Mentorship and community key to success of female asset managers

The financial services sector has typically been male dominated, with the asset management space no different. But recently there's been a greater understanding of the benefits of gender diversity and inclusion, and the unique perspective and advantages women bring to this field. 

Female asset managers have different insights and experiences, which bring innovation and creativity to the workplace. This can improve decision-making and critical thinking, enhance risk management, result in more robust investment strategies and lead to better overall performance.

New perspectives can be a source of significant competitive advantage. From another angle, women make up a large proportion of the sector’s client base. Female asset managers can help foster better relationships and tailor products and services to better meet the requirements of female clients. 

But how do we encourage women to pursue careers in this dynamic field, in spite of the challenges? We chatted to some inspirational women making waves in asset management about the secrets to their success. 

Intentional mentorship 

Mentorship has always been critical to growing a new generation into their roles. The guidance, advice and support offered by mentoring is invaluable in overcoming obstacles and growing confidence. Mentors can open doors, provide networking opportunities and help with skills development. They advocate for and champion mentees — which is critical to changing perceptions and breaking boundaries. 

A student bursary gave Nomathibana Okello, MD and portfolio manager at Terebinth Capital, a foot in the door at Old Mutual Investment Group. Though she was given the opportunity, it was her drive that led her to use the bursary as a platform to grow. She says mentorship has been instrumental in her development and she appreciates the people who have pushed and encouraged her along the way.

“One portfolio manager took the time to have lunch and converse with me on various topics. My direct boss also took the time to chat and pushed me to do my best. They were not scared of heated debates. These moments always seem insignificant at first, but in retrospect they were critical in driving me to a specific path,” she says. 

Okello says it is a business leader's duty to be intentional about mentoring: “Otherwise it doesn’t happen, especially with hybrid working. Interactions don’t happen as naturally and there is no chance for them to be accidental encounters.”

Nkareng Siwale, founder of Raindance Asset Management, agrees that effective mentorship and leadership are pivotal to career progression and acceleration. Before striking off on her own, she had leaders who challenged her, and who set up the right conversations with the right people. 

“You need a person to advocate for you in the room you are not yet allowed in. When I finally got to enter, senior members of the company already knew who I was. This ‘informal mentorship’ has been an incredible lever of my success.”

The power of community

Siwale also acknowledges the power of role models and support beyond leadership and mentors — a huge asset as it gives women the confidence to pursue a career in finance.

“Entrepreneurship is lonely. The bigger your support community, including friends and family, formal industry platforms and forums, the better. Networks in this industry is vital, but my family played a big role in how I conceptualised myself and my future. My sisters always told me I was smart and gave me the conviction to study finance and economics at university,” says Siwale.

Okello believes that stories are important. They expose children to career paths they may not have considered. A pivotal moment for her was watching Ranti Mothapo, the youngest person in the country to qualify as an actuary and SA’s first black actuary, telling his story on the news. 

Okello says, “I was in high school, and it made a huge impact on my sisters and I because he had studied and qualified in SA. It was my first exposure to this field. My sisters all went on to study finance and economic and gave me the confidence to follow suit.” 

A foot in the door

People are where the real power lies — from supportive and inspirational women at home to public figures. The spirit of community is the first step in igniting the desire to follow a career in finance. This needs to continue throughout primary, secondary and tertiary education and into the workplace, where intentional mentorship and effective leaders are instrumental. 

However, once women have that foot in the door, it is easy to ride the coattails of diversity and inclusion. Businesses want women — especially women of colour — to tick boxes on a BEE scorecard. It is up to us to take advantage of the opportunities and push ourselves to reach our full potential. 

The second part of this two-part series article looks at the importance of direction, internal drive and effective self-marketing for women in establishing a successful asset management career.

About the authors: Isabella Mnisi is sector head for asset management and funds and Tarryn Lyall is client strategist for global securities services at RMB. 

This article was sponsored by RMB.