Teamwork makes the dream work: Joanna Kwok

Building a career in fund management can be as stressful as it is exciting, but having a diverse team rooted in an inclusive work environment is a key factor in achieving the best investment outcomes. Meet Joanna Kwok, Portfolio Manager for Asia Pacific Equities, who has clinched multiple industry accolades for being a top-rated fund manager* and for excellence in asset management^, as she shares how her team supports diversity of opinions and thoughts, and how that has been pivotal for career growth and success.  

2. What are the most important core values and beliefs that have helped get you where you are today?

Work hard and keep on learning! Over the years, I am fortunate to have worked with many smart investors and gotten the opportunity to learn a lot from them.

It’s also important to stay humble, because you will not be right all the time and it’s important to acknowledge different perspectives and ideas when it comes to making investment decisions, be they big or small. Teamwork makes the workplace a much happier place to be in, so I really love to be in a position where I’m able to help others succeed, share ideas and see those around me do the same. Building an encouraging and welcoming culture that is constructive for growth can make a huge difference to the workplace.

 

3. Who are some of your role models and how do they inspire you?

I’m very lucky to have many role models within the EMAP team! Charlotte Yew, who was the deputy Chief Investment Officer (CIO) when I first joined in my early days, was a huge inspiration. My colleagues Pauline Ng, Shumin Huang, Aisa Ogoshi and Sonal Tanna are all successful senior investors, and to top it off, they’re also working moms who are doing a wonderful job at balancing work and family. All of them exude confidence, empathy, credibility and great humanity – they are all inspirational to me. 

And it’s not just the ladies who have been great role models! Jeff Roskell, who heads our EMAP income team, and David Choi, our Korea Fund Manager – they are seasoned investors who always made time for junior members of the team, and both of them gave me opportunities and guidance in so many ways. 

Outside of work, my mother and my grandmother are my biggest role models – they showed me what dedication really means. They both dedicated their lives towards looking after their families, and have been so supportive to all those around them, even in the face of the many adversities in life. They managed to navigate all the challenges life threw at them in the most graceful way.

 

4. How can we develop more diverse and representative leadership and how should we support up-and-coming leaders in their journey?

The process starts from the recruitment stage. We absolutely need to hire the right balance of people and after we’ve done that, the next stage is about giving everyone equal opportunity so they’ll be able to grow and thrive. For example, when we consider which portfolio managers to name to manage certain funds, it’s about the right timing in identifying who is best able to develop and execute a strategy, and not just picking people because they make the loudest noise! I was given the opportunity to manage different Asian strategies over time, to build up my track record, and I will always be grateful for that. Getting a constant and steady two-way stream of feedback is so central to helping portfolio managers succeed, and I’m also glad I’ve always received this at J.P. Morgan Asset Management.   

5. What are some of the challenges you’ve faced in your career journey and what did you do to overcome them?

It can be quite stressful when the funds we manage go through a period of underperformance. It can be hard to keep calm during these challenging times, but that’s what I try to do – keep faith with what I know and keep it simple. I try not to do anything driven by pure emotion, but do my best to adhere to a rational, analytical and fact-based approach. 

Also, asking for help can be beneficial. If anyone reading this is going through a difficult patch, I’d encourage them to bounce their thoughts off a trusted colleague. It can make all the difference in the world.

* Source: “The Best Female Portfolio Managers in Asia”, Morningstar, 08.03.2023. “The 10 most popular fund managers in 2020”, Citywire Asia, 20.01.2021.

^ Joanna Kwok was named the winner for Excellence in Asset Management in Markets Choice Awards Asia: Women in Finance Awards. Source: Markets Media Group, 20.05.2021.

Championing leadership diversity: Aisa Ogoshi

Diverse and representative leadership can help pave the way for employees to find strong role models they can identify better with and aspire towards as they advance their careers. Meet Aisa Ogoshi, Portfolio Manager for Asia Pacific Equities, who shares why it’s essential for companies to champion leadership diversity, and how that will help attract and retain skilled, diverse talent.

2. Equal representation on boards and executive leadership is still lagging in some APAC markets. What are the reason behind this and what can be done to drive diversity in leadership and board representation?

I feel that companies need to put in more effort to build a solid talent bench because after all, the foundation to any successful business is rooted in the strength of its people. Rome wasn’t built in a day, and the same applies to the path of becoming an executive leader – it’s a journey. This is why having an effective training programme, developing a fair evaluation system and making sure the talent bench is deep and diverse are foundations that companies should focus on, to create the tools that would shape tomorrow’s leaders.  

On top of this, the process of board selection also needs to include meritocracy and diversity. Unfortunately, we still see boards in APAC being populated by families or seniority-based selection instead of by ability, which often leads to less diversity. A board that is low in diversity is also more likely to be influenced by groupthink, which may not always result in the best outcomes for its stakeholders.

 
3. How do we ensure everyone has equal opportunities when it comes to career progression and professional development?

I have been fortunate and am very proud to work in an environment where performance measurement is objective and fair because that’s really where people find the motivation to unearth the best outcomes for the business, and to become the best versions of themselves. At J.P. Morgan Asset Management, we are committed to providing equal opportunities for everyone and also empowering our colleagues to constantly strive for growth as they advance in their careers.




4. What do you hope to see in the industry by way of diverse leadership and the breaking down of biases in the next 10 years?

I really hope to see more leadership representation that reflects the actual diversity of the communities we live in, whether it’s a better gender balance or having more minority groups and voices being a part of key decision making. There have always been well-known stereotypes on what people perceive a leader to look like and I find it gratifying to see these biases being broken down, and more effort being made to level the playing field.   

When it comes to the kind of skills and capabilities the financial sector traditionally asks for when recruiting talent, all that looks set to change too. With digitalisation and the advent of artificial intelligence (AI), the types of talent required to thrive in this industry will also change over time. It’s important for those entering the industry to continue to diversify along with this change, and even more vital for companies and the leadership to adjust their mindsets and embrace the diverse talent that will enter the industry.  

Diverse cultures, inclusive workplace: Julio Callegari
 

Our strong global presence brings with it employees and teams from widely diverse cultures and backgrounds. Join Julio Callegari, Chief Investment Officer of Asia Fixed Income, as he shares about the things he has learned from making international career moves, being a part of diverse teams, and why having an inclusive, supportive environment for all will ultimately aid our business.

2. What is the best thing about being a part of diverse teams, and how does it help with achieving stronger performance and results?

A more diverse team brings a wider range of ideas and perspectives to be discussed, and if leadership shows their appreciation of these different contributions, it gives everyone even more courage and impetus to speak up. And more ideas are the key element to bringing about more innovation and productivity, and ultimately, better decision making in general, which in turn enhances performance and results at the company level.

3. Part of creating more diverse teams is making sure there is more varied cultural representation present. As someone who has experienced moving to new locations, what cultural challenges did you face and how did you overcome them?

I would say that some of the key challenges are related to language barriers, work culture and homesickness.

When you’re not fluent in the ‘mother tongue’ of a place you live in, you increase the risk of misunderstandings that could arise and you may also feel you’re missing key elements of the narrative. This requires more patience and effort to overcome, but having an open mind to understand the context always helps.

For example, when I was working back home in Brazil, I would speak in Portuguese with colleagues after the initial English conversations were over to make sure there was total clarity in my message. But I made sure to do so in a way that didn’t disrespect the non-Portuguese speakers in the room, and that they understood I was trying to make sure we were all aligned on the communication front. Living in Hong Kong now, I also completely understand when my colleagues have to speak in Cantonese or Mandarin, and even though this means I might not immediately grasp some of the nuances of the discussion, they in turn always ensure I have the full picture. Mutual respect of cultural differences is a key ingredient in effective communication and collaboration.

Homesickness is a very personal challenge for all international transplants! In my case I felt it even more intensely during the pandemic, when borders were closed and travel was non-existent. The good thing is with video calls, we can have a sense of being relatively closer to family and friends, even if we are thousands of miles apart. Finding Brazilian friends and getting involved in the community here in Hong Kong also helps me feel a little less homesick.

4. What unique perspectives do you think you bring to local teams and how do you immerse yourself in new cultures?

Diversity of experiences helps to enrich the analysis of a new phenomenon. For example, in Latin America where I spent the bulk of my career, cases of external sovereign and corporate debt default happen frequently. When I moved to Hong Kong five years ago, it was quite rare to talk about defaults. This isn’t the case anymore, and I’ve been able to bring my experience and perspective to help our teams with the similar cycle we’re now seeing in Asia Pacific. 

I also think it’s very important to understand the nuances of different cultures to keep learning and improving on a personal level. I love reading, and I really enjoy reading about Chinese and Indian history, culture and politics. What I learn from these reads complements all the business-oriented materials we need to consume for daily work.

5. How do we help ensure everyone feels valued at work, regardless of their backgrounds or situations?

I think it’s absolutely essential to put DEI ideas into practice. The starting point is open and respectful communication, because J.P. Morgan Asset Management already has a skilled workforce that wants to contribute and be heard. When people see their contributions are equitably recognised, we’ll directly see a major boost to teamwork. Leadership must also provide adequate flexibility and support to employees, depending on their different needs, because different individuals will have different requirements to achieve the work-life balance they deserve.

Diverse perspectives, inclusive teams: Leon Goldfeld
 

Building diverse teams by providing an environment of inclusion and acceptance doesn’t just sit at the bedrock of our culture. It is an essential element of our drive to bring about the best possible investment outcomes for our clients. Leon Goldfeld, Asia Pacific Head of Multi-Asset Solutions, chats with us about why diversity, equity and inclusion (DEI) matter at work and how we can help create equal opportunities for everyone.

2. How do we ensure we get past stereotypes and biases when we’re recruiting talent?

Everyone has built-in biases and long-held stereotypes – we’re only human! What we need to do is to acknowledge we have these biases, and be conscious and cognisant of what they are when we are recruiting. It takes effort and hard work to look beyond stereotypes, especially when we’re naturally wired to identify with or like people who are more similar to us, or who hold the same opinions and viewpoints.  

3. How do we ensure everyone has equal opportunities when it comes to career progression and professional development?

Prioritise equity, make a conscious effort to shed personal biases, and be willing to dedicate time to understanding people and projects that sit outside of your scope of work and comfort zone. As a start, we have to regularly review our existing hiring process to ensure equality for all employees and applicants. I also think it’s important to encourage mentoring and job shadowing opportunities to help with professional and personal development. 

4. How does corporate mentoring help in career progression and what are some of the important things you’ve learned as a mentor?

I’ve been a corporate mentor for around five years and the reason I do it is because I see the value it brings to people. A mentor can help you identify long-term career goals, navigate your career path, and even open up networks that were previously not accessible. Mentoring gives me the challenge to find solutions or connect people with others who can better help. 

I also enjoy the one-to-one engagement, where I have the privilege of seeing the effectiveness it brings to my mentees. We have great mentoring programs at J.P. Morgan Asset Management and I’d really encourage everyone to tap into these opportunities to find a mentor, or to volunteer your time to begin a journey with someone who’d have a lot to learn from your experience and expertise. 

5. What is the best piece of advice you would give to your younger self?

Falling is not fatal. You’re always going to be placed in uncomfortable situations or challenging positions throughout your career. You have to approach and push through the uncomfortable to truly learn and grow. 

Trailblazing the way forward: Julie Ho
 

Female representation and gender equity are important causes the corporate world cannot, and should not, ignore. Meet Julie Ho, Portfolio Manager for Asia Equity Income Strategies, who is a vocal and visible advocate for female representation, as she shares more about why women should stop letting fears and doubts hold them back, and what needs to be done in the financial industry to get us closer to an equitable and inclusive world. 

2. What can the industry do to push for more progress in gender equity?

I benefitted immensely from having female role models very early in my career.  My first two managers were both female PMs with young children. I now have a two and four year old myself and it’s been wonderful being able to come back to work and have this dual life. This would not have been possible without a very supportive manager and team to lean on. I remember coming back from my first maternity leave, my teammate said to me: “you know it took me four months before I felt like my brain completely came back”. That helped to ease much of my anxiety and gave me the time and space to grow back into the role. 

The industry needs to push for more female presence, more senior female figures who can act as role models, and a supportive network of female colleagues. But it’s not all about comforting words, tough love is sometimes needed.  A senior colleague lit a fire under me once when she said “by staying in the corner and not saying anything, aren’t you just perpetuating the Asian female stereotype?”

3. What kind of culture and progress do you hope to see financial institutions moving towards building in the next decade?

Financial institutions have really spearheaded the awareness towards diversity and inclusion and integrating this into our performance metrics. But I think it takes time for true buy-in on all levels, all the way to the point one pauses in the corridor and genuinely asks “Hi, how are you?”.

Institutions like J.P. Morgan have put tremendous effort into organising Business Resource Groups (BRGs) and advocacy groups to spearhead talks, sharings and events. This is all necessary for us to start getting to know each other.

So far it’s been a top down approach. Now, in the next decade how can we encourage more teams to organically form their own support group which then gradually spreads and influence? I think we all need to be given more time in our busy work schedules, some breathing room to round up our colleagues.

One colleague recently suggested to me we should host a “Mandala Drawing” session, what a fantastic idea! I would love the time to hear how my colleagues are feeling, we spend so much time just focusing on thoughts!

4. What’s one thing you would do differently in your own career journey and why?

It took me some time in the early part of my career to get into “groove”. I had doubts about whether finance was the right career path for me, whether I was good enough etc. Until my mentor called me out and said “Julie, stop doing this halfway in halfway out thing. Just commit yourself”. That was a wake up call! I’ve since discovered the power of intentions and it’s incredible to see how when one commits to something, paths ahead open up. “Just Do It” is a personal motto of mine.

Walking the Talk: Pauline Ng
 

The best way to do our part to create a more equitable world is empowering our people to place diversity, equity and inclusion (DEI) at the core of all they do. Let’s get to know some of J.P. Morgan Asset Management’s DEI champions, starting with Pauline Ng, Managing Director & Head of ASEAN Equities, as she shares more about why diverse perspectives and true inclusion are essential, and the role asset managers should play in society and sustainability.

2. How can diverse perspectives foster better investment outcomes?

No one person has all the answers: research shows diversity of views leads to improved risk-taking and better investment outcomes. As an experienced investor, I’ve learned the best investment decisions stem from any investment thesis being rigorously debated. The key to extracting value from a diverse team is to manage constructive discussion, listening to understand, and allowing curiosity and respect to guide all communication.

3. How can asset managers help shape social advancement and bridge gaps in social inequality?

To drive social advancement, asset managers need to be engaging with companies. Ultimately any business that operates by exploiting either the environment, their community, customers or employees will not be sustainable in the long run. There is also power in numbers: we should come together collectively to drive some of the most pertinent issues in the industry, such as board diversity and representative leadership.

4. How can DEI be further promoted through investment stewardship?

Partnership between investors and investment stewardship teams is key to ensure progress is made on the DEI agenda. Active managers need to play active stewardship roles: being passive is not good enough!
 

5. What inspires you to come to work each day to push for growth and development in the sustainable investing sector?

Sustainable investing is a journey that has just taken flight, especially in emerging markets. I feel privileged to contribute and be around like-minded investors who believe in the purpose of doing good and doing well at the same time. And beyond the here and now, what motivates me is my kids: we have a responsibility to hand over our planet and our society to the next generation in good shape.