The Women Who Changed Finance
The Women Who Changed Finance#
The world of finance was long a male stronghold. Yet visionary women broke through the barriers, set precedents, and transformed the industry. Here are five pioneers whose legacy continues to inspire.
Victoria Woodhull — the first woman broker
Victoria Woodhull and her sister Tennessee Claflin open the first brokerage house run by women on Wall Street. Woodhull would also become the first woman to run for President of the United States (1872).
Muriel Siebert — the first woman on the NYSE
Muriel Siebert buys a seat on the New York Stock Exchange, becoming the first woman to hold one. She remained the only female member for a decade. She later became the first woman to head a New York State bank.
Abigail Johnson — CEO of Fidelity
Abigail Johnson takes the helm of Fidelity Investments, one of the largest asset managers in the world ($4.9 trillion under management). Under her leadership, Fidelity was among the first major managers to embrace crypto-assets.
Christine Lagarde — President of the ECB
After becoming the first woman to lead the IMF (2011-2019), Christine Lagarde becomes the first woman to head the European Central Bank. Her monetary policy decisions affect 350 million Europeans.
Cathie Wood — founder of ARK Invest
Cathie Wood founds ARK Invest and popularizes thematic investing in disruptive innovation (AI, robotics, genomics). Her ARKK ETF reached $60 billion in assets in 2021. She has become one of the most influential managers on Wall Street.
Where Things Stand Today#
23%
Women in global finance
8%
Women CEOs in the Fortune 500
+2.3%/yr
Outperformance of women-managed funds
According to a Goldman Sachs study, hedge funds managed by women outperform those managed by men on average, with better risk management and less overconfidence bias. Yet women manage only 2% of global assets.
In France
France is relatively advanced, thanks to the Copé-Zimmermann law requiring 40% female representation on company boards. The AMF, the market regulator, is also pushing for better female representation in fund management teams.
Going Further
Recommended reading: "The Dhandho Investor" by Mohnish Pabrai, "Thinking, Fast and Slow" by Daniel Kahneman, and "Women of The Street" by Eloise Parker — resources for any investor, male or female.
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