Ellevate’s Sallie Krawcheck Partners with Pax World to Create New Fund for Investing in Women-Led Businesses - The Minute
Sallie Krawcheck, Chair of Ellevate, and one of the most influential women professionals in finance, has announced a new partnership with Pax World Funds to create a new investment product. The Pax Ellevate Global Women’s Index Fund focuses on investing in brands that have strong female leadership. Ellevate is a global professional businesswomen’s network with 34,000 members in 130 countries. Krawcheck has been CEO of Citi’s wealth management business, and headed up Merrill Lynch’s wealth division for Bank of America. She has been named by the World Economic Forum as one of its Young Global Leaders, and listed by Investment Advisor magazine as one of the 25 most influential people in the investment sector. Most significantly, she has been called “The Last Honest Analyst” by Fortune magazine and “one of the rare honest voices on Wall Street” by The Daily Beast.
When Krawcheck speaks, markets listen. Now, she is speaking about her change of heart on the value of investing in a values-based way. She says, “After years of dismissing values-based investing as a fringe activity, I have changed my view . . . . It doesn’t have to be about a fair return OR investing one’s values anymore, but instead about getting both a fair return AND investing one’s values. The research shows that companies with greater diversity in their senior ranks are associated with higher returns on capital, lower risk, lower earnings volatility, greater innovation, and a greater long-term focus. It’s not that men or women are “better” than the other, but that their strengths are complementary . . . . The important step we’re taking is to launch the Pax Ellevate Global Women’s Index Fund in order to shed light on this issue. I believe this is going to be a significant trend and growth opportunity for our industry.”
I’m John Howell for 3BL Media.