Facing down the bull of Wall Street
Our favorite thing of last week: State Street’s statue of a young girl about the same age as our resident nine-year-old, staring down the famous bull of Wall Street. As part of its drive to see more women in c-suites and on corporate boards (among other gender equity issues), the world’s third-largest asset manager pulled off a piece of guerilla art last week for International Women’s Day. The statue commissioned by State Street Global Advisors (SSGA, which has about USD 2.5 bn in AUM) became a viral sensation — and had us smiling since we first saw it toward the end of last week. SSGA deputy chief investment officer Lori Heinel says the firm wants to see at least one female board member at every company in which it invests, telling Business Insider, “There has been a lot of discussion on this topic, but the needle hasn’t moved materially. We’re not going to always automatically vote against the company, but we want to make sure there are tangible, concrete measures they are taking.” Read the State Street press release, tap the link above to check out a cool New York Times Instagram video, meet the artist behind the statue (WSJ, paywall) and join us in being happy that New York City officials have extended the statue’s permit to 30 days from the original one week as a movement grows to have it become a permanent thing.
Oh, and get this: Hedge funds run by women have outperformed “a broader benchmark of alternative investment managers over the past five years but fewer than one in 20 hedge funds employ a woman as a PM. The Financial Times has more.