The Opinion - April 2015 by TheWXN

IRELAND’S

FUNDS INDUSTRY CONTINUES TO BE A GOOD INVESTMENT WOMEN’S NETWORKS MAKE IT OK TO BE SUCCESSFUL

THE FINANCIAL FACTS OF LIFE: raising children who understand the real value of money

APRIL 2015

Table of Contents III

A Letter from our Founder | Pamela Jeffery

Women’s Networks Make it OK to be Successful | Catherine Logan

The Financial Facts of Life | Marah Curtin

VIII

Event Gallery

WXN’s Social Media

Ireland’s Funds Industry Continues to be a Good Investment | Ciara Houlihan

MARCH 2015 | THE OPINION

A Letter from our Founder

rom the moment you step into a WXN event, there is a buzz in the room. A simple handshake, the exchange of a business card and a quick conversation over coffee— invaluable connections are created in these spaces, where guests, partners and speakers share their stories. It’s an energy you can’t help but feel. WXN hosts seven Speaker Series events in Dublin every year, which feature provocative speakers and networking opportunities for the over 150 guests who attend each one—90% of these events sell out and do so quite rapidly. The Speaker Series have included outstanding keynotes, including Orlaith Blaney, CEO, McCann Erickson; Catherine Day, Secretary General, European Commission; and Christine Ourmières, CEO, CityJet. The format for these events is dual: our guest speakers are sandwiched in by networking time at the beginning and end of each event. Our hope is always that this framework informs you about a professional topic, inspires you to learn more and generates discussions that allow you to connect with fellow guests. With our Ireland’s Most Powerful Women: Top 25 Awards, we recognise the strong female leaders within the country. Inform, inspire, connect, recognise—this is our mission at WXN, what’s at the forefront of our collective efforts for every programme and platform. Welcome to your next platform: The Opinion. What started in Canada as a quarterly newsletter to our members, grew to full magazine in January of 2014, distributed digitally every three months. We wanted to provide a forum to communicate relevant content from our team, our Partners and our Corporate Members that would inform, inspire, connect and recognise our WXN Community. From “How To’s” to leadership advice to speaker profiles to professional trends and forecasts, these articles provide another extension of our programmes, services and events. Now, I am thrilled to be presenting you with the Ireland edition of The Opinion, full of the advice, people and stories that matter to you, that connect you. With this launch and the Top 25 Awards only a couple of months away, there is certainly a lot to celebrate.Through it all, we want to make Ireland’s female leaders stronger and more visible, so the next generation is inspired to reach their full potential, then push the boundaries of what’s possible. We benefit from this surge forward. So does the country. So does the world. Here is your platform, Ireland. These are your stories. Let’s make them bestsellers.

Sincerely,

AT WXN WE INSPIRE SMART WOMEN TO LEAD MARCH 2015 | THE OPINION

WOMEN’S NETWORKS MAKE IT OK TO BE SUCCESSFUL Catherine Logan

arda Commissioner Nóirín O’Sullivan admits she hadn’t really used networking throughout her career. She thinks perhaps part of that was because she didn’t really know how to get the best out of networking. Today, however, she believes by celebrating successful women, networks for executive women—such as WXN—give permission for women to be high-achieving. As she said at Dublin’s February WXN Speaker Series event, “It’s ok now to be a success.” It wasn’t always like that for the Commissioner. When she joined the force 34 years ago, she felt women had very limited and, to a degree, self-limiting roles, within organisations. At the time, many women opted for administrative roles or maternal roles such as escorting minors to and from the courts. She also mused that perhaps doing the job of a Gard in the mandatory skirt may have contributed to the problem.

When she joined, women had only been in the force for about 15 years. “It was patriarchal but not discriminatory” according to the Commissioner. As a young Gard, she was asked by a female sergeant to fetch bread and make some sandwiches for the team. The Commissioner’s staunch refusal caused trouble and she feared being heavily disciplined. Unexpectedly, however, the episode led to one of the biggest opportunities of her early career: she was put on the team developing the “Mock Drug Addicts” or “Mockies” who would fight the nascent but virulent city-centre drug problem. The Commissioner’s drug addict persona included shaved and dyed hair, false tattoos and a stud in her nose (none of which were well received at her sister’s rural wedding). Through the “Mockies”—an extremely tough gig— the Commissioner showed what she was made of. However, she admits to having moments when it was all too much, especially when she had children. The job wasn’t nine-tofive, and many times she found herself in a phonebox (it was the ‘80s), frantically seeking a babysitter when an operation was running late. She tried to quit at one stage, or at least apply for an administrative post, but her Superintendent wouldn’t let her. “You’re stronger than this,” he said and reminded her that one dark day was the exception— the others would be better.

it, which gave her support. She believes it happens in teams throughout the force, and is part of what it means to be a Gard. The Commissioner recognises she has a tough job ahead of her in transforming An Garda Síochána. However, she feels that she is not alone: “Everyone is going through the same issues—particularly in policing.” She highly recommends Bill Bratton’s book Tipping Point Leadership, which is a case study of the successful transformation of a budget-strapped NYPD facing uncontrollable crime rates in the ‘90s, something he has done several times since with other police forces. If she can make unforgettable and unarguable calls for change, and convince a critical mass within the organisation, then the transformation could really happen. She believes it can. This year there were 25,000 applicants for 100 Garda places, so O’Sullivan is confident that the organisation is still seen as an employer of choice.

CATHERINE LOGAN, STRATCOM STRATEGIC COMMUNICATIONS @CATHERINEMLOGAN

The Commissioner values that moment, the “warm hand on the back” as she calls

MARCH 2015 | THE OPINION

UPCOMING EVENTS SEE THE FULL LIST AT WXNETORK.IE ON OUR ‘EVENTS BY CITY’ PAGE

WALKING THE TIGHTROPE

DEIRDRE MACCORMACK THE WESTIN DUBLIN 23 APRIL 2015 | 07.00 - 09.00 Join Deirdre MacCormack to hear how she and her team have daily walked the tightrop to make Mcor a success. Mcor Technologies’ unfettered innovation was ahead of its time when it started ten years ago. Join Deirdre MacCormack, the company’s Chief Marketing Officer to learn how Mcor brought the Silicon Valley mindset to Dunleer and kept a phenomenally advanced 3D printing idea alive and kicking until the rest of the world caught up.

THE CHANGING TIDES OF POLITICS

TÁNAISTE BURTON THE WESTIN DUBLIN 21 MAY 2015 | 07.00 - 09.00

Tánaiste Burton, Minister, Leader of the Labour Party, elected national representative for over twenty years, chartered accountant and Leonard Cohen fan – Tánaiste Joan Burton has fulfilled many roles in her long political career.

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We invite you to join us at our Speaker Series events hosted in Dublin, connecting Ireland’s most accomplished and influential women in the private and public sector. Enjoy breakfast, hear from thought provoking leaders, who will inspire you professionally, while keeping you informed of current business trends and challenges. Connect with like-minded women in your city, and expand both your personal and professional networks.

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Join Tánaiste Burton as she talks about her career in a highly demanding and mercurial profession, and shares her advice and tips on how to do this without losing yourself, your principles and your voters.

MARCH 2015 | THE OPINION

The Financial Facts of Life: Raising Children Who Understand the Real Value of Money Marah Curtin

mindful money managers? By talking to them, obviously, bringing them into those conversations about money in a way they can understand. However, as with most aspects of parenting, the most important thing is to show the right example.

nce upon a time, explaining the process by which babies come about was known – rather quaintly – as imparting ‘the facts of life.’

What examples are you showing your children? Do they know that money is earned by working? Are they aware it is a finite resource, and we have to make choices about how to spend it? Do they know the difference between needs and wants, and we sometimes have to wait before buying something we want? Have you explained the importance of a “rainy day” fund?

Explain this is what you do too – point out your bank the next time you’re passing and draw the comparison between your savings and theirs. Tell your kids why you save as well: not only to spend (a new TV, next year’s family holiday) but also for the unexpected (that inevitable rainy day). Saving for specific goals can be very fulfilling, but if it takes too long children can lose interest. Help them set small and obtainable targets like a toy or book. If the goal is longer-term, come up with a plan to help them reach it in a reasonable timeframe, maybe with the help of pocket money, a fantastic learning tool. It’s the first time they can make their own decisions about managing money. Ultimately, you want your child to distinguish between wants and needs: how to prioritise and when to save.

It’s probably fair to say that not many parents relished this occasion; equally fair to add their reluctance was very often shared by the child on the receiving end of the wisdom.

If you are not just telling your kids to be careful with money but showing them how and why you are careful too, then they are far more likely to pick up your good habits in relation to saving, spending and sharing money.

Delving into the nitty-gritty, however, has led many parents to a surprising discovery: that their children already have a very good grasp of these facts of life. Similarly, when it comes to the facts of money, our kids know a lot more than we think they know.

Our children probably see us making hundreds of transactions every year and, as with saving, the way we spend our money can teach them a lot about how to spend theirs.

saving

As adults, we don’t spend our money entirely on impulsive purchases or without thinking about covering our needs. Explain to kids how you make decisions about buying food and other household necessities. When you’re in the shop, ask questions like: “Do we need this? Can we get it for less in another shop? What’s more important to buy, sweets or fresh fruit?” (You may differ on this point.)

How could they not? From the moment they’re born, children hear Mum and Dad discussing money almost constantly: work, school, saving, shopping, paying bills, hopes, anxieties, ambitions – money is an everpresent soundtrack. The result, as research by the University of Cambridge has suggested, is that children’s “money habits” are already formed by the age of just seven. So how can we, as parents, make sure our children become

Kids are impulsive creatures, so even if they understand the concept of saving, it’s still not the easiest thing in the world for them to put into practice. Here’s where you come in. Make sure they have a piggy bank, and any time they acquire some money, suggest they put some aside for another time, so saving becomes an automatic part of their thought process.

spending

MARCH 2015 | THE OPINION

Help them to apply that logic to their own purchases. If they’re sure they want to go ahead, well, it’s their money. Buyer’s remorse is a tough lesson that can only be learned the hard way. Once it’s gone, it’s gone!

sharing Sharing our wealth with charitable causes and those who are less fortunate sets a great example for our children. By donating our time and money we can make the world a better place – and make ourselves feel good as well.

Habit Formation and Learning in Young Children, by Dr David Whitebread & Dr Sue Bingham (University of Cambridge)

What are your children passionate about? If they love animals, maybe there’s a local animal shelter or charity they could support. Talk to your kids about how you help others and why, involving them where possible. Perhaps there’s a charity cycle or fun run you can do as a family. All charitable activity teaches responsibility and teamwork, while at the same time connecting children to the fate of others. Raising children who are mindful with their money is all about taking advantage of life’s everyday teachable moments. The sooner we use those moments to explain, encourage and put into practice our own values in relation to financial behaviour, the better off our kids will be – now and for the rest of their lives.

MARAH CURTIN, QFA HEAD OF CLIENT ENGAGEMENT FINANCIAL PLANNING SPECIALIST DAVY @FINLITDUB

MARCH 2015 | THE OPINION

EVENT GALLERY 2015 Speaker Series Event

Guests, Kathryn Kantounia and Luciana Marin

Guests, Olivier Sabella, Olive McNiff and Noeline Kinsella

Guests, Michelle Noone and Margaret McCabe

Guest, Helen Raftery and Speaker, Garda Commissioner

Nóirín O’Sullivan

Speaker, Mary Davis

MARCH 2015 | THE OPINION

WXN SOCIAL MEDIA What Does a Network of 19,500 Women Look Like? Follow Us for Your Daily Inspiration!

WXN HAS MANY CHANNELS FOR OUR COMMUNITY OF 19,500 SMART WOMEN ACROSS CANADA AND IRELAND TO CONNECT WITH ONE ANOTHER AND ENGAGE IN RELEVANT CONVERSATION. YOU CAN STAY UPDATED ON NOT ONLY OUR EVENTS AND PROGRAMS, BUT ALSO OTHER RELATED NEWS AND INFORMATION IMPORTANT TO OUR EXECUTIVE WOMEN COMMUNITY.

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MARCH 2015 | THE OPINION

WXN’s Mentoring Programmes connect you with talented, ambitious and intelligent women to give you counsel on your personal and professional objectives. We create a supportive environment to exchange new ideas and gain experience from a wide range of women who have differing perspectives. Our Mentoring Programmes inspire women to empower other women.

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PEER MENTORING Begins 20 April 2015

Imagine being able to consult your own personal board of directors, or group of executive coaches. Join a WXNWisdom Peer Mentoring group to enhance your leadership skills, share business strategies and connect with other women leaders with similar challenges and career objectives. By creating a personal advisory board and facilitating peer-coaching, the Peer Mentoring programme helps participants achieve personal and professional goals. Create a strong network, learn from an executive coach and solve the challenges and obstacles you face daily.

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This is a once-in-a-lifetime opportunity to learn directly from the country’s most influential women leaders, while participating in classroom sessions focused on professional and personal growth presented by the UCD Michael Smurfit Graduate Business School. Paired with these education classroom sessions, you will be matched with a mentor from WXN’s community of Ireland’s Most Powerful Women:Top 25 Award Winners.This opportunity provides you with the support to progress professionally; learn the insights into their journey; and, ask the questions that are important to you. Expand your network and create a professional plan for success!

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Ireland’s Funds Industry Continues to be a Good Investment Ciara Houlihan

CIARA HOULIHAN, MANAGING DIRECTOR FOR HSBC INSTITUTIONAL TRUST SERVICES IN IRELAND, LOOKS AT THE CONTINUING GROWTH OF THE FUNDS INDUSTRY IN IRELAND.

n Ireland, there are about 13,200 domiciled and non-domiciled funds. Total assets under administration and custody stood at some € 3.4 trillion at the end of 2014. This is no mean feat for an industry that established roots in Ireland only 25 years ago and now employs 13,000 people. The funds industry may not be one of Ireland’s most talked about sectors or one of its most headline grabbing, but it’s certainly one of its most resilient and successful. Our credentials as a global centre of excellence for fund administrators (supporting the process of running a collective investment scheme) and custodians (specialised financial institutions responsible for safeguarding a firm’s financial assets) are now well established. Much of this success is based on our reputation in relation to serving products covered by UCITS – a set of European Union Directives that allow collective investment schemes to operate freely throughout the EU on the basis of a single authorisation from one member state. Approximately 75 percent of Irish domiciled funds fall under that regime, and Ireland is now the fastest growing crossborder UCITS domicile in the world. Coupled with that, the Alternative Investment Fund Managers Directive (AIFMD) is another driver of growth for the sector in Ireland. This directive has brought the same clarity and uniformity of rules to the area of “alternative” investment funds such as hedge funds and private equity funds. Ireland Inc. has also done a good job attracting the administration and custody

MARCH 2015 | THE OPINION

of offshore domiciled products into Ireland specific to the hedge fund sector. This has largely been driven by the fact that managers see the benefits of having an offshore product with the oversight provided by an Irish-based administrator or custodian operating in a strong regulatory environment, which the Central Bank of Ireland provides.

gateway into the European market also continues to play an important role in choosing to locate operations here.

Furthermore, it’s also clear that the talent pool in Ireland – based on the growth trajectory of this sector over the last twenty years and the wealth of knowledge they possess – is unparalleled, and it’s extremely challenging for other jurisdictions to compete with that.

Yet the market is also ripe with opportunity for global players. There has been a seismic shift in the investment management community over recent years, and there is more to come. Clients are looking for multi-product, multi-geography and multisegment offerings. It’s not so much what a company can do locally but the overall proposition they can offer the client across global markets.

In this context, it should come as no surprise that Ireland has done particularly well attracting operators across all asset classes to hub their businesses in this country to support various global operating models. It’s not just about supporting different domiciles; it’s about supporting different businesses. Banks and independent administrators and custodians have been the early adopters, with a number of firms servicing their businesses in other domiciles (including Luxembourg and the UK) from Ireland. However, this positive trend has also been extended to asset management companies, which are now providing a diverse mix of back office operations and technology services from Ireland to their global operations.

All of this paints a very attractive picture of “why Ireland”. It also makes the Irish market very competitive. Anyone doing business here has to compete with the world’s best.

Ireland will continue to play a key role as one of the largest global fund domiciles and fund service centre locations. We’ve already seen the first marks of this with the emergence of Ireland as a domicile of choice for UCITS mandates being managed by Asia. All the signs are pointing to the industry here stepping up to this challenge.

CIARA HOULIHAN MANAGING DIRECTOR, HEAD OF TRUSTEE AND FIDUCIARY SERVICES HSBC INSTITUTIONAL TRUST SERVICES (IRELAND) LIMITED

This growth story demonstrates there is far more to Ireland for managers than a domicile location. For North Americanbased managers, Ireland’s location as a

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