SEPTEMBER 9, 2024 | PIONLINE.COM | $16 AN ISSUE / $350 A YEAR
IN INSTITUTIONAL INVESTING
2024 honorees found success through resilience Becoming influential took hard work, self-confidence and the ability to surmount obstacles B y CARYL ANNE FRANCIA What started as a pursuit of intellectual curiosity has become a taxing but rewarding journey for women leading some of the largest allocators, managers and advisers of capital. Along the way, they’ve enriched the world of institutional investing by creating initiatives to promote inclusiveness, supporting younger
women and diverse candidates, and speaking up at industry events. But to get to where they are today, many of the 60 women who were named to Pensions & Investments’ 2024 class of Influential Women in Institutional Investing said developing the confidence to speak on their own accomplishments and advocate for others was key to their success. This year’s honorees are influential — and not only in regard to the management of capital. As some of them built portfolios to withstand financial turmoil, members of this year’s class have, too, stayed resilient and confronted
tough work environments, belittling peers and low self-esteem. “You have to walk the walk” and “set the example for others” in the office as well as the broader industry, Kelly Young said. She first joined Acadian Asset Management as a relationship manager in 2009 and was tapped to become the firm’s first female CEO in December 2023. As one becomes more senior at their organization, especially when taking a position in leadership, acting as a role model is increasingly important because “it helps underline the SEE HONOREES ON PAGE 40
In this issue This year’s winners: Page 12 A message from P&I’s publisher: Page 12 This year’s judges: Page 13 Notable: P&I selects Icon and Lifetime
Achievement awards, and celebrates Rising Stars. Pages 14, 30 2024 honorees are champions of diverse,
emerging managers. Page 26
For the full report, go to PIonline.com/
influentialwomen2024
FAC E T O FAC E J I L L S C H U RT Z
Money Management
Leech’s departure has Western clients mulling relationship Why Minnesota state board CIO B y DOUGLAS APPELL and SOPHIE BAKER
GONE: Ken Leech
News that co-CIO Ken Leech, the institutional face of Western Asset Management, stepped down late last month under a regulatory cloud will test the patience of clients who have had to stomach patchy performance by the firm in recent years and high level turnover even prior to Leech’s exit. Some, apparently, have already seen enough. At an Aug. 27 meeting, the investment
committee of the $12.5 billion Chicago Public School Teachers’ Pension & Retirement Fund voted to recommend that its trustees terminate Western’s $550 million core-plus fixed-income mandate when the board next meets on Sept. 19. Analysts predict other institutional clients could follow suit, with near-term concerns about a Securities and Exchange Commission investigation being added to the mix. Longer term, the 34-year veteran’s abrupt departure — amid a stretch of SEE LEECH ON PAGE 51
Jill Schurtz is all about balance
B y JULIE TATGE Jill Schurtz doesn’t hesitate when outlining what enticed her to join the $146 billion Minnesota State Board of Investment as executive director and CIO two years ago. For starters, she said her long-tenured predecessors — Mansco Perry III, and before him, Howard Bicker — had been clear about the mission
SOUND BITE FAEGRE DRINKER’S BRADFORD CAMPBELL:
‘ERISA is the most important law that most people have never heard of.’ PIonline.com/ERISA2024
RELATED CONTENT Schurtz on opportunity and diversity. PIonline.com/Schurtz
and purpose. “Integrity and character was first and foremost. They built a great track record. And then secondly, it didn’t take much to know this is a really great team.’’ CONTINUED ON PAGE 52
A good year for the largest plans Assets of the world’s largest retirement plans grew 10% in 2023, according to the P&I/Thinking Ahead Institute’s annual survey. Page 42