Q&A with New York Life Investment Management's CEO, Yie-Hsin Hung
Yie-Hsin Hung - who is CEO of New York Life's global multi-boutique third-party asset management business and was named in American Banker's 2018 list of the most powerful women in finance - was recently in Australia to visit boutique affiliate Ausbil. Yie-Hsin tells Industry Moves about the attributes that make Ausbil the ideal partner, as well as sharing a little about her career path, the ways she would most like to use her influence, and about the advice she would give to her younger self.
Yie-Hsin Hung - who is CEO of New York Life's global multi-boutique third-party asset management business and was named in American Banker's 2018 list of the most powerful women in finance - was recently in Australia to visit boutique affiliate Ausbil. Yie-Hsin tells Industry Moves about the attributes that make Ausbil the ideal partner, as well as sharing a little about her career path, the ways she would most like to use her influence, and about the advice she would give to her younger self.
What were the attributes that you saw in Ausbil that made it a 'good fit' for New York Life Investment Management?
One of the hallmarks of New York Life Investment Management's (NYLIM) success, in having tripled its assets under management to $325 billion since 2010, is a steadfast commitment to a multi-boutique business model.
For us, Ausbil has all the attributes of an ideal investment boutique from ownership on the part of senior management, disciplined and proven investment processes, demonstrated track records in their areas of expertise, and a stable team of experienced investment professionals.
Together with New York Life, the largest mutual life insurance company in the United States, we aim to deliver the "best of both worlds" to our clients - entrepreneurial investment boutiques like Ausbil together with the long-term perspective, capital and financial strength of New York Life - where we want our clients to see us as more than just investing for them, but invested in our relationship with them over the long term and alongside them.
You were selected by American Banker as one of the Most Powerful Women in Finance in 2018. How would you describe your leadership style?
I am a leader who is committed to developing her people and creating an environment in which they can do their best work. After developing a well-defined strategy that strengthens our ability to deliver for our clients - which for us has been a focus on engaging on a global basis with investors and broadening our investment capabilities - day to day, I devote my energy towards cultivating a culture of collaboration while enabling my team to have the freedom and accountability to achieve results.
...and in what ways would you most like to use your influence?
As my career has evolved, I have come to appreciate that my journey and the position I hold can influence others to pursue a career in investment management. As an industry, I believe it is important that we attract talented women and individuals of diverse backgrounds so that we not only reflect our client base but are also better able to arrive at smarter decisions that reflect different perspectives. And to the extent I am able to make a difference by sharing my story and experiences, that's how I would like to use my influence.You received a BS in Mechanical Engineering from Northwestern University and an MBA from Harvard Business School. What was the impetus for your career in finance?
For as long as I can remember, I have enjoyed solving problems and finding solutions. And so, pursuing an engineering degree seemed to be a good match for me despite being only one of a few women in my class. Northwestern University not only afforded me an excellent education but also quality industry experience through internships that led me to be curious about the strategy of the company that was building these products. And so, when I had the opportunity to pursue an MBA from Harvard University upon graduation, I jumped at it. And it was there that I came to learn about financial services and the chance to combine my analytical skills with a strategic orientation through a career in investment banking and ultimately, investment management.
Who has had the most influence on your life/career?
Between my father, who for as long as I can remember believed in me and saw no limits to my potential, and my first manager, an industry veteran who not only treated us as family but was also deeply invested in our careers, I was lucky to have had two very influential people in my life. They not only taught me what they knew, but they were also both incredibly generous with feedback and praise. While that was coupled with high expectations, the confidence I developed from having people I admired and respected in my corner is something I aspire to create for my team.
What advice would you give to your 21 year old self?
Without a doubt, I would have advised my younger self to embrace opportunities, to step outside my comfort zone, and to appreciate the journey as much as achieving ultimate career success. I was fortunate to have had a number of different roles and responsibilities in the asset management industry over the last 15 years of my career. Those experiences not only prepared me to become CEO a few years ago but also helped me to see how much I enjoy developing a strategy and bringing talented teams of people together to turn our vision into a reality.
How do you maintain a work/life balance?
I try to be very focused on the areas where I can have the greatest impact and on the people in my life that are really important to me, like my family. It's meant that I've had to learn how to say "no," to ask for help when I need it, and to go easy on myself when things don't go as planned. I also came to the realization that having work/life balance may not be the case at any given point in time, but can be achieved over the course of time.
Find out more about Yie-Hsin
