The Most Powerful Women in Finance: No. 9, Hanneke Smits, BNY
Navigating the Evolving Financial Landscape: Hanneke Smits' Transformative Leadership at BNY Mellon
In a world of shifting financial dynamics, Hanneke Smits, the global head of investment management at BNY Mellon, has emerged as a visionary leader, guiding the bank's portfolio strategies to meet the evolving needs of its clients. From launching innovative data-driven services to expanding strategic partnerships, Smits' multifaceted approach has positioned BNY Mellon at the forefront of the industry's transformation.Empowering Clients in a Changing Financial Landscape
Adapting to Higher Rates and Deglobalization
The past year has seen financial markets grapple with the challenges of higher interest rates and a potential shift toward deglobalization. Hanneke Smits, recognizing these shifts, has strategically aligned BNY Mellon's portfolio strategies to address the changing needs of its clients. By launching innovative services like Pinpoint, a data-driven portfolio consultation platform, and debuting Pershing X Wove, a wealth management platform for North American clients, Smits has demonstrated a keen understanding of the evolving landscape and a commitment to providing tailored solutions.Expanding Global Reach through Strategic Partnerships
Smits has also spearheaded the expansion of BNY Mellon's partnership with alternative credit specialist CIFC Asset Management, enabling clients around the world to access private credit exposure. This strategic move not only diversifies the bank's offerings but also positions it as a trusted partner in navigating the complexities of the global financial markets.Driving Transformation from the Top
As the global head of investment management, Smits oversees a vast portfolio of seven investment firms, including ARX, Dreyfus, Mellon, Newton Investment Management, Insight Investment, Walter Scott, and Siguler Guff. With approximately trillion in assets under management, Smits' leadership has been instrumental in shaping the direction of BNY Mellon's investments business.Fostering a Culture of Inclusivity and Transparency
Smits' commitment to her team extends beyond the day-to-day operations. She has implemented firm-wide principles aimed at enhancing client service and strengthening the company's culture. Smits' belief in the importance of visibility, transparency, and accessibility has led her to host regular "Ask me anything" sessions, town halls, and fireside chats, ensuring her team is informed and engaged.Championing Diversity and Inclusion
Smits' leadership extends beyond the walls of BNY Mellon. As the executive sponsor of PRISM, the firm's LGBTQ+ employee and business resource group, she has demonstrated a steadfast commitment to fostering an inclusive environment. Additionally, Smits serves as the chair of Impetus, a venture philanthropy nonprofit that supports disadvantaged young people, and co-founded Level 20, a nonprofit dedicated to increasing the representation of women in private equity careers.Driving Gender Diversity in the Financial Sector
Smits' impact on the industry extends globally through her role as the global chair of the 30% Club, a U.K.-based organization that promotes gender diversity on company boards. Under her leadership, the 30% Club has expanded to over 20 countries and boasts more than 1,000 board chairs and CEOs as members. This year, the organization co-sponsored the launch of the Executive Accelerator program, a mentoring initiative aimed at increasing female representation in executive leadership roles.Reflecting on the Journey and Passing the Torch
As Smits reflects on her illustrious career, she acknowledges the progress made in addressing gender diversity in the financial industry, while recognizing that the pace of change remains too slow. Smits emphasizes the importance of mentorship, both in her own journey and in supporting the next generation of leaders. In July 2023, Smits announced her decision to step down from BNY Mellon, after 35 years in the industry, to embark on a new chapter of her life, filled with personal pursuits and continued learning.
