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NZ will benefit when more women work in investment - JUNO KiwiSaver

Contributor:
Fuseworks Media
Fuseworks Media

The team at new, low-fee KiwiSaver scheme, JUNO KiwiSaver, is hoping 2019 will be the year more women are encouraged - and enabled - to work in the finance and investment sector.

Figures1 show only about 28% of New Zealanders working in our financial and capital markets are women. At JUNO, its nine women, including two of the three portfolio managers make up 60% of the JUNO team. The company is also named after a woman - Juno Moneta, the Roman "protectress of funds", in whose temple Roman coins were minted. Her surname is at the root of words like ‘money’ and ‘monetary’ in the English language.

JUNO CEO Mike Taylor says finance companies must consider gender diversity when building their investment teams. "For too long, fund management has been the almost exclusive territory of men in suits," he says. "This has to change, and fast."

Studies2 show women choose investments differently to men, Mike continues. "Often, women are more inclined to take a long-term view when assessing risk. Investment managers and other financial institutions, where taking calculated risk is a daily occurrence, should harness these attributes. When investment decisions are made by teams with a mix of age, gender, culture, experience and background, they are better decisions."

Mike says while education and experience are often the yardstick by which new recruits are measured, JUNO takes other factors into account when hiring, assessing emotional intelligence and life skills along with personality and performance.

"Women have taken key roles in our business," he continues. "Women are at the fore of the most important things we do - taking investment risk, and helping others to make good investment decisions. Both of our Business Development Managers, who lead our effort to help members understand investing, are women. Our JUNO investing magazine was founded and is edited by women, and we have two women managing our JUNO Balanced and Conservative Funds."

Victoria Harris is one of those two portfolio managers investing Kiwis’ hard-earned cash in her key role with JUNO KiwiSaver. She’s well-used to being female in a male-dominated industry but says with 51% of all New Zealanders in KiwiSaver being women3 it makes sense for the make-up of portfolio management teams to be similarly balanced. "Women think differently, invest differently and pick stocks differently. It stands to reason more women should be making a greater number of important investment decisions on behalf of these 1.4 million females invested in KiwiSaver."

1 INFINZ (Institute of Financial Professionals New Zealand) Annual Report, September 2018 2 Fidelity Investments Who’s the Better Investor: Men or Women?, 2017, FMA New Zealand's Investment Market - a Segmentation Analysis, 2014 and

Global Accounting Alliance, The Difference Between Female and Male Investors 2013 3 FMA KiwiSaver Annual Report 2018

Pie Funds Management Limited is the issuer of the JUNO KiwiSaver Scheme. To access the Product Disclosure Statement, visit www.junokiwisaver.co.nz.

JUNO KiwiSaver Scheme launched its disruptive, low-fee model in August 2018. It charges zero fees for under-

18s and balances under $5,000, and low, flat fees transparently charged in dollars rather than confusing percentages, for everyone else.

Mike says JUNO is constantly looking at ways to improve the KiwiSaver experience for all members, getting the best returns possible, and offering a raft of resources to help each member get the most from their investment journey, all written in plain language.

"We firmly believe investment is for everybody - particularly when it comes to KiwiSaver, which will be the only investment many New Zealanders will make.

"We hope more women wanting to invest for themselves and their families will be encouraged to join KiwiSaver if they can see they’ll pay reasonable, transparent fees; their young children won’t pay anything; and the investing done on their behalf is decided by people like them."

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