Funds Industry Profile 1: Carol Andrews, Managing Director at BNY Mellon5 November 2018
This is the first profile in a series of 12 profiles we will be publishing over the next three months to highlight professionals, their career paths and their experiences working in the funds industry. We interviewed professionals in a variety of firms, areas and roles in order to give a broad view of their experiences and the opportunities in the industry.
Carol Andrews, Managing Director of Client Experience at BNY Mellon, talks about how she started out in the industry and describes her current role and what she enjoys most about it. She also shares her proudest achievements, lessons she's learned, her work on the 30% Club and her goals for the future.
Tell us about your background and role in the funds industry.
I have 25 years experience working in financial services progressing through various roles in Ireland and internationally. I started working with BNY Mellon through a joint venture with AIB back in 2001 and joined BNY Mellon as Head of AIS Client Services - Hedge Funds in 2007 where I was responsible for $100 billion in assets under management.
Describe your current role in a nutshell.
I am the Global Head of Service Directors, for client Experience. As champions for our clients, Service Directors have an opportunity every day to enhance the client experience—to promote consistent, effective engagement with clients and advocacy across the company.
Tell us about your career so far at BNY Mellon. What do you enjoy the most about your job?
The people and building relationships both with the extraordinarily talented people I work with and the fantastic clients we serve every day.
Which achievement / project are you the most proud of?
I am most proud of being a Mum to a lovely seven year old little boy, he is definitely my best achievement by far!
Professionally, I am very proud of the time I spent working in New York. It was a steep learning curve but it was a great experience and taught me a lot.
What are you looking forward to in 2018?
I am in the middle of a Masters in Business at the IMI (UCC) which will conclude at the end of 2018. It has been a three year process, and hugely impactful to me personally. I have learnt a lot and I am looking forward to finishing it!
What's the next goal?
At the moment, I am working on making a little more time for myself and getting the balance right on work, play and rest.
What is the best lesson you have learned during your career in Funds? / What would you say to someone who is considering a career in financial services?
Be curious, don’t take it personally and remember you learn with every move. Linear moves in the funds industry really help you learn the business.
We hear you’ve been working on a several Community / CSR projects. Can you tell us more about it?
I am one of the founders of the 30% Club in Ireland, and currently lead the chapter for Ireland. The 30% Club Ireland formally launched in January 2015, is part of an International Organization – founded in the UK in 2010. Our aim is to develop a diverse pool of talent for all businesses through the efforts of our Chair and CEO members who are committed to better gender balance at all levels of their organisations.
Business leadership is key to our mission, taking the issue beyond a specialist diversity effort and into mainstream talent management. We believe that gender balance on boards not only encourages better leadership and governance, but diversity further contributes to better all-round board performance, and ultimately increased corporate performance for both companies and their shareholders. We now have almost 200 confirmed supporters in Ireland and our focus is on gaining visible and practical support for gender balance at all levels from business leaders in private, public, State, local and multinational organisations.
Tell us about the Diversity & Inclusion initiatives that are underway in the Funds Industry.
One of the 30% Club’s core beliefs is that women in management today are the pipeline for business leaders of the future. With this front of mind, we initiated research in 2015 to provide annual data as a baseline to assess ongoing improvement. In the research conducted for our recent ‘Women In Management: The Leadership Pipeline Report’ (2017) – which was conducted in partnership with Ibec and Dublin City University- we highlighted that the participation rates of women at all levels in the management hierarchy have increased since 2016, however there continues to be a drop in female representation at higher levels of management which shows that gender inequality remains a challenge. There also continues to be significant sectoral variation in female representation. This year the % of women holding CEO positions stands at 19%, a slight increase from 17% in 2016, and 14% in 2015.
The 30% Club launched as a campaign in the UK in 2010 with a goal of achieving a minimum of 30% women on FTSE-100 boards - currently the figure stand at 27.9% up from 12.5%. In the FTSE 33 companies have already reached 30%. Board level participation in Ireland is at 13%.
Describe your role or career in 3 words…
Exciting, challenging and partnership.
If I wasn't working at BNY Mellon, I would be...
A rugby player!