For International Women’s Day this year, Hedgeweek spoke to Kelly Young, Chief Executive Officer at Acadian Asset Management, about her journey from investment banking to leading a quantitative asset management firm, the progress of gender diversity in finance, and strategies for advancing women’s leadership. Her insights reflect both personal experience navigating a traditionally male-dominated industry and strategic approaches to building inclusive cultures within financial institutions.
At 22, you realised investment banking wasn’t for you and made the shift to asset management. Tell us a bit about your background and what led to that decision?
I often highlight the two ‘big pivots’ that defined my early career, and in turn, the trajectory I’ve taken over the last 25 years. The first was indeed the shift out of investment banking and into asset management, where I took a position in the portfolio management division. I wanted the exposure to more team-based work and the potential to work on client-facing projects. The second of these pivots was the move from portfolio management into the client side, where I really found my niche, being able to leverage my interpersonal and advisory skills and apply them to strategic relationships and to building and deepening those connections.
The fund management industry has historically been male-dominated. What progress toward gender diversity have you observed across the sector during your career, and where do the challenges remain?
As we know, the pace of progress has been slow. But one of the biggest shifts we’ve seen is the willingness and ability to look more objectively at where we are with gender parity. You can’t manage what you can’t measure, as the saying goes, and being able to zoom out and see the data patterns around these disparities is critical to defining what “progress” looks like.
Across the industry, there have been some materially positive developments, to be sure. Anecdotally at least, we are seeing greater representation of females at the top levels of leadership, which is very encouraging. I can point to several of our peers who have seen women step into executive and C-level roles in just the past few years.
Acadian has grown substantially under your leadership. What do you believe has driven that growth, and how do you maintain a balance between scaling the firm and staying true to its values?
To me, the answer is relatively straightforward. People are our greatest asset, and this ethos anchors everything that we do – from our focus on our clients to our goal of retaining, nurturing, and rewarding the best talent in the industry.
When we ensure that our commitment to our clients, our people, and our talent is at the fore, we make better decisions around the strategic and technological initiatives that will help us scale our growth.
Beyond hiring initiatives, what structural or cultural changes have you seen successful hedge funds implement that genuinely advance women’s leadership?
Recruiting and hiring is an important piece to be sure, but for us, it really ‘starts at home’ with a focus on the workforce we have. By that I mean ensuring that we have the right culture in place and that we continually prioritise employee experience, from inclusion and belonging to professional growth and development.
We have an active Women’s Forum at Acadian – a group that provides networking, professional development, and practical support opportunities to our employees. I serve as the executive sponsor which means I’m visible, I’m active, I meet regularly with the forum chairs to offer strategic guidance, and I’m a champion for the work that they do. A key aspect of our Women’s Forum programming is providing platforms for our senior female leaders to share insights on their careers and roles in an open and honest environment – this spurs visibility, role modeling, examples of success, opportunities to build relationships, and candid conversation about the challenges we’re facing.
As big believers in the apprenticeship model, we also rolled out a formal mentoring programme a couple years ago. Our model intentionally pairs senior leaders with more junior colleagues, usually cross-functionally, with the goals of building an authentic connection, sharing industry and business knowledge, and offering career support well beyond the duration of the program. Programme applicants need to be serious about the commitment and clear about their goals. I recently served as a mentor for a couple members of my team that came from diverse backgrounds. I was so impressed by their talents, drive, and openness to gaining new insights that it came very naturally to advocate for these individuals as they continue in their careers, beyond the scope of the program itself.
How can gender diversity improve further? What steps can firms take and what initiatives do you see as important?
To improve representation, we need to ensure that women have role models in the industry and that we continue to identify and address potential challenges that women face in their careers. There’s no one answer as no journey is the same, but supportive programming (mentoring, coaching, sponsorship, access to senior leadership) can meet individuals where they are.
It also helps to build the talent pipeline and to that end, Acadian has a robust and mature internship program which seeks to cast a wide net in terms of potential candidates and giving high-achieving people access to the industry. We also support and sponsor ongoing professional development and continuing education – qualifications like CFA, the pursuit of advanced degrees in related fields, and broader leadership and skills development such as executive coaching.
Another critical piece is partnering with and supporting organisations that promote and engage women across our industry. This is especially important for women who work on teams with limited gender diversity: they can meet and engage with women outside of their own organisations and use their collective wisdom to advance the industry, one team and one firm at a time.
Quantitative investment strategies have gained significant traction in the hedge fund world. Has the evolution of quant approaches changed the talent landscape, and, if so, how has this technological shift created new opportunities for diverse candidates?
Certainly, the evolution of the industry has opened up a wide range of roles that didn’t exist when I was starting out (digital marketing, data science, client personalisation, marketing analytics, and of course the scads of roles stemming from the AI/data explosion on the investment and research side).
No matter the role, ultimately of course, it comes down to needing to get the best, most qualified candidate in the seat and we won’t compromise on that. But we shouldn’t have to – especially as we consider all facets of diversity in our team. For me this work can and should extend beyond gender and racial diversity and include lesser-discussed areas such as educational and socioeconomic background as well. As the first person in my family to go to college, I appreciate more than most the second-guessing, insecurity, and challenges that can come with trying to clear an invisible hurdle around what the ‘optimal’ candidate should be on paper.
I want to level the playing field because I believe that talent comes from many different areas and disciplines. Casting a much wider net in talent acquisition is going to help us build a team with more cognitive diversity and that leads to healthy debate, a stronger business, and better outcomes for our clients.
For women interested in building a hedge fund career, particularly in quantitative investment, what skills and experiences would you recommend they prioritise? How can they position themselves for success in this evolving landscape?
I’d encourage women interested in the field to think holistically about what they can offer a prospective employer. Of course, an advanced STEM degree is a wonderful asset that will serve anyone looking at quant investing quite well. But remember that it takes a large team, comprised of complementary skillsets, to build a successful investment firm – from client service and sales to ops, corporate, and the list goes on. There are many different pathways for women with diverse skillsets to thrive in this space. I always say that at its core, this is a people business where women are often uniquely suited to excel.
Another point I’d make is that in an environment where flexible working is now regarded as the norm, women shouldn’t discount the value of in-person interaction. Junior and mid-level employees are particularly well positioned to take advantage of opportunities for hands-on learning, networking events, and face time with senior stakeholders. Most of us would agree that a flexible work arrangement can be beneficial on many levels (and can, in fact, open up more pathways for attracting a diverse range of talent), but I’d advise utilising office days to maximise opportunities to develop relationships through both formal and informal settings.
The road to success at a firm, such as Acadian’s, is paved not only with high performance, key accomplishments, and mastery of skills. It can often also entail the hard work of culture-carrying, committee service, and relationship-building (such as mentoring, sponsorship, and advocacy). I’d encourage women at any point in their career to think beyond the contributions that are directly tied to job description and consider how you might contribute in other, more qualitative ways. This can boost your skill set, ensure a broader impact, and set you apart as a true asset to your organisation.
Kelly Young, Chief Executive Officer, Acadian Asset Management – Kelly joined Acadian in 2009 and was appointed CEO in 2023. Kelly had most recently served as Executive Vice President and Chief Marketing Officer, responsible for all aspects of the firm’s client service, business development, and product strategy efforts globally. She previously held the role of Managing Director of Acadian Asset Management (UK) Limited and served for a number of years as a senior relationship manager for European clients. Kelly is a member of Acadian’s Board of Managers, Executive Management Team, and Executive Committee. Earlier in her career, Kelly was the European head of the index fund management business for SGAM Alternative Investments and worked for Northern Trust Global Investments and Barclays Global Investors in senior portfolio management positions.
