Alpha Female: How the next generation mindset and behavioral patterns define Italy and Spain

“During my early years in the industry, I felt very lonely as a woman,” explains Manuela D’Onofrio, head of the group’s investment strategy at Italian company UniCredit.

Having started in 1989 at JP Morgan, D’Onofrio believes the financial industry has moved in the right direction.

“Over the past 15 years, I have seen big changes,” she said.

Citywire’s Alpha Female 2021 report shows that Spain and Italy are among the countries with the highest female representation in fund management, behind Hong Kong.

Eurizon Capital, the asset management arm of the Intesa Sanpaolo group, ranks first among companies with 50-100 managers, with women fund managers accounting for 32%, while Spain’s Santander Asset Management ranks second with 25%.

CaixaBank Asset Management is at the top of the ranking in the corporate category with 20 to 50 fund managers, with assets of 48%.

It seems that much of the success in Spain is due to the abundance of female models paving the way for newcomers.

Within CaixaBank AM, for example, 42% of management positions were held by women at the end of 2020, while 43% of board members were women.

“The truth is that in Spain there are women leaders in the fund industry, and in particular equity managers,” said Martín de Santa Olalla, director of commercial and commercial research at CaixaBank AM.

Lola Solana from Santander AM is a good example. She is the head of the company’s European small-cap and ESG equity funds and had to gently close in 2018 the Santander Small Caps Espana strategy that she oversees, after reaching € 1.3 billion.

“Things have changed for the better in Spain,” said Solana, who has worked in the industry since 1988. “I now see women in managerial positions, with enormous knowledge and executive power.”

Shortly after taking a leadership role in 2017, Solana launched the Santander Equality Fund, a strategy focused on companies doing their part for gender equality at all levels, with the decision-making process also meeting criteria. financial and ESG.

Since then, the fund’s investment universe has grown, Solana says, and the resources to find the best companies are improving as well. However, she notes that there is still work to be done.

“In Spain, people are aware of the need to be sustainable, but when trying to sell the Equality fund, we noticed that men tend to show less interest than women. I am asked why we are not launching a fund for men, and my answer is simply that it would not be differential.

To change the mentalities

An important aspect to keep in mind when examining the success of southern Europe is the changing attitude of the new generations.

Sara Ghisalberti, a Eurizon + rated manager, who joined the group from Sella Asset Management in 1999, says she is lucky to start working in a mixed team.

“There was an open-minded approach and no discrimination at all, full respect for the values ​​of men and women and the opportunity to grow and improve together,” she said.

“The new generations are more open to valuing women, because they are used to gender parity. Young men have grown up in a world with less discrimination, seeing women in essential roles. They are open to recognize their value and their contributions, ”Ghisalberti noted.

Solana believes that perceptions are starting to change, highlighting the case of Cathie Wood, who founded Ark Invest in 2014.

“I see people her children’s ages following her and interested in her decision-making process,” Solana said, adding that she now receives more calls from young women seeking advice than she does. ‘men.

Looking ahead, D’Onofrio is confident of winning the battle for diversity in the near future.

“If you ask me how the industry or society will be 20 years from now, I think that kind of discussion will make no sense,” she said.