This week, Sallie Krawcheck announced that 85 Broads, the professional women’s networking organization she bought in 2013, is rebranding with a new name and forming a new (exciting!) partnership. 85 Broads, now named Ellevate, aims to use their rich global network of 34,000 members to help women succeed.
To support this mission, Ellevate is partnering with Pax World Management to create the Pax Ellevate Global Women’s Index Fund (PXWEX) — an index fund that focuses on investing in companies with female leaders: women serving on their boards and in other senior management positions. The fund overview describes it best: “This Fund is the first of its kind – and is the only mutual fund in the United States that focuses on investing in the highest-rated companies in the world in advancing women's leadership.”
Krawcheck, who made the Forbes “World's 100 Most Powerful Women” and Fortune's “50 Most Powerful Women in Business” multiple times, spent over 20 years on Wall Street. She began her career as an equity analyst then went on to serve as CEO of Sanford C. Bernstein & Co., CEO of Citigroup's Smith Barney unit and CFO of Citigroup Inc. In 2009, Krawcheck was hired as the president of the global wealth & investment management division of Bank of America, where she oversaw 16,000 financial advisors.
Krawcheck left Wall Street in 2011 after Bank of America restructured the company and eliminated her position. In the year since she took the helm at 85 Broads, the network saw a reported 100 percent revenue growth. As Ellevate, the company plans on promoting networking and education for professional women, specifically by working with companies and investors. Seeing more women at the top doesn’t just achieve gender parity, says Krawcheck, but also yields greater corporate results.
I spoke with Sallie about the motivation behind creating this ground-breaking fund, its significance in disrupting our current financial landscape and the real impact that having women in senior positions has on companies. Find out why it’s more imperative now than ever to #InvestInWomen.
Listen to Amanda's interview with Sallie below or click "Next" beneath the recording to read a condensed version of the transcript.