MiB: When Will the Novelty of Female CEOs Wear Off?
There are only two female CEOs of large asset managers – and that’s only if we include Jean Hynes, the incoming CEO of Wellington Management. The firm has over $1 trillion client assets under management. She expects the “novelty” of female CEOs will wear off as more women across all industries gain more experience running parts of their businesses, increasing the probability of there being many more female CEOs a decade hence.
She became one of Wellington’s three managing partners in 2014 – her experience managing various parts of the firm led to her eventually being selected only the firm’s 5th CEO in its private partnership era, beginning June of this year.
We discuss beginning of her career at Wellington as an administrative assistant. She worked with legendary health care fund manager Edward Owens, who has been called “the best investor you’ve never heard.” When Owens retired in 2012, she took over the $51billion Vanguard Healthcare Fund – the country’s largest health care fund. Hynes will continue to run the fund while CEO, an unusual combination, made possible by the deep team at both the fund and the firm.
Be sure to check out our Masters in Business next week with William J. Bernstein, Ph.D., M.D. He is a retired neurologist, principal in the money management firm Efficient Frontier Advisors, and author of several best-selling books on finance and history. He was the winner of the 2017 James R. Vertin Award from CFA Institute. Bernstein’s new book The Delusions Of Crowds: Why People Go Mad in Groups is published this week.