Bloomberg News

Wall Street Women Recall ‘Manpower’ at Awards Ceremony

November 13, 2011

(Updates to describe Telsey Advisory in 13th paragraph.)

Nov. 11 (Bloomberg) -- Jeanne Murtaugh started at Morgan Guaranty Trust Co. in 1972 in the Manpower Development department.

By the time she left in 1979, the bank agreed to call it Human Resources “as a gift to me,” the 61-year-old keynote speaker said last night at a Traders Magazine ceremony honoring 15 women on Wall Street.

The event, held at the New York Academy of Sciences just north of the World Trade Center site, recognized women including Nanette Buziak, head of equity trading at ING Investment Management; Annette Nazareth, a former commissioner at the U.S. Securities and Exchange Commission; and Kathleen Cheevers, chief executive officer of Cheevers & Co., a Chicago-based brokerage.

Murtaugh went on to build one of the first electronic- trading systems at Execution Services Inc. and is a former vice chairman emeritus of New York-based broker ConvergEx Group, which grew in part out of ESI. Her mother used to say Jeanne, the oldest of 11 children, skipped childhood and went straight to “management,” she said.

“There is still a belief that women need to work harder,” said Murtaugh, now vice chairman of Gate Global Impact, a subsidiary of Gate Technologies LLC, which operates electronic- trading systems. “I’m not sure when that will change.”

Wachovia Bank

After joining Wachovia Bank in 1979, Murtaugh built a global custody-services business for U.S. pension funds. She moved into securities lending and then retail brokerage. In 1983, when the bank gave her the job of developing retail brokerage services in 200 branches in North Carolina within six months, executives asked her not to get pregnant, she said. Murtaugh’s second son was born nine months to the day after she met the deadline.

ING’s Buziak joined the securities industry as a financial analyst at Bear Stearns Cos. in 1993, when women were still sometimes said to join Wall Street just to find a husband, jokingly called getting their “MRS degree,” she said. Women eager to advance their career were seen as “assertive and pushy,” while men who behaved the same way were “really driven,” Buziak said.

Former SEC Commissioner Nazareth, who’s now a partner at law firm Davis Polk & Wardwell LLP where she began her career 30 years ago, said the government has long been a welcoming place for women.

‘Harness Their Talents’

“The government is probably one of the more progressive places for women to work,” she said in an interview. “The government understood it had this wonderful, talented group of people and it could harness their talents.” For many women, employment in the federal government offered a “manageable lifestyle and intellectually challenging work,” she said.

Nazareth, who said she always wanted to be a lawyer, initially thought she’d do work geared toward civil rights. An economics class in college spawned an interest in understanding capital formation and how people raise money for businesses. She said she met her husband on her first day of work at Davis Polk.

“It was the first Monday in October 1981,” her husband, Roger W. Ferguson Jr., said. Ferguson, who says he stopped practicing law in 1984, was vice chairman of the Federal Reserve System from 1999 to 2006 and is now CEO of TIAA-CREF, which had $441 billion in assets at the end of September. He said he liked Davis Polk, where he began working the same day as Nazareth. “I stayed there long enough to find a wife,” he said.

JPMorgan, Goldman Sachs

Other honorees at the Traders Magazine awards ceremony included Kelly Mathieson, global custody and clearance business executive at J.P. Morgan Worldwide Securities Services; Christina Kelerchian, head of U.S. equity fundamental trading at Goldman Sachs Asset Management; and Savyona Abel, managing director for global client support services at Investment Technology Group Inc.

The leadership award went to Stacy Bash-Polley, a partner and co-head of fixed-income sales in the Americas at Goldman Sachs Group Inc. Mellody Hobson, president of Ariel Investments LLC, and Dana Telsey, CEO and chief research officer at consumer-research firm Telsey Advisory Group, were honored for entrepreneurship.

Melissa Hinmon, a senior equity trader at Turner Investment Partners, and Joanna Fields, head of market structure for the Americas at Deutsche Bank AG, received the “rising star” awards. Deutsche Bank claimed the award for diversity among employees.

Lisa Utasi, a senior trader at ClearBridge Advisors LLC, and Stacey Lee, a director in institutional equity sales at Liquidnet Holdings Inc., won awards for charitable work. Two people won for mentorship: Deborah Freer, chief operating officer at RBC Capital Markets, and Sylvia Rocco, senior sales trader at Bank of America Corp.

Buziak said women in positions of power should be role models to both men and women, and heed the warning of Madeleine Albright, the highest-ranking woman in the U.S. government in 1997 when she became secretary of State.

“There’s a special place in hell for women who don’t help other women,” Buziak said, quoting Albright.

--Editors: Steve Dickson, William Ahearn

To contact the reporter on this story: Nina Mehta in New York at nmehta24@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.


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