22 BARRON’S March9,2020
H
etty Green was
born in 1834 to a
family that made
millions from
whaling and ship-
ping. She read the
financial pages to
her grandfather, took over accounting
for the business when she was 13, and
at 14 declared that she knew “as much
about finance as any man.” By invest-
ing in government bonds, real estate,
and railroads, she later turned her
inheritance into a fortune that rivaled
those of John D. Rockefeller and An-
drew Carnegie. But it was her gender
that made her career the subject of
“endless comment, curiosity, and
astonishment,” the New York Times
wrote upon her death in 1916.
Much has changed for women
working in finance in the century-plus
since, although there is plenty of room
for improvement. Women remain un-
derrepresented in the top echelons of
U.S. finance, at an estimated 25%. But
there’s good news, too: Their clout has
never been greater, nor their contribu-
tions more in demand.
For proof of that, look no further
than the stature and achievements of
the women named toBarron’sinaugu-
ral list of the 100 Most Influential
Women in U.S. Finance: chief finan-
cial officers at major U.S. companies,
leading executives at some of the na-
tion’s largest banks and brokerages,
investment managers and securities
analysts, financial advisors and
wealth managers, and public servants
and policy makers, all of whom have
helped shape the modern financial-
services industry and are leading it
confidently into the future.
Barron’slist isn’t ranked, but in-
stead is presented alphabetically. In
this and succeeding weeks, we will
publish profiles of all 100 women on
Barrons.com.
To createBarron’s100 Most
Influential Women list, we solicited
nominations fromBarron’sreaders,
finance-industry executives, and our
in-house experts: the writers and edi-
tors atBarron’swho cover markets
every day, and make it their business
to know who’s calling the shots on
Wall Street and elsewhere in the fi-
nancial sector. Culling an initial list of
hundreds of names was no easy task,
given the creativity and accomplish-
ments of the women nominated. The
final list was assembled by a panel of
Barron’sjournalists.
Meet theBarron’s100 Most Influential Women in U.S. Finance
Anne Ackerley
Head of Retirement
Group
BlackRock
Donna Anderson
Head of Corporate
Governance, U.S.
Equities
T. Rowe Price
Heather Bellini
Technology Analyst
Goldman Sachs
Christine Benz
Director of Personal
Finance/Senior
Columnist
Morningstar
Afsaneh Mashayekhi
Beschloss
Founder, CEO
RockCreek Group
Catherine P. Bessant
Chief Operations and
Technology Officer
Bank of America
Rupal Bhansali
Chief Investment
Officer/Portfolio
Manager, International
& Global Equities
Strategies
Ariel Investments
Dalia Blass
Directorof Investment
Management
Securities and
Exchange
Commission
Erin Browne
Portfolio Manager
Pimco
Candace Browning
Head of Global
Research
Bank of America
Securities
Jane Buchan
CEO
Martlet Asset
Management
Joyce Chang
Chair of Global
Research
J.P. Morgan
Collette Chilton
Chief Investment Officer
Williams College
Investment Office
Cynthia Clemson
Co-Director, Municipal
Investments
Eaton Vance
Management
Abby Joseph Cohen
Advisory Director/
SeniorInvestment
Strategist
Goldman Sachs
Stephanie Cohen
Chief Strategy Officer
Goldman Sachs
Stacey Cunningham
President
New York Stock
Exchange Group
Nancy Davis
Chief Investment
Officer/Managing
Partner
Quadratic Capital
Management
Sonal Desai
Chief Investment Officer
Franklin Templeton
Fixed Income Group
Jodi DeVito
Managing Director,
Prime Services
Credit Suisse
Securities USA
Suzanne Donohoe
Head of Client and
Partner Group
KKR
Stephanie Drescher
Senior Partner/Global
Head of Client and
Product Solutions
Apollo Global
Management
Lisa Ellis
Partner, Senior Equity
Analyst
MoffettNathanson
Mary Callahan Erdoes
CEO
J.P. Morgan Asset and
Wealth Management
Dawn Fitzpatrick
Chief Investment Officer
Soros Fund
Management
Jane Fraser
President, Citi/CEO of
Global Consumer
Banking
Citigroup
Adena Friedman
President, CEO
Nasdaq
Karina Funk
Partner/Head of
Sustainable Investing
Brown Advisory
Kristalina Georgieva
Managing Director
International
Monetary Fund
Lisa Gill
Managing Director/
Senior Analyst for
HealthcareTechnology
and Distribution
Research
J.P. Morgan
Theresia Gouw
Founding Partner
Acrew Capital
Kelly Granat
Portfolio Manager
Lone Pine Capital
Kirsten Green
Founding Partner
Forerunner Ventures
Tricia Griffith
CEO
Progressive
Suni Harford
President
UBS Asset
Management
Deborah L. Harmon
Co-Founder/CEO
Artemis Real Estate
Partners
Carla Harris
Vice Chairman/
Managing Director/
Senior Client Advisor
Morgan Stanley
Clare Hart
Managing Director/
Portfolio Manager, U.S.
Equity Group
J.P. Morgan Asset
Management
Mellody Hobson
Co-CEO
Ariel Investments
Pam Holding
Co-Head, Equity
Division
Fidelity Investments
Amy Hood
Chief Financial Officer
Microsoft
Sandra Horbach
Managing Director/Co-
Head, U.S. Buyout
Carlyle Group
Yie-Hsin Hung
CEO
New York Life
Investment
Management
Christine Hurtsellers
CEO
Voya Investment
Management
Jean Hynes
Managing Partner/
Global Industry Analyst
Wellington
Management
Jo Ann Jenkins
CEO
AARP
Abigail Johnson
CEO
FMR
“This isn’t just about women.
It’s aboutdiversity of thought,
of background, of ethnicity, of
gender....We’re at a moment where
people recognize the business imperative
of diverse thinking.” Alison Mass, Goldman Sachs
March9,2020 BARRON’S 23
The women on our list are all U.S.-
based. (Please consult our sister publi-
cation, Financial News, for the latest
list of the 100 Most Influential
Women in European Finance.) Other
criteria for inclusion were positions in
money management, investment re-
search, banking, financial regulation,
trading, brokerage, family offices, ad-
visory services, and financial policy
and advocacy. We also considered, and
included, notable CFOs of major non-
financial companies, but not CEOs or
other senior management.
The 100 women on the list were
chosen based on their accomplish-
ments and leadership within their
organization, influence within their
sector, and the capacity to shape their
business or the industry in the future.
Barron’sdecision to recognize and
honor influential women in finance
comes at a time when business institu-
tions themselves have begun to realize
that their long-term competitiveness,
and the health of the capital markets,
require remediating the industry’s gen-
der gap. In the financial world, men
have generally made more money than
women and dominated management.
Increasing the number of women
managers leads to diverse thinking
and better decision-making, how-
ever.For example, research shows that
putting women on boards of directors
helps to moderate management over-
confidence. Companies also want to
ensure they’re attractive to younger
employees, some 50% of whom are
female.
“The best investment teams are
ones that have diversity of thought,”
says Amanda Pullinger, a former in-
vestment banker who runs 100
Women in Finance, a 15,000-member
organization that supports women in
the industry through education, en-
gagement, and philanthropy.
Christine Lagarde, president of the
European Central Bank, has said that
putting more women in leading roles
in banking might have averted the
financial crisis.
“We have to have the best talent,”
Brian Moynihan, CEO of Bank of
America, toldBarron’sin a recent
interview. “We have $53 billion in
expenses and $30 billion is related to
our people. If you can’t get talent [rep-
resenting] half the population, you’re
not spending your money wisely.”
Attempts to narrow the gender gap
are far from perfect, but they are im-
proving. Women represent half of the
Jennifer Johnson
President/CEO
Franklin Resources........................
Karen Karniol-
Tambour
Head of Investment
Research
Bridgewater
Associates
Margaret Keane
CEO
Synchrony
Catherine Keating
CEO
BNY Mellon Wealth
Management
Stephanie Kelton
Professor of Economics
and Public Policy
Stony Brook
University
Martha King
Managing Director
Vanguard
Institutional Investor
Group
Ann Miura-Ko
Co-Founding Partner
Floodgate
Sallie Krawcheck
Co-Founder, CEO
Ellevest
Debby Kuenstner
Chief Investment Officer
Wellesley College
Marianne Lake
CEO, Consumer
Lending
JPMorgan Chase
Vivian Lau
Founder/Managing
Partner
One Tusk Investment
Partners
Nancy Lazar
Partner, Co-Founder
Cornerstone Macro
Aileen Lee
Founder/Partner
Cowboy Ventures
Linda-Eling Lee
Managing Director,
Global Head of ESG
Research
MSCI
Ros L’Esperance
Group Managing
Director, Co-Head of
Global Banking
UBS Investment
Bank
Ida Liu
Head of North
America
Citi Private Bank
Mindy Lubber
CEO/President
Ceres
Saira Malik
Head of Global
Equities
Nuveen
Alison Mass
Chairman of the
Investment Banking
Division
Goldman Sachs
Kathleen McCarthy
Global Co-Head of
Real Estate
Blackstone Group
Karen McDonald
Managing Director
Morgan Stanley
Wealth Management
Mary McNiff
CEO
Citibank, N.A.
Mary Meeker
Founder
Bond Capital
Beth Mooney
Chairman/CEO
KeyCorp
Kathleen Murphy
President, Personal
Investing
Fidelity Investments
Liz Myers
Global Chairman,
Equity Capital
Markets
JPMorgan
Barbara Novick
Vice Chairman/Co-
Founder
BlackRock
Suze Orman
Personal Finance
Expert
Suze Orman Media
Luz Padilla
Director, International
Fixed Income
DoubleLine
Penny Pennington
Managing Partner
Edward Jones
Nancy Peretsman
Managing Director
Allen & Co.
Jennifer Piepszak
Chief Financial Officer
JPMorgan Chase
Ruth Porat
Chief Financial Officer
Alphabet
Karin Risi
Managing Director,
RetailInvestor Group
Vanguard
Barbara Roper
Directorof Investor
Protection
The Consumer
Federation of
America
Alice Ruth
ChiefInvestment
Officer
Dartmouth College
Investment Office
Beth Seidenberg
Founding Managing
Director
Westlake Village
BioPartners
Michelle Seitz
Chairman/CEO
Russell Investments
Katrina Sherrerd
CEO
Research Affiliates
Anne Simpson
Director, Board
Governance and
Strategy
Calpers
Joan Solotar
Senior Managing
Director, Global Head
of Private Wealth
Solutions
Blackstone
Liz Ann Sonders
ChiefInvestment
Strategist
Charles Schwab
Mary Ellen Stanek
Managing Director
Baird
Dhivya Suryadevara
Executive Vice
President, Chief
Financial Officer
General Motors
Dana Telsey
CEO
Telsey Advisory
Group
Sue Thompson
Head of SPDR
Americas Distribution
State Street Global
Advisors
Margaret Vitrano
Managing Director/
Portfolio Manager
ClearBridge
Investments
Paula Volent
ChiefInvestment
Officer
Bowdoin College
Anne Walsh
ChiefInvestment
Officer, Fixed Income
Guggenheim
Investments
Carolyn Weinberg
Global Head of iShares
Product
BlackRock
Meryl Witmer
General Partner
Eagle Capital
Partners
Janet Yellen
Former Chair, Federal
Reserve
Ivy Zelman
CEO
Zelman & Associates
“I was very proud of having
gotten that appointment [chair of
the National Women’s Business
Council] by President Obama....I
feel very strongly thatit’s your responsibility
[togiveback]ateverystage.”Carla Harris, Morgan Stanley