By: Fazila Manjoo, Portfolio Manager, Mergence Investment Managers
Can you share some key milestones and challenges in your career journey that led you to a senior position in the finance industry?
I started my career as an actuarial specialist and after a few years I realised that I did not like the static nature of the work. It’s not easy to change specialisation, however, and find a space that you enjoy working in and people you like working with. It requires bravery, humility, hard work, and risk-taking. I moved to investment management, as the ever-changing market environment was one where I could apply my many research skills. Having specialist skills, being able to apply them to different types of problems, and the desire to keep learning have served me well in my career.
How do you perceive the current state of gender diversity and inclusion in the finance industry, and what changes have you observed over the years?
Over the last 20 years, representation of women in the investment industry has improved in some areas, but in others it is in stasis. There have been improvements at entry-level positions and in less specialised roles. I work with a few more female analysts than I did at the start of my career, but this hasn’t meaningfully filtered up to more senior positions. I think the reason for under-representation of women is due to unconscious biases in hiring and promotion. Most leaders in the industry are men and they tend to favour people that look like them and act like them. So, there is a persistent glass ceiling.
Balancing work and personal life can be particularly challenging in demanding roles. How have you managed this balance, and what advice would you give to other women aspiring to senior positions?
This is a difficult question, as I think the idea of ‘work-life balance’ is a myth. Being an investment portfolio manager is a high-stress career. Stress is a normal part of most of our lives, and learning to navigate stress daily has been crucial to how I manage ‘work-life balance’. Advice I would give is to know yourself, know your limits, and actively look after both your physical and mental health. Know when to take a break and recharge. Also, remember to nurture a variety of interests in your personal life.
Have you had mentors or role models who have significantly influenced your career? How important do you think mentorship is for women in finance?
I did not have mentors, but I think having one can be valuable. What I have is role models. Role models matter, particularly for women, and you can look outside your field of work for inspiration too. I admire Toni Morrison. She was the first black woman to win the Nobel Prize for Literature. She was a visionary force and wrote about the struggles of personal liberation and self-ownership. And she didn’t just write about it, she lived it. Her work is empowering to women, especially women of colour. I take inspiration from a lot of different places.
What do you believe are the most critical steps the finance industry needs to take to support the advancement of women into senior roles? What initiatives or policies have you found to be most effective? Leaders in the industry should empower women in more specialised roles. We need more networks that bring women together regularly to support other women. A more hands-on approach is necessary at companies to attract, develop and retain female talent in a work environment where everyone is valued and respected. Good intentions are not enough; leaders need to be strategic about change and diversity should be measurable. In my experience, the most successful companies have valued a diversity of ideas in the team and nurtured creativity in the workplace. This naturally resulted in the hiring and promotion of more women, and improved the performance of the team.
