|June 5, 2014 | By admin|
Sallie Krawcheck is doing what’s never been done before in the world of finances. The former head of Bank of America’s wealth management group recently launched the Pax Ellevate Global Women’s Index Fund (PXWEX), a mutual fund that will invest in top-ranking companies around the world aimed at advancing women. Krawcheck partnered with Pax World Management to manage and market the mutual fund.
Krawcheck said it is evident that women’s economic engagement and purchasing power continues to grow. She revealed that, “Many CEOs I speak to, of both genders, recognize this is no longer a woman’s issue, but a business performance issue. And this type of investing represents a markets-based solution to the very real business opportunity, and business challenge, of diversity.”
This new chapter in Krawcheck’s career in financial services comes after she made the news last May when she invested in the women’s network 85 Broads. She aimed to transform the network of female financiers, now rebranded as Ellevate, into a business opportunity and improve economic opportunities for women and invest in women-owned businesses.
Companies which PXWEX will invest in includes AstraZeneca, Avon Products, Deutsche Telekom, Procter & Gamble, and Xerox. All of these companies have one or more women on their board of directors, and 97% of them have two or more women on their boards.
Photo source: www.wealthmanagement.com