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Treasury Notes

 Women in Finance Investment Symposium

By: Rosie Rios
7/7/2011

Last March, Treasury organized its first Women in Finance Symposium which highlighted the role that women were playing in the economic recovery both in the Administration and across the financial industry. Treasury Secretary Geithner was joined by Mary Schapiro from the SEC, Sheila Bair from the FDIC, Christina Romer from the Council of Economic Advisers, and Elizabeth Warren from the Congressional Oversight Board to discuss the contributions of women and the best means to foster success among future generations of women in the finance sectors.

More recently, Treasury hosted an Access to Capital Conference this past March that focused on fostering growth and innovation for small companies. With more than 100 entrepreneurs, investors, academics, policy makers and other market participants, the engaging dialogue centered around how the public and private sector can work together to promote access to capital at each growth stage for small companies.

Building off of both of these events, Secretary Geithner will host the second Women in Finance Symposium on Tuesday, July 12 to recognize a new group of women who have risen to leadership roles in the institutional investment space. Women in senior positions at domestic public pension funds, corporate pension funds, savings plans, foundations, and endowments manage more than $2 trillion worth of assets in the U.S.

Making her one of the most senior women in private equity, Adena Friedman was recently hired as CFO of The Carlyle Group, one of the largest private equity firms in the world, of which CalPERS owns 5 percent. Carlyle has launched a fellowship program with the Toigo Foundation to increase diversity in the financial sector. Another notable panelist is Raudline Etienne, CIO of New York State Common Retirement Fund, which holds assets in trust for more than one million employees and retirees from state governments. Many of these appointments have occurred in the last few years and have not been widely publicized, much less recognized.

The Symposium provides the opportunity to highlight two important themes surrounding the economic recovery and the role that women are playing to further its growth. First, the Symposium will begin a dialogue on how institutional investors are deploying capital, managing risk, and finding investment opportunities post-financial crisis and how the public sector can facilitate this investment. At the Access to Capital Conference, we heard clearly that the institutional investment community is playing a crucial role in the economic recovery by driving local employment, bringing liquidity to markets and spurring long-term growth and innovation. For example, the largest domestic public pension fund, CalPERS, invested $17.1 billion in California-based companies and projects in 2010. This example shows how institutional investors will be crucial to economic growth and sustainability, entrepreneurship, and job creation in America by translating savings into investment in American futures.

Secondly, prominent women institutional investors can help to create opportunities for women to succeed in other parts of our economy as well. While some sectors have made important strides, women are still vastly underrepresented in other parts of our economy. The number of women seeking capital for start-ups rose to 20 percent last year according to the University of New Hampshire’s Center for Venture Research, but women still represent some 15 percent of angel investors and less than 7 percent of partners in venture capital. We can and must do better to tap into the potential of future generations of American women. We believe that $2 trillion is just the beginning.

I hope that you will join us in this effort and tune in for the second Women in Finance Symposium next week, streamed live on www.treasury.gov and featuring more women driving these investment decisions:

8:30 AM – 8:40 AM   WELCOMING REMARKS: Valerie Jarrett, Senior Advisor and Assistant to the President

8:40 AM – 8:50 AM   OPENING REMARKS: Secretary Timothy F. Geithner

8:50 AM – 9:40 AM   PANEL 1: Adapting and Innovating in the Financial Markets
Moderator: Rosie Rios, Treasurer of the United States
Participants:

  • Anne Stausboll, CEO, CalPERS
  • Raudline Etienne, CIO, New York State Common Retirement
  • Alice Handy, Founder and President, co-CIO, CCO, Investure
  • Marie Berggren, CIO and VP of Investments, University of California
  • Susan Manske, VP and CIO, MacArthur Foundation

9:45 AM – 10:35 AM  PANEL 2: Exploring the New Landscape for Asset Managers
Moderator: Mary Miller, Asst. Secretary for Financial Markets, U.S. Dept. of Treasury
Participants:

  • Adena Freidman, CFO, The Carlyle Group
  • Sue Wagner, Co-Founder, Vice Chairman, BlackRock
  • Catherine Keating, CEO, U.S. Institutional Asset Management, JP Morgan
  • Sonia Gardner, President, Managing Partner and Co-Founder, Avenue Capital

10:35 AM – 11:00 AM Break

11:00 AM – 11:50 AM   PANEL 3: Investing in the Economic Recovery
Moderator: Sonal Shah, Director, White House Office of Social Innovation
Participants:

  • Darcy Bradbury, Managing Director at D.E. Shaw and formerly the Assistant Secretary for Financial Markets at U.S. Dept. of Treasury
  • Kate Mitchell, Managing Director, Scale Venture Partners

12:00 PM   CLOSING REMARKS: Mary Schapiro, Chairman, US Securities and Exchange Commission

Rosie Rios is Treasurer of the United States.

Posted in:  Women in Finance
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