Can you explain the history and ideas behind the Women in Asset Servicing network (WiAS)?
Kate Webber: Women in Asset Servicing (WiAS) came about because, after decades of working in this particular industry, it’s clear that there is an awful lot of women who start off in administration roles but get no further.
It feels like a 60 to 40 split between men and women at very junior roles. As staff climb the ladder, those percentages change dramatically across all firms including transfer agencies, distributors and asset management operations roles, with the more senior roles tending to be taken by men. There are lots of reasons why that is, and we are trying to tackle some of them. We are also now facing another factor in this industry impacting our diversity and inclusion levels, namely technology taking over administration roles. If the asset servicing industry wishes to be relevant in the future, it must ensure it implements technology and additionally creates a diverse and inclusive workforce, not just for women, but including a range of personality types and different social backgrounds and work experience. All of those things are fundamentally important for creating a workforce which is representative of our rapidly changing and evolving customer base.
Laura Mann: Tackling those reasons is a challenge, but also a great opportunity. WiAS is part of the current momentum surrounding diversity and inclusion, we’ve seen attendee numbers at our talks snowballing and support from all types of firms and individuals. It has been really encouraging.
How important is the global enhancement of technology to what you’re trying to achieve?
Webber: Technology application in our sector is inevitable. In fact, it’s essential for all of our financial futures because it helps our organisations to manage their cost base effectively. We firmly believe that these benefits will flow to the customer. It’s really important that we help our teams, both men and women, to prepare for this future. The combination of technology and human interaction will likely be how individuals wish to be serviced in the future.
Organisations are looking to help their teams to acquire the necessary skills, and we at WiAS want to help by encouraging confidence and appropriate self-assessment of skills. Organisations have tried a number of diversity initiatives and not all have been overly successful; this is not to say that the will isn’t there, but the initiatives haven’t hit the mark effectively.
Mann: Everyone working in asset servicing should aspire to be more efficient and reduce transaction costs–technology can help with this. We need people who are comfortable with technology, so it’s important to encourage more young people to study science, technology, engineering and math (STEM) and enter our industry at a younger age. If you wait until people are in their working careers, it’s too late. Being visible from an early stage is essential, which is why Calastone is supporting STEM in schools.
Financial services have had a bad reputation, with asset servicing included in that, so drawing attention to the positives is key.
Webber: I agree; it is fundamental that more women get into STEM-based technology subjects. Calastone will be representing technology and financial services at a British Army careers fair at Sandhurst in September. It’s about trying to encourage girls and boys to be interested in these subjects at a relevant age. We in WiAS would be delighted for more financial services companies to do the same and believe that the organisers are doing something amazing here.
In asset servicing, you get the opportunity to work at a pace with very bright people. We are getting swept up in new technologies, which is very exciting. Underpinning that is the function of asset servicing, trying to increase the efficiency and reduce the cost of transactions.
How well represented are women in asset servicing, especially in more senior roles? What has been achieved so far and what else should be done in the future?
Webber: Female representation at senior levels is dependent on the organisation; some are terrifically better than others.
There does appear to be more US women gaining a foothold faster than our European markets, and potentially we could learn why this is. There are some women in senior roles, some of them are phenomenal and great role models, but we need more because we still see women in senior roles as a reason for celebration rather than the norm.
Over the coming decade, we must get more and more women in a position where they could be considered for those senior roles. We have come a long way, but we still have a long way to go.
Apart from appearing at this year’s International FundForum, how are you spreading the word about this network?
Webber: We started in October last year with a relatively small number of women. It has spread by word of mouth, which has seen active involvement from several organisations. I think this is the way it will continue to grow; people have to want to join and participate.
Webber: We have also been encouraged by the number of men who really like the idea of WiAS. Some have daughters and look at the network from that perspective, but others are looking at it because it is the right thing to do, because they feel they get much better teams and decision outcomes from having more women within decision-making points of their organisations.
Mann: Word of mouth has been great and activities like this interview really help too, but events are key—both running our own and attending others. If I can go to an event, speak to one person and potentially inspire them, then it’s worth it. For me, our network is about being open, approachable and supportive.
Are you seeing high levels of female millennials entering asset servicing right now? Or are the levels of recruitment lower than you would expect?
Webber: Fonds Frauen did some research last year which showed that our industry isn’t attractive to the next generation in the same way as many others. Women also choose to leave industries where they find the culture incompatible with their values, regardless of whether they have children. It’s very important that the next generation, who are coming down the track, have been brought up with different rules and societal norms compared to the current generation.
Companies run by the current generation are effectively playing catch-up, and therefore what we are trying to do is enable people to see that there is this breadth of talent to be relevant. I believe in the coming decade, companies who are more flexible with their workforce, helping both male and female with childcare and/or elderly care, will have greater success in holding an experienced workforce. Asset servicing can be an attractive industry for millennials to join.
Mann: You can start by considering what you can do in your own firm and your own team. It can be done. Recently, we had three developer positions at Calastone, two of which were filled by female developers who are Generation Z, rather than millennials. It’s about making the industry more appealing, researching about the language you use, and finding the most talented people for that role.
Webber: This is so important for the future and should not be about militancy or just simple targets, it should be about acceptance across organisations to help get the best talent, regardless of their gender, sexual orientation, or race into the right roles. Focus should be on what an individual can bring to an organisation and how it shapes your teams overall.
What do you think are the main challenges and opportunities in asset servicing now?
Webber: The creation of artificial intelligence or blockchain solutions must be linked with creation of inclusive teams and diversity of thought, which we do not currently have enough of in our industry.
Fund organisations across the board are facing this productivity pressure; the solution includes a combination of technology and diversity. We need to design investments products with people in mind, outcomes for the customer are key.
Mann: Technology is a great enabler but not a solution in itself. You must look for the appropriate solution to the relevant problem. It’s only by having diverse teams that you can come to those solutions much quicker.
Webber: There’s never been a better time to have a social purpose. What I think we will see in the coming decade is that investment companies and asset servicing organisations will help people make more decisions on how their money is invested for their future. This is an industry that can shape our collective future in a really positive way based on the accessibility of knowledge and social responsibility.
What can the industry do to increase diversity, not just in terms of gender equality, but also in the representation of ethnic minorities and in the representation of the LGBTQ+ community?
Webber: Currently, we have very few women, ethnic minorities and LGBTQ+ at the top of our organisations. We probably don’t have enough role models to choose from; role models are very important because they signal pathways.
What companies can do in the short term is to begin to identify individuals that can actively be leaders across their organisation, give them a voice and help them be appealing to people within the industry. That would be a really good way of making it more attractive for a broader group of people.
Mann: Buy-in from the top is key, but that alone is not sufficient to foster a diverse workforce and culture. Organisations must develop a multi-pronged approach, for example, a combination of flexible hours, mentoring and social media presence.
It won’t be achievable overnight and will not always be smooth running; there will be initiatives that are tried that may not quite work, but this allows you to try again from a different angle. It’s all about being resilient and having lots of different approaches, tools and people to ensure flexibility.
Webber: This links back to the three main goals of WiAS: giving people the confidence to be the best they can; giving people skills to properly assess their own talent; and networking.
The combination of those three is what will enable women, introverted men and the organisations in which we work, to understand that there is a different group of people to choose from.
