Yie-Hsin Hung, CEO of New York Life Investment Management, won Person of the Year at the 2019 Markets Choice Awards. Markets Media caught up with Hung to learn more about her accomplishments, motivations, and passions.
Hung speaks at the April 25 MCA event.
How would you explain the essence of you? What makes you tick?
I fundamentally believe that where there’s a will, there’s a way - whether it’s in finding a more creative solution, a different path forward or just a brighter future. Passion, creativity and commitment together with a degree of realism and perseverance permeates everything I do, both personally and professionally. As CEO of New York Life Investment Management (NYLIM), my goal for our company is to enable clients to achieve their financial aspirations. Grounded with a well-developed strategy, my energy and focus go into inspiring our talented team of people around the world to turn that vision into a reality.
What accomplishment(s) are you most proud of in your professional career?
Over my nearly 10-year tenure at NYLIM, including the last four years as CEO, what I am most proud of is how my team has nearly tripled our assets under management. We’ve done this through a combination of successful acquisitions, geographic expansion and organic growth, and today, half of our assets are managed for clients outside the U.S. That’s up from around 10% a little more than five years ago.
What are you most proud of outside your CEO 'day job'?
I am most proud of my efforts to make a difference for women and other underrepresented groups in our industry. Knowing first-hand what it feels like to be in the minority, I am committed to making a difference by being the executive sponsor of two of New York Life’s employee resource communities, the Asian Network Group and the Women’s Initiatives/ Investments— and expanding NYLIM’s relationship with organizations like 100 Women in Finance. I’ve also had the opportunity to be a mentor in the U.S. State Department’s Global Women’s Mentorship Program, which connects emerging female leaders from developing countries with top female executives, and to serve on the McCormick School of Engineering’s Advisory Council at Northwestern University, which has a focus on attracting more women and minorities to engineering and computer science. And lastly, I seek opportunities to share my story and journey, as a senior Asian woman and the highest-ranking female operating executive at New York Life, in the hopes that it inspires others to pursue a career in our industry.
Hung joined NYL in 2010 and has more than 30 years' industry experience.
What was your message to the audience at the Markets Choice Awards event?
I wanted the audience, as influential investment professionals and financial market participants, to see that we have an opportunity to make our industry stronger if we empower women as professionals and as the underinvested half of this country. Our company recently conducted and published research on women and investing that offered ideas and solutions to help those of us in financial services to enable women to invest more fully and confidently. To the extent we help women realize their full financial potential, I am convinced that we will also enable our industry to reach its full potential.
What is your advice for an ambitious young person just starting out in financial services?
My advice would be to try to enjoy the journey without having to know your final destination. Ours is an industry that offers those with intellectual curiosity so much to learn, and those who enjoy connecting with others the opportunity to do so in a very people-oriented business. We can make a real difference in people’s lives by helping them invest and build financial portfolios that allow them to live their best lives. I’ve gotten so much out of this industry and this career. I would encourage anyone considering a career in asset management to dive in, learn, listen and then lend their voice to helping our industry evolve, grow and continue serving clients with excellence.
