Careers in Alternatives: Q&A with Michelle Noyes

Women should feel empowered to work in alternatives because one of the key challenges for the industry today is talent. As an industry, we can't simply write off half the population. Especially when surveys show the power of diversity when it comes to performance.

Michelle Noyes
Managing Director, Head of Americas, AIMA

How did you enter the hedge fund industry?

Like many, I was lucky to fall into hedge funds as a career. I had never heard the term growing up! My mother was the first female police officer in her department, so I had a role model for what breaking barriers looked like. However, no one in my family or my neighborhood worked in finance, so I was completely ignorant about the broader industry. I started in literature, working for a book publisher after college. Shortly thereafter, my career turned to media. While working for a business-to-business conference company, I was assigned to write a program on emerging markets hedge funds. In that role, I was able to learn from leaders in the industry, and eventually, went to work for one of my clients – an alternative assets manager in Brazil. I found the hedge fund industry to be a great fit for my intellectual curiosity. I’ve met great people along the way!

For a future career in alternatives, what skills or qualities do you see becoming more important?

Careers in alternatives are becoming increasingly quantitative and data driven. The industry is evolving so quickly that a strong sense of curiosity and ability to communicate go a long way. One has to be able to adapt to new environments and translate complex investment strategies into understandable narratives. In terms of newer areas, we’ve seen a lot of growth and continued demand for ESG expertise. ESG specialists, in all their various forms, are expected to become one of the most in-demand hires over the next 5-10 years.

Why should women feel empowered to work in alternatives?

Women should feel empowered to work in alternatives because one of the key challenges for the industry today is talent. As an industry, we can’t simply write off half of the population. Especially when surveys show the power of diversity when it comes to performance. Almost 90% of the participants in a recent survey AIMA conducted noted they were very concerned, or somewhat concerned, about talent retention in the near-term. And, a more practical matter, alternatives is a well-compensated and dynamic industry. Women simply deserve a seat at the table as a matter of economic inclusion and fairness. By having more diversity in the industry, it is a self-fulfilling prophecy. It will only set the stage for more diversity going forward. It is always difficult to be ‘the only’, so as more women enter the industry, it is then easier for the next generation to come in, stay in, and climb the ladder.

What can the industry do to improve diversity and inclusion?

There are things we can do as firms, and in an individual capacity. On a corporate level, there are concrete steps firms can take to put firm policies in place. This can help to improve recruitment, drive retention, and retain diverse staff. This can range from where candidates are sourced and how resumes are reviewed – removing names for example – to workplace policies that promote wellbeing and more fairly adjudicated promotions. At an individual level, we can all strive to be better. In addition to my work at AIMA, I’m also on the board of the Black Hedge Fund Professionals Network. I’ve become more conscious about advocating not just for gender diversity, but also for racial diversity. It is about action – listening, supporting, educating and persisting. AIMA has produced papers on these subjects, which includes concrete examples of what this looks like in our industry, and how members are putting these ideas into practice.

The Alternative Investment Management Association (AIMA) is the global representative of the alternative investment industry, with around 2,100 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than US$2.5 trillion in hedge fund and private credit assets.

AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programmes and sound practice guides. AIMA works to raise media and public awareness of the value of the industry.

AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 200 members that manage US$450 billion of private credit assets globally.

AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialised educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors).