We want more women in asset management, says Bloomberg’s Coelho
Empowering women to fully participate in the modern economy is capable of generating global growth that would lead to an increase in world GDP of US$ 20 trillion, according to a recent study by Bloomberg Economics.
The Bloomberg Women’s Buy-Side Network (BWBN), an initiative led by senior executives to elevate women in the asset management industry, is a worldwide movement that aims to create an environment of mentoring, networking events and technical training to advance women’s careers. in senior positions in the segment. Brazil, which is the largest asset management market in Latin America, since last year became part of the select group of subsidiaries of the initiative around the world, which include Hong Kong, India, Japan, Australia and New Zealand and Singapore, beyond California in the United States.
Empowering women to fully participate in the modern economy is capable of generating global growth that would lead to an increase in world GDP of US$ 20 trillion, according to a recent study by Bloomberg Economics. According to a report written by economists Adriana Dupita, Abhishek Gupta and Tom Orlik, if women’s education and employment levels are the same as men’s, this growth can be achieved in 2050.
“When you prioritize diversity and inclusion, you attract and retain talent better, improve decision making, innovate more and achieve better results,” says Geraldo Coelho, Business Executive for Latin America at Bloomberg. “By fully valuing the knowledge, experience, insight and ideas that women bring to the table, you’re not just building a more equitable business; you are building a more successful business. “
The new chapter of BWBN in Brazil has been led by three founding partners: Flávia Almeida, CEO of Península Participações, Tatiana Grecco, Risk Director at Itaú Unbanco, and Luciane Ribeiro, founder and principal partner at 3V Capital Asset Management Ltda.
“I’m optimistic because I see greater interest from young women in asset management compared to my generation.”, comments Grecco, who also says that professionals being repaired with technological skills, facilitates the reduction of barriers to women’s professional growth.
“We women, more and more, recognize the richness that social interactions bring to our professional and personal formation. Women need to support other women, and that creates a strong support network that benefits everyone.” For Grecco, female networking and the formation of a support network among women are the great engine that becomes fundamental for women’s professional growth, making successful careers possible and building lives with balance and fulfillment.
For Coelho, there was a perception that female participation in training courses was far below the market potential. “After we launched a similar training program with only 5% female applicants participating, we decided to invest more directly in the buy-side professionals, creating an all-female program for training in Python and BQuant.” With 150 women registered for the 50 vacancies, the first edition of the program promises to be a great success.
Aimed at asset managers and professionals with full-time positions in the sector, the program will include mentorships with Bloomberg’s Global Data team and will have its kick-off session next June 30th. What BWBN seeks to create, in the asset management industry, is building the next generation of women leaders in buy-side. The network serves as a support system for members, promotes meritocracy and inclusion in the industry, and educates women about possible careers.
“At Bloomberg, globally, we believe that a diversified company is a successful company”, says Geraldo Coelho, Bloomberg Business Executive for Latin America. “At Bloomberg, we would like to see more women in the asset management industry because we believe that a diversified company is a successful company. It is important for men to play a strong role as allies to help women succeed,” he adds.
How many women will participate in the training?As you professionals in the asset management industry use Python?
Rabbit – We created the program to train 50 women in Python and BQuant.Python is now one of the most used computer programming languages in the world. Python and BQuant are used to develop programming for Artificial Intelligence (AI), machine learning, data analysis and automation.
The asset management industry is large and influential globally and in Brazil. What is the space occupied today by women professionals in asset management?
Rabbit – Globally, women only make up about 14% of the 25,000 portfolio managers as of December 31, 2020, Bloomberg News reported. In Brazil, the investment fund industry recorded a net inflow of R$38.5 billion in April 2022, according to ANBIM. The industry would benefit from involving more women.
How to encourage new generations of women to be more involved in their careers?
Rabbit – Bloomberg Women’s Buy-Side Network was created to encourage and help women enter and thrive in the asset management industry. We started in Singapore in 2018 and now have branches in Hong Kong, India, Japan, Australia, New Zealand and California. We created the Brazil chapter in August 2021. We offer training, mentoring, networking and much more.
What kind of advantage can training bring to the careers of these women?
Rabbit – There are many job opportunities for people with these skills, so we hope this gives women an advantage in getting jobs in Brazil’s asset management sector. Q4 – What is the current male-to-female ratio on the buy side?
Will there be a training program for women who are not yet in the market but would like to improve their skills and apply for a job?
Rabbit – BWBN and its Brazil chapter are focused on three steps: 1) getting women into the asset management industry, 2) supporting them mid-career, and 3) as they seek/reach senior-level positions. Bloomberg has for many years offered programs for those not yet in the industry, including Bloomberg Market Concepts (BMC), a self-paced e-learning course that provides an interactive introduction to financial markets. And we worked with universities to create Bloomberg Finance Labs.
What is your view on the role of women in the financial market today?
Rabbit –At Bloomberg globally, we believe that a diversified company is a successful company. The Bloomberg Gender Equality-Index (GEI) was created to encourage companies to offer gender parity, help them understand how to do so, and recognize companies that do.
Çhow to maximize female potentialin an essentially male career?
Rabbit – Today there is a war for talent and we believe that if we help women increase their knowledge and skills, asset management companies will hire and promote them.
How do you see the influence of women in the financial world today and how could we increase the participation of women in this sector?
Rabbit – At our first BWBN Brazil meeting, Bloomberg economist Adriana Dupita spoke about her research that said global GDP would increase by $20 trillion by 2050 by empowering women. We created the BWBN Brazil chapter to help increase the number of women in the country’s asset management industry.
What other Bloomberg initiatives have caught your attention in recent years, in addition to the Gender Equality Index, in promoting equal opportunities for men and women in the corporate world?
Rabbit – We are very proud of Bloomberg’s efforts to encourage corporate diversity. The Bloomberg Gender Equality-Index (GEI) was created to encourage companies to offer gender parity, its mission is to help companies understand how to do so and recognize those that do. And our chairman, Peter Grauer, is also chairman of the US 30 Percent Club, which encourages companies to have 30% of their board of directors made up of women.
*Carolina Andraus graduated from FGV, former financial market, entrepreneur, developed and sold several projects in the real estate and infrastructure market. She has attended majors at Harvard University and Columbia University. Recently, she has been dedicating herself to projects related to education and issues of gender equality and women’s rights.