2 Filipinos among most influential women in Asian asset management

RAMONA Santiago

Apart from managing funds that are too large for most individuals to earn in a lifetime, Bangko Sentral ng Pilipinas Assistant Governor Ramona “Winnie” Santiago and Bank of the Philippine Island senior vice president Maria Theresa Marcial-Javier have many things in common. Both are extremely hardworking women who adhere to a set of core values that make them much-lauded guardians of assets entrusted to their respective institutions. They play by the rules, work well with a team and constantly sharpen the saw to excel in their profession.

Early this year, the two Filipinos landed on the list of “Top 25 Most Influential Women in Asian Asset Management” issued by Hong Kong-based financial magazine AsianInvestor earlier this year.

The list of female movers and shakers in the region’s asset management industry was the second of its kind published by Asian Investor, a news source for financial service providers in the Asia Pacific. The publication received numerous nominations from around the region and came up with a short list of 100 candidates.

The selection process was conducted by Asian Investor’s editorial staff, in consultation with senior industry practitioners, focusing on women who were either managing money or running asset management businesses.

Santiago heads the BSP’s Treasury department, which manages the international reserves, domestic portfolios, conducts open market operations and engages in spot foreign peso-dollar trading. Javier heads BPI’s asset management and trust group and the youngest in the senior management team of Southeast Asia’s oldest bank.

Don’t be greedy

Asked what she thought were the most important values to keep in mind in managing the BSP’s assets, Santiago tells the Inquirer:

MARIA Theresa Marcial-Javier

“I learned several things as a child which I’ve found still applicable to matters of asset management. First, ‘do not be greedy.’ This should keep us grounded and allow us to maintain our ethical standards, thereby preventing us from unnecessary exposure to risks resulting in very aggressive positions,” Santiago says.

“Obey the rules” is another creed that Santiago lives by.

“As stewards of the people’s money, we should play the game within the rules and with utmost honesty. In the BSP, it means acting within certain rules such as our investment guidelines, the BSP Charter and the markets’ acceptable ethical practices,” she says.

Santiago also strives to maintain discipline and patience at all times.

“In the financial markets, where certainty is not a commodity, it pays to discipline ourselves and wait for the right timing in the pursuit of our goals.

“Finally, do your utmost best,” says Santiago, who is a certified public accountant.

Apart from heading the Treasury department of the BSP, Santiago is also a member of the BSP’s advisory committee, a high level group that deliberates monetary policy and make recommendations to the Monetary Board.

Adapt to changing markets

For Javier, professionalism, integrity and excellence are the key values that keep her at the top of her game.

“In this business, we have to ensure the highest level of professionalism in the delivery of trust and asset management solutions, particularly in a market that continuously evolves. Structures and processes must be dynamic in order to adapt to changing markets,” Javier said.

Trust and asset management business operates in a highly regulated environment, which Javier believes is necessary because institutions like hers act in a fiduciary capacity.

“Integrity of the firm and its employees are very important in ensuring the trust and confidence of investors,” she says.

For Javier, it’s also important to keep abreast with a fast-changing operating environment.

“The speed at which investment solutions, technology and customer preferences are evolving requires constant focus on excellence for firms who have the strong resolve to stay ahead,” she says.

“We should always strive to surpass previous achievements. In a business where superior investment performance is expected despite difficult financial markets, our investment professionals must continually be trained to excel in their craft.”

Daily grind

For Javier, every single day as a fund manager is different.

“In recent years, I have re-framed my focus on areas of strategic planning for the business, looking at the competitive landscape, understanding the opportunities and challenges,” Javier says.

“Of course in managing the business, I have to monitor the investment markets. Then there are client meetings, management discussions, staff meetings covering a wide range of topics from investments, technology, human resources, product development, marketing, operations and compliance. There are also plenty of administrative matters to attend to. I’m also involved in industry associations where I provide advice and support on discussions relating to regulations and capital market initiatives.”

Javier previously served as president of the Trust Officers Association of the Philippines (2011) and Fund Managers Association of the Philippines (2009-2010), and is still active in the advisory boards of these organizations.

Leading a unit with assets under management equivalent to the resources of a large commercial bank, Javier works hard and plays hard as well. She is a fitness buff and is a lover of the great outdoors. Whenever her tight schedule permits it, Javier packs up her bags and goes diving.

An early riser, Santiago is usually at the BSP every working day before 8 a.m.

“Even before I put on my makeup, I check my mail to keep track of the overnight developments in the global markets and to follow up on pending tasks. Interacting with my Treasury team takes up most of the day. However, as a member of several committees in the bank (advisory, financial stability, foreign travel committees, etc.), it is also normal to have meetings with other executives in the BSP,” she says.

Santiago also keeps an open line of communication with BSP Governor Amando Tetangco Jr. to whom she directly reports.

On a weekly basis, she reports to the Monetary Board—the BSP’s highest policymaking body—to discuss financial market developments. She also frequents the BSP’s dealing room to oversee trading operations. She also moves around the other parts of her department to ensure that middle and back office operations are running smoothly.

“As a mother, wife and daughter, I make it a point to ensure my children, husband and mother are doing well. At my age, I still text my mother to let her know I have reached the office safely, so she need not worry. In the office, I try to find time to attend morning mass and to hit the BSP gym before I call it a day,” she says.

Another little known fact about Santiago is that she is a cat person.

“Back at home, one of my best ways to unwind is by hanging out with my pet cats whom I consider part of the family,” she says.

Pleasant surprise

For both women, winning the recognition of Asian Investor came as a pleasant surprise. Both share the credit with their respective teams.

“After I got over my initial surprise, I felt deeply honored to know that the contributions and accomplishments of the BSP treasury department, with me as department head, were being recognized by no less than an independent international publication. Right away, I shared the honor with my colleagues, thanking them because this award was only possible due to their commitment to achieve the BSP’s mandate,” Santiago says.

Javier says that when she received an e-mail from Asian Investor sometime in March, it was a pleasant surprise. She did not know about the nomination process.

“Apparently, they did their own research on the potential candidates around Asia,” she says.

“I consider it a great privilege and honor to be recognized. And it’s not just for me personally, but for my firm and the whole BPI asset management team. It’s a testament that we can compete in the regional space, and the business we have built and grown over the years is being recognized in the Asian region,” Javier says.