation. A good example to young women and colleagues around her”
Category: Open to women in the Italian investment sector who head up a team and can demonstrate excellence in leadership, communication and vision.
L to R: Guido Lombardi of DWS; Laura Nateri of Lazard; Veronica Yoko
I am very happy because this proves that women can form a group and lobby effectively. I am particularly happy to receive this award because I believe in teamwork a lot, I have spent a substantial part of my career working within a team Laura Nateri
Antonella Di Chio Algebris
SHORTLISTED Camilla Cotta Ramusino, Anima SGR; Claudia Ecca, Lyxor; Valentina Valdameri, LGIM (Europe) Managers Ltd; Gaia Salina, Eurizon Capital
“Remarkable performance in a challenging environment and not giving up on a variety of interests”
Category: Open to women in the Italian investment sector who are under 30 and have impressed colleagues with their desire to succeed and strive to achieve excellence in the workplace. Nominees had to be 30 or younger on 2 October 2019.
L to R: BNY Mellon country Head of Italy, Stefania Paolo; Antonella Di Chio of Algebris; Veronica Yoko
The important thing is, from my experience, to pursue your goals with great dedication and passion. It is also particularly important that the leaders and managers prioritise the search for talent regardless of age, gender or any other biases Antonella Di Chio
Young Investment Woman of the Year
Lifetime Achievement Award
Cinzia Tagliabue Amundi
“Great career, leader in a change management process talent oriented, engaged in diversity program. Impressive CV and a real support to women’s empowerment”
Category: In recognition of a woman who has risen to the top of her career ladder and is an inspiration to future female leaders. The purpose of this recognition is to recognise the professional career of an individual whose peers and the industry she works for consider as worthy of a Lifetime Achievement Award. This prize is one of the highest honours an individual can receive.
L to R: Matteo Cassiani of Fideuram; Cinzia Tagliabue of Amundi, Veronica Yoko
I am very honored to have been assigned the Lifetime Achievement Award by InvestmentEurope because, even if I have spent most of my adult life working in banking and asset management I still have the same enthusiasm, passion and hunt for new challenges that I had at the beginning. This award is a milestone to remind me about what I have already achieved and to act as a role model for young women professionals to show them that devotion, passion, studying, taking responsibilities, learning by doing, team working are crucial to be rewarded in the working place Cinzia Tagliabue
Sustainability and equality go hand-in-hand
PROMOTING DIVERSITY
SRI means integrating gender-related issues
Arianna Lovera, senior programme officer, Forum per la Finanza Sostenibile, examines the findings of some of the most recent reports into gender equality
The 2019 Sustainable Development Goals Report notes improvement in some areas but warns that global response has not been ambitious enough. Concerning the SDG 5 “Gender equality”, the report noted that progress is being made regarding harmful practices such as child marriage and female genital mutilation while stressing the importance of providing women and girls with equal access to education, health care, decent work, and representation in political and economic decision-making processes, in order to fuel sustainable economies and benefit societies at large. With respect to Europe, the 2019 ASviS Report underlines the increase of female representatives in Parliaments and among senior managers but points out the necessity to reduce the occupational gap – to this aim, it has also to be stressed the relevance of welfare measures such as the extension of paternity leave for a more fair sharing of care giving tasks. AN INCREASING RELEVANCE The importance of gender-related issues is growing among SRI investors, in terms of both engagement initiatives towards invested companies and incentives to women participation in the economic and financial spheres. In July 2018 the Corporate Governance Committee of Borsa Italiana (ie, the Italian Stock Exchange) released its recommendations aiming at protecting diversity, including gender diversity, among public companies, not only in terms of board members but also with respect to the corporate organisation regarding human resources. In general, it noted that influential research shows that team and board that are inclusive in terms of diversity tend to achieve better results. The study ItaSIF conducted last year together with Doxa confirms the interest in ESG issues among Italian retail investors and in particular among women: the latter are more likely to invest in SRI products, especially if related to the aspects directly concerning them, such as diversity policies, work-life balance programs as well as actions addressing gender pay gap among invested companies. Moreover, women appear more cautious in making their investment choices: they seem more inclined to rely on the advice of experts and to involve their relatives and friends in the management of their savings. The respondents also show strong information needs, transversal with respect to gender. Thus, the study confirms the importance of clear and transparent information for the dissemination of SRI products, also suggesting a growing involvement of media, institutions and financial actors, including sales networks, in order to better promote sustainable investments. In conclusion, the SRI industry (asset owners, asset managers, ESG rating companies, etc) should integrate gender-related issues into both their CSR and investment policies, thus contributing in the achievement of global SDGs and seizing interesting market opportunities.
The importance of gender-related issues is growing among SRI investors, in terms of both engagement initiatives towards invested companies and incentives to women participation in the economic and financial spheres Arianna Lovera, Forum per la Finanza Sostenibile
The Association of Professional Fund Investors in Italy
APFI Italy: Pushing for real and lasting change
The Association of Professional Fund Investors believes in the business benefits of diversity and looks at how to unleash its true potential. Eugenia Jiménez reports
We live in a complex and interconnected world where diversity, moulded by globalisation and technologies, forms the fabric of modern societies.Investment firms, policymakers, regulators and industry body associations have been in recent years trying to create a more inclusive work environment while embracing the idea of diversity as a means of forging a sustainable future.But, while most organisations claim to desire greater diversity and inclusiveness in their teams, a lot remains to be done to facilitate this objective. PROMOTING ALL STRANDS OF DIVERSITY The Association of Professional Fund Investors (APFI) is one of the financial industry bodies looking at how to promote diversity in all its strands by contributing to spread the message through its growing professional network of fund investors. APFI firmly believes in the business benefits of promoting diversity and inclusion. The association supports the idea that teams made up of a diverse mix of employees might lead to greater innovation, growth, and even outperformances.The association has a leadership team made up of nine members of diverse background, nationality, age, gender, education or ethnicity. Both Riccardo Campanini, fund of funds manager at Olympia Wealth Management, and Manuela Cedarmas, senior portfolio manager and head of Emerging Strategies and Markets at Tages Capital, are part of this team standing respectively as lead and deputy lead for the association in Italy. As such, they are responsible for promoting APFI’s goals in the country, which currently focuses on widening its membership list “in order to become a credible and effective voice for the fund industry” while looking at how to unleash the true potential of diversity in the fund industry. Adam Choppin, APFI’s chairman says: “I would say that the association’s role is to promote the best practices we feel are appropriate for our industry. We believe that we are vociferous on this issue, but would certainly love to have still more attention paid to it by the media and broader industry, although it does feel that at least the direction of change is clearly positive at this time.” RECOGNISING ACHIEVEMENT APFI’s efforts to promote diversity took form recently in the support the association gave to the Women In Investment Awards Italy 2019. These industry Awards were hosted by InvestmentEurope on 2 of October in Milan, aimed to recognise some of the achievements made by women working in the Italian asset management industry. According to Italy’s deputy lead at APFI, Manuela Cedarmas, gender diversity is the most immediate form of diversity to address. However, she believes that the ESG focus by institutional investors and professional organisations spans across all forms of diversity including disabilities and ethnic diversity. For his part Riccardo Campanini says: “APFI genuinely believes in the importance of having women in senior roles. A prove of that is our leadership team composition. Half of its members are high profile female professionals.” He adds: “I think the key issue here is to consider merit the overriding criteria to make both recruitment and career decisions; there is no reason to discriminate anyone as long as employees and managers effectively carry on the organisations’ goals. “The latter should also note that gender diversity in the teams helps reduce the competitive drive which is often present in our industry.”
APFI genuinely believes in the importance of having women in senior roles. Proof of that is our leadership team composition. Half of its members are high profile female professionals Riccardo Campanini, APFI & Olympia Wealth Management
Gender diversity is the most immediate form of diversity to address Manuela Cedermas, APFI & Tagus Capital
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