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The <keyword id="20340200" type="General" weightage="100" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) of <keyword id="20300870" type="General" weightage="20" keywordseo="equity-mutual-funds" source="keywords">equity mutual funds</keyword> have <keyword id="20641508" type="General" weightage="20" keywordseo="surged" source="keywords">surged</keyword> by 5.37 per cent sequentially to Rs 25,12,845.59 crore in July 2024 from Rs 23,84,727.69 crore in June 2024, <keyword id="22838645" type="General" weightage="20" keywordseo="PL-Wealth-Management" source="keywords" meta.keywordsubtype="org" meta.entityname="PL Wealth Management" meta.hostid="261" meta.entityid="PL Wealth Management">PL Wealth Management</keyword> said in a statement.<br /><br />The observation, which is based on 283 open-ended equity diversified funds, cited that 39 per cent of these funds have outperformed their respective benchmarks over the past month, ending July 31st, 2024,<br /><br />The cumulative total of funds that outperformed stood at 109 during the month ending July 2024 (one month). AUM measures the total market value of assets that a person or entity manages for clients or on behalf of investors.<br /><br />Under the <keyword id="21184260" type="General" weightage="20" keywordseo="large-cap-funds" source="keywords">large-cap funds</keyword>, about 58 per cent of <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword> outperformed on S&amp;P BSE 100 - TRI benchmark, out of 31 schemes observed by <keyword id="19999821" type="General" weightage="20" keywordseo="Prabhudas-Lilladher" source="keywords" meta.keywordsubtype="org" meta.entityname="Prabhudas Lilladher" meta.hostid="261" meta.entityid="Prabhudas Lilladher">Prabhudas Lilladher</keyword>'s wealth management arm.<br /><br />About 24 per cent of schemes outperformed under the large and mid-cap funds, of which 29 were observed. Under the multi-cap funds about 40 per cent of schemes outperformed, whereas in the flexi-cap funds, the percentage of schemes outperforming was 33 per cent.<br /><br />Going further, about 38 per cent of schemes under the midcap outperformed. Interestingly, the data observed that not a single scheme in small-cap funds manages to outperform their respective benchmarks. <br /><br />According to the observations made by L Wealth Management, Value Contra Div Yield Funds was the best-performing category, where 78 per cent of the schemes outperformed the benchmark. It was followed by schemes of large-cap funds and multi-cap funds, which outperformed their respective benchmarks by 58 per cent and 40 per cent respectively, during July 2024.<br /><br />Large and mid-cap funds were the least performing fund category, with only 24 per cent of funds outperforming the benchmark, as shown in the analysis. <keyword id="22838646" type="General" weightage="20" keywordseo="PL-Capital-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="PL Capital Group" meta.hostid="261" meta.entityid="PL Capital Group">PL Capital Group</keyword> specialises in research-driven advisory services in the Indian capital markets. The company's business is spread across 200 plus cities in India, catering to institutions, corporations, family offices, HNIs, and retail clients in India and globally.<br />

Assets Under Management of equity mutual funds surged 5.4% sequentially in July: PL Wealth Management

<ul class="summary-list"><li>JPMorgan Chase has named Leslie Gillin as its new CMO. </li><li>Gillin will oversee the Chase, JP Morgan, and corporate brands in her new role. She most recently served as the president of its co-brand credit cards business.</li><li>Gillin succeeds Kristin Lemkau, who was the company's CMO since 2014, and was named CEO of the firm's US wealth management division last month.</li><li><strong><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></strong></li></ul><p>JPMorgan Chase has named Leslie Gillin as its new CMO, overseeing the Chase, JP Morgan, and corporate brands in her new role. She most recently served as the president of its co-brand credit cards business.</p><p>She succeeds Kristin Lemkau, Chase's CMO since 2014 and an outspoken marketer on the issues of <a href="https://www.businessinsider.com/jpmorgan-frustrated-youtube-brand-safety-ads-2017-12">brand safety</a> and <a href="https://www.businessinsider.com/this-is-what-the-future-is-going-to-be-the-cmo-of-jpmorgan-chase-explains-why-shes-spending-more-time-with-adobe-than-ad-agencies-2018-5">transparency</a> in media buying. Lemkau was named CEO of the firm's US wealth management division last month as the company looks to overhaul its wealth-management business. </p><p>Gillen's 25-year career has spanned marketing, product and business development roles at Citi, Bank of America and MBNA. Prior to joining Chase three years ago, she was the CMO of Citi's Global Consumer Bank.</p><p>JPMorgan Chase's co-brand card portfolio had double-digit growth in revenue, outstandings and new cardmembers under Gillin, said Gordon Smith, the company's co-president and COO.</p><p>"She has deep P&amp;L and marketing experience, and is a highly respected people leader for the team," Lemkau said in a statement. "I'm excited to keep working with her in my new job to help grow the Wealth Management business."</p><p>JPMorgan Chase spends upwards of $5 billion in advertising per year. </p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/brand-investment-esports?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=advertising&amp;itm_campaign=brand-investment-esports"></a></p>

JPMorgan Chase has named the president of its co-brand credit cards business as its new CMO

It's not just you. LinkedIn has gotten really weird.

<ul class="summary-list"><li>Lule Demmissie is the president of <keyword id="9774321" type="UNKNOWN" weightage="60" keywordseo="ally-invest">Ally Invest</keyword>, a fintech innovator in the online brokerage and wealth management industry. </li><li>A major priority for Lule is playing a role in driving diversity, equity, and inclusion (DE&amp;I) in financial services; she believes fintechs have a unique opportunity to meaningfully expand DE&amp;I, from the make-up of their workforces to the products and services that reduce barriers to entry so regular folks can take part in investing. </li><li>Lule lives in Brooklyn, N.Y. with her wife and two children, commuting (pre-COVID) to Charlotte, N.C. during the week.</li><li>This is a recent day in her life.</li></ul><h2><strong>6:30 a.m. to 7:30 a.m.: I wake up and get ready for the day.</strong></h2><p><strong><div type="image" title="Lule Demmissie" height="3024" width="4032" msid="77594110" hostid="261"></div></strong></p><p>I wake up, stretch using a roller and ball, shower, dress, take my vitamins, and prep breakfast for myself and the kids. Breakfast and dinner are my zone – my amazing superhero wife (who is the commissioner of human rights for New York City) handles other household tasks. </p><p>After breakfast, our girls (ages 7 and 10) will spend time in our backyard or on the front stoop of our townhouse, or walk over to Prospect Park in Brooklyn for a social distancing playdate with friends and neighbors. </p><h2><strong>By 8 a.m., I get started on work.</strong></h2><p><strong><div type="image" title="Lule Demmissie" height="3024" width="4032" msid="77594122" hostid="261"></div></strong></p><p>The first call of the day is what we call our "pre-market" call with the team to ready ourselves for market open. It's a quick but efficient call that covers a range of topics from technology to service readiness for our customers. </p><p>As a self-directed and advisory fintech that is part of a digital bank, our goal is to facilitate a smooth trading and investing day, while also resolving system or customer issues that come up. It takes rigor and relentless attention for everyone on our team.</p><h2><strong>8:30 a.m.: </strong>I attend my daily "Stand Up" with our team's engineers and developers.</h2><p>Stand ups are a meeting structure born out of Lean/Agile practices that enables teams to iterate and move quickly. Lean/Agile is a digital approach that focuses on refining "how" we create, not just "what" we create for customers. It is a means of empowering teams while helping drive productive problem-solving. Yes, I love this stuff!</p><h2><strong>9 a.m.:</strong> I work through my inbox and respond to emails, and also catch up on social media.</h2><div type="image" title="Lule Demmissie." height="925" width="742" msid="77594129" hostid="261"></div><p>After browsing social media, I meditate briefly using my Headspace app to be mentally and emotionally centered for my day.  </p><h2><strong>9:30 a.m.: </strong>We kick off our Weekly Huddle with the core <keyword id="34454" type="ORGANIZATION" weightage="60" keywordseo="leadership">leadership</keyword>.</h2><p>The Weekly Huddle is forum for us to track initiative progress and business metrics, and discuss any new issues that need to be resolved. </p><p>The rest of the mid-morning is filled with a variety of meetings. Recently I've had meetings on brainstorming to adapt to an extended work-from-home model, addressing growth opportunities and challenges, and using customer behavior and feedback to address pain points in our products and services. </p><h2><strong>12 p.m.: I usually take calls through my midday lunch hour. </strong></h2><p><strong><div type="image" title="Lule Demmissie." height="2369" width="2302" msid="77594136" hostid="261"></div></strong></p><p>Most days I'll grab a piece of fruit, make a cup of tea, or drink a protein shake. If I have some time blocked off during my "lunch" hour, I listen to a brief snippet of a podcast or watch CNBC for market updates. My favorite podcasts include: FomoSapiens, Masters of Scale, Hello Monday, and Revisionist Historian. I'm a huge behavioral science and innovation insights enthusiast. I may also post something on social media during lunch if an interesting insight strikes me.</p><h2><strong>1:00 p.m. to 3:00 p.m.: </strong><strong>Coffee and Zoom </strong>with my colleagues </h2><p>Each week I meet with five to six folks from different parts of the organization to discuss the team's "life hacks" in this work-from-home environment. I also answer any questions they have on the state of the company. We wrap these hour-long Zoom sessions with more feedback on how their teams are doing in this environment.    </p><h2><strong>3:30 p.m.: Several days a week, </strong>I dedicate my late afternoon to improving our diversity and inclusion efforts<strong>. </strong></h2><p><strong><div type="image" title="Lule Demmissie." height="383" width="511" msid="77594137" hostid="261"></div></strong></p><p>Recently, I joined a <a href="https://www.thetreasury.com/newrules">Treasury Summit</a> virtual roundtable, where we discussed the need to have more diversity and representation in management teams of fintech companies.</p><p>I had the chance to <a href="https://www.youtube.com/watch?v=bnfb9NPmf0s">interview</a> Anna N'Jie-Konte of Dare to Dream Financial Planning about her practice and her clients who are typically millennial women of color, an underrepresented demographic in financial services. This interview was part of our <a href="https://www.youtube.com/playlist?list=PLj_NFvY7xsZmQI5Nw00ZqK7h7uLvsfkyK">Invest Digital Conference</a> for independent investors, a program with the goal to bring more Black and brown voices into investing.</p><p>I conduct regular mentorship video conference calls to give more unrepresented talent at our firm, and in our industry, insights and tips on navigating their <keyword id="6354910" type="UNKNOWN" weightage="60" keywordseo="careers">careers</keyword>.</p><h2><strong>6:30 p.m.: </strong>I log off work, and turn to family time.</h2><div type="image" title="Lule Demmissie." height="2274" width="3032" msid="77594142" hostid="261"></div><p>I'm the chef in the evenings, so I start cooking dinner. Each dish gets rated by my family as follows: </p><ol><li>"This is a nice change, Emama" aka "I could do without eating this dish again," or</li><li>"Emama, this dish is a keeper for the family restaurant menu" (the hypothetical "if we start a family restaurant" menu). </li></ol><p>Thank goodness one meal is always a favorite: Taco Tuesdays!</p><h2><strong>7 p.m.: </strong>Each evening, our entire block steps out to clap and ring our bells to show appreciation for <strong>essential workers</strong>.</h2><div type="image" title="Lule Demmissie." height="2268" width="3024" msid="77594144" hostid="261"></div><p>Typically, a few workers pass by and the entire neighborhood starts cheering even louder for them. We are blessed to live in a warm, friendly and diverse community. #BrooklynLove</p><h2><strong>8:00 p.m.: </strong>We make the most of family time with board games, talent shows, and family Zoom dates.</h2><p>I miss nice evenings out with my wife — ah, the COVID blues! Nowadays, we opt for socially distant summer drinks on our stoop with one or two neighborhood friends.</p><h2><strong>8:30 p.m. to 9 p.m.:</strong> Bedtime for kids.</h2><p>My wife and I usually stay up and chat, watch some TV, or read an audio book before calling it a night ourselves.</p><h2><strong>We make sure to prioritize family time on the weekends.</strong></h2><p><strong><div type="image" title="Lule Demmissie" height="2274" width="3032" msid="77594146" hostid="261"></div></strong></p><p>Recently on the weekend, we hosted a family friend's seven-person "social distanced wedding" on our stoop. Our kids were the flower girls and ring bearers. It was great to still be able to celebrate love in the time of COVID, even in this unique nontraditional way.</p><p><em>As president of Ally Invest, Lule Demmissie is responsible for Ally Invest Securities, Ally Invest Advisors, and API business lines. This includes the products and services delivered to Ally's all-digital client base; the shaping of the end-to-end client experience; and the management of the P&amp;L and growth <keyword id="6363690" type="UNKNOWN" weightage="100" keywordseo="Strategy">strategy</keyword> for the business. </em></p><p><em>She is an advocate for empowering everyone to take control of their financial futures. As a financial executive with a range of intersectional identities, Lule is committed to cultivating a culture with diverse perspectives and talents. Follow her on <a href="https://twitter.com/luledemmissie">Twitter</a>.</em></p>

Inside the daily routine of a fintech executive who spends her days championing diversity in the world of investing — and balances all of it with spending time with her wife and kids

<p class="source"><span>Marlette Funding</span></p><p class="caption">Andrew Deringer, chief capital officer of Marlette Funding</p><ul class="summary-list"><li>Marlette Funding, the fintech behind the Best Egg personal lending platform, just hired away rival LendingClub's head of institutional sales, Andrew Deringer, to be its first chief capital officer.</li><li>As CCO, Deringer be tasked with attracting more institutional investors as Marlette launches new consumer products like credit cards.</li><li>"In the context of this fintech space, we're heavy on the fin side," said said Jeffrey Meiler, founder and chief executive of Marlette Funding. Much of Meiler's team came from Barclays' credit card business, where he was for eight years.</li><li>"One of the things that I really liked about Marlette was how it was run like a credit organization," Deringer said. "Like a financial institution simply using technology to deliver products and services."</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summarymarymary">Click here for more BI Prime stories</a>.</li></ul><p>Marlette Funding, the fintech behind the Best Egg personal lending platform, just hired away LendingClub's head of institutional sales.</p><p>Andrew Deringer will take on the newly created role of chief capital officer at Marlette. And the online lender has ambitious plans - execs told us that it wants to roll out structured products made up of loans to offer to the investor side of the equation, as well as a credit card to offer to borrowers.</p><p>If some of that sounds familiar, it's because rival LendingClub has had a heavy focus recently on bulking up structured products to lure more big investors to its own loan marketplace. </p><p>Lending Club has<a href="https://www.businessinsider.com/valerie-kay-chief-capital-officer-lending-club-marketplace-lender-model-2019-12"> launched a trading platform to appeal to institutional investors</a>, and said in its third-quarter earnings that it hopes to return to profitability (on an adjusted basis, at least) for the second half of this year. LendingClub's current chief capital officer, Valerie Kay, <a href="https://www.businessinsider.com/valerie-kay-chief-capital-officer-lending-club-marketplace-lender-model-2019-12">spent 20 years at Morgan Stanley</a> where, among other roles, she headed up the group that structured mortgage-backed securities and other products as the financial crisis hit.</p><p>Deringer had been at LendingClub during some tough times for the company and the broader peer-to-peer lending industry. In 2016, the institutional investor side of its lending platform was spooked following the departure of LendingClub's chief executive and a Justice Department investigation into altered loans. </p><p>"They lost initially all their bank partners after Mother's Day. By October of 2016, they're all back," said Jeffrey Meiler, founder and CEO of Marlette Funding. Meiler himself approached Deringer, who helped LendingClub win back those partners, for the Marlette job.</p><p>Marlette's C-suite is packed with financial services veterans. Meiler, Jason Swift (chief operating officer), and Bobby Riotterbeck (chief marketing officer) all spent time in the Barclays credit card business. Marlette's finance chief, Mark Elbaum, was CFO of Bank of America's Merrill Lynch wealth management business. </p><p>"In the context of this fintech space, we're heavy on the fin side," said Meiler.</p><p>Before he joined LendingClub, Deringer was an investment banker at Morgan Stanley. He said that he was drawn more to the credit side of Marlette than the tech aspect.</p><p>"One of the things that I really liked about Marlette was how it was run like a credit organization," Deringer told us. "Like a financial institution simply using technology to deliver products and services."</p><h2><strong>Reviving plans for new products</strong></h2><p>As CCO, Deringer be tasked with attracting more institutional investors to fund Meiler's ambitions to launch new consumer products, including a credit card.</p><p>"We have focused on prime unsecured personal loans. In the next five years we see a business that is a broader platform that has other products that need to be funded," said Meiler.  The next few years could involve M&amp;A or raising equity, Meiler said. </p><p>In early 2017, Marlette shelved its ambitions to launch a credit card after <a href="https://www.wsj.com/articles/online-lender-marlette-cuts-staff-in-push-for-profitability-1489590800">it cut around 20% of its staff</a>. At the time, Marlette was growing fast, but hadn't turned a profit.</p><p>The third quarter this year marked Marlette's 10th consecutive quarter of profitability, and it's issued $10 billion loans to date, Meiler said. Now, the lender has revived its plans to offer consumers more than unsecured personal loans.</p><p>"We spent an enormous amount of time over the first five years getting to know our customer base," said Sabrina Basht, chief strategy officer at Marlette. She said the company would be introducing a secured product "in fairly short order" and bring a credit card to market towards the end of the year. Marlette is also exploring products to help customers save money and improve their credit.</p><p>"When you expand products that you offer to customers, you need different sources of capital," said Deringer. "You start to think about expanding the risk appetite of our investor base to the non-bank capital out there that's searching for yield, which allows you to go further on the risk spectrum as well."</p><p>In that respect, Marlette is exploring offering multiple tranches of its pool of loans to meet different investors' risk appetites, Meiler said.  </p><p>"We don't aspire to be the Baskin-Robbins of the industry with 42 different flavors, but we're talking about two or three different pools to bring to the marketplace," said Meiler.</p><p>The investor side is where Deringer will leverage his LendingClub experience, Meiler said. Since banks may have lower risk appetites than other institutional investors, Deringer sees an opportunity to offer more than one way to invest.</p><p>"You don't have to divide the segment in a bunch of different pieces, but I think that there's definitely an opportunity to divide it up into more than one," Deringer said.</p><h2><strong>Trouble for peer-to-peer lending</strong></h2><p>Whereas peer-to-peer lenders like LendingClub and <a href="https://www.businessinsider.com/online-lender-prosper-has-held-talks-to-seek-out-potential-buyers-2019-11">Prosper</a> see themselves as marketplaces bringing investors and borrowers together, Marlette says it does not view itself that way. To be sure, there are still two sides to the Marlette platform: the investor side that provides cash and the borrower side that needs it. </p><p>"For them, job one was balancing the supply and demand for loans," Meiler said. For the P2P players, one method to balance borrower supply with investor demand would be to cut rates or soften underwriting standards, he said.</p><p>But for Marlette, credit performance and hitting a target loss coverage ratio (the relationship between interest rates and losses) were the priorities, Meiler said.</p><p>"That consistent credit performance attracted investors and enabled better economics than our competitors," he said. "We started, just philosophically, in a different place that led to a different result."</p><p>"You have to operate in the credit space in a very different way. You can't just grow for growth's sake," said Deringer. "Otherwise, you start to sacrifice credit and your P&amp;L is going to suffer and your investor returns are going to suffer."</p><p><a href="https://www.businessinsider.com/what-is-peer-to-peer-p2p-lending-2013-8">Peer-to-peer lending</a> sprang up during the financial crisis, offering consumers alternatives to costly credit card debt. But the industry went through a bit of a crisis in 2016. </p><p>LendingClub was in the middle of its C-suite shake up and a DoJ investigation that it <a href="https://www.justice.gov/usao-ndca/pr/lending-club-agrees-pay-2-million-penalty-resolve-investigation-its-lending-practices">settled in 2018</a>. Prosper Marketplace was under investigation from the SEC, looking into whether it misrepresented returns to investors. <a href="https://www.sec.gov/news/press-release/2019-58">It settled without admitting wrongdoing in April</a>.</p><p>Prosper is now seeking a buyer, <a href="https://www.businessinsider.com/online-lender-prosper-has-held-talks-to-seek-out-potential-buyers-2019-11">Business Insider</a> has reported.</p><p>"Over time, I don't think you will hear as often competitors talking about themselves as a marketplace," said Meiler.</p><p>To be sure, Marlette will still roll out new products on the investor side of the platform. This year, it launched a similar securitized product to LendingClub's CLUB certificates called MAPT. And LendingClub still considers itself a marketplace, <a href="https://www.businessinsider.com/valerie-kay-chief-capital-officer-lending-club-marketplace-lender-model-2019-12">its CCO Kay told Business Insider</a>, even if it's growing more with institutional rather than consumer investors.</p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/bill-gates-warren-buffett-billionaires-donate-money-2017-10">On Giving Tuesday, see how Bill Gates and Warren Buffett are changing the world like no other humans in history</a></h3>

Marlette Funding, the fintech behind the Best Egg personal lender, just hired away rival LendingClub's head of institutional sales. Now, it's dusting off old plans to launch a credit card.

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>KYODO Kyodo / Reuters</span></p><p class="caption">It's a "well-known political dynamic."</p></div><p></p></div></div></span></p><p><span>An expert witness in the dispute between Goldman Sachs and Libya's sovereign wealth fund described how salespeople and traders compete within banks to claim profits and boost their bonuses.</span></p><p><span>Nasir Afaf, testifying for the Libyan Investment Authority, said in a statement there was a "well-known political dynamic" between client-facing sales and internal trading in investment banks, which could have encouraged Goldman Sachs employees to price derivatives transactions unfairly.</span></p><p><span><span>The LIA was set up in 2006 to invest Libya's oil wealth internationally. The organisation claims Goldman Sachs took advantage of the low level of financial literacy of LIA staff and suggested large and risky trades that led to heavy losses for it and profits for the bank.</span></span></p><p>The Libyan Investment Authority is claiming it lost more than $1 billion (£750 million) on nine trades executed by Goldman Sachs in 2008 on banks such as Citigroup and UniCredit, as well as the French company EDF.</p><p>The bank made more than $200 million in profit on the trades, according to calculations made by Afaf. Goldman Sachs, and its own expert witness, Will Lyons, claim this figure is wrong. <span>Goldman Sachs has said it would defend against the claims "vigorously," calling them "without merit" when the case started.</span></p><p><span>There are three levels to pricing a structured equity derivative for a client, which is the type of trade carried out by Goldman for the LIA. </span></p><p><span>First, the so-called midmarket price is derived by the bank's own pricing models. On top of that, the trading team adds a "walkaway," which includes adjustments to the model and an assessment by the trading desk of how risky the trade is to the bank and how costly that risk would be to hedge. Finally, the sales team adds a markup and takes the final price to the client.</span></p><p><span>While the traders get to keep a bigger share of the profits generated in the walkaway, the client-facing salespeople get to hold on to more of the mark-up, creating a tension in how the transaction is priced for the client, according to Afaf, a former foreign exchange derivatives trader at ING and Commerzbank. </span></p><p><span>Here's a diagram of this pricing dynamic that appeared in Afaf's witness statement, provided to the court:</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Nasir Afaf</span></p></div><p></p></div></div></span></p><p><span>In a nutshell, traders seek to build profits in to the walkaway, or trade execution, part of the price, and keep the markup to a minimum, while salespeople try to do the opposite and boost the markup at the expense of the walkaway, Afaf said.</span></p><p><span>"<span>In my experience, a considerable amount of management time is spent addressing disputes that arise between traders and sales relating to the level of profit within a walkaway price," Afaf </span></span><span style="line-height: 1.5em;">said in the witness statement.</span></p><p><span><span>"This in turn may have a direct impact upon the bonuses awarded to members of the trading and sales teams. In particular, the sales and trading teams, although subunits of the same business, can often view themselves as competing for the allocation of the profit generated by the business,</span>" Afaf said. </span></p><p><span>"<span>Thus, the trading desk will seek to increase the walkaway price to incorporate as much profit as possible, with the consequence that the mark-up will be reduced, to the detriment of the sales team," he said.</span></span></p><p>The impact of this struggle between the two investment banking departments has a limited effect on the final price, according to statements made by <span>Will Lyons, a former head of equity derivatives trading at Santander, and expert witness for Goldman Sachs. Lyons said the tension can help keep both parties honest.</span></p><p><span>"Although there is a potential for conflict, and traders might seek to add PL into their walkaway price, t</span><span>his does not happen on a well-run, professional </span><span>equity derivatives desk," Lyons said. "It is the role of senior trading management to ensure </span><span>that traders quote a true walkaway price. There is also a healthy tension between sales and trading which reinforces this."</span></p><p><span>In total, Goldman Sachs salespeople added a markup of</span><span> $130 million to the disputed trades with the Libyan fund</span><span>, which was 2.5% of the notional deal value. Lyons said this "falls </span><span>within the range that I would consider reasonable for trades of this size and </span><span>risk."</span></p><p><span>The court heard earlier this month how </span>the bank encouraged former salesman Youssef Kabaj to develop close ties with Libyan fund.</p><p><span>The LIA's barrister, Phillip Edey QC read out excerpts of emails </span><span>from former Goldman Sachs Partner Driss Ben-Brahim to Kabbaj, that said: </span>"Stay super-close to the client on a daily basis. Teach them, train them, dine them. You need to own this client, it's a once in a career opportunity."</p><p>Goldman Sachs became close to the LIA after Kabbaj was embedded within the organisation in 2007. Kabbaj befriended Haitem Zarti, the younger brother of a senior LIA official.</p><p>Zarti was taken on holiday to Morocco and to a conference in Dubai, where Kabbaj allegedly paid for business-class flights and five-star hotel rooms and, according to the LIA lawyers, procured prostitutes for them both. 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Judge at Goldman Sachs trial hears expert testify on how insiders fight for bonuses

Her paternal grandmother, Kokilaben, stood by husband Dhirubhai but never joined him as he redefined the boundaries of Indian entrepreneurship. Her father’s sisters, or her aunts, were married early into business houses, with little discussion about joining the business: Dipti into the Salgaocar family and Nina into the Kothari family. Her mother, Nita, broke the mould somewhat and has done a fair bit on the business end of the group. But Isha Ambani, 22, is poised to redraw the family-business construct for Reliance women scions.<br />
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Last week, ET reported the only daughter of Reliance Industries owner Mukesh Ambani had joined global consultancy McKinsey in the US. Isha, a Yale graduate in psychology and South Asian studies, had joined her father at the Reliance annual general meeting in Mumbai last year. While the company declined comment, corporate observers say the McKinsey stint is probably a stepping stone to larger things in the family business empire.<br />
<br /> Across India Inc, more and more women scions can be seen at the frontline of their family business. There are some who have made a mark: like Nisa <keyword id="6369697" type="COMPANY" weightage="40" keywordseo="Godrej">Godrej</keyword> and Tanya Dubash at the Godrej Group. There are some who are asserting themselves: like Radhika Piramal, the 34-year-old, Harvard-educated managing director of VIP Industries.<br />
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And there’s a new lot stepping in: like 30-year-old Gursimran Mann, managing director of Simbhaoli Sugars, and the first woman in four generations of the family to play a hands-on role in its business. According to business historian Gita Piramal, who is also the mother of Radhika Piramal, 20 years ago, she predicted it would take two generations before Indian women in the family business became the done thing. “I find it has taken one generation to do so,” she says.<br />
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<strong>Three Pivots Of Change</strong><br />
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“It is a belated effect of what is happening in society,” says Ashvini Chopra, MD &amp; CEO of Universal Trustees, a firm that helps business families in succession planning. When it comes to women in business, this change pivots around three aspects.<br />
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The first is education. “Parents who would typically give professional education, including overseas exposure, only to their sons are now also encouraging daughters,” says Prabir Jha, chief HR officer, Reliance Group, speaking in general and not in reference to the Ambani family. “Their entry into business responsibilities is then a logical corollary.”<br />
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Secondly, family size is shrinking. Joint families are becoming nuclear, resulting in a fall in the number of male heirs. “In many families it’s a father and son and daughter like situation. And daughters are the heir apparent,” says Kavil Ramachandran, Thomas Schmidheiny Chair professor of family business and wealth management at Indian School of Business. “Also many families are realising that girls are as good as, or better than, boys in performance.”<br />
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For some like Sulajja Firodia Motwani, vice-chairperson of Kinetic Engineering, all this was a given. “A combination of a good atmosphere at home, freedom to do what we wanted and treating daughters like sons encouraged me to get into the family business,” she says. While she feels this is how it should be, Piramal says it’s still not the case in all families and inequalities manifest themselves in many forms. “We are only half way there,” she says. “There are several prominent business families where daughters are not at the forefront of handling businesses in terms of true equality.”<br />
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That leads to the third pivot of change: an amendment in the Hindu Succession (Amendment) Act, in 2005, which removed gender discrimination in inheritance in Hindu joint families. Previously, only the male line, down to the great-grandson, had inheritance rights. The amendment gives women an equal share in the family business. “Even women married before 1994 can come back and claim equal rights into the family business as well as inherited assets,” says Sameer Tapia, senior partner at ALMT Legal.<br />
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	But the exciting, radical change is happening in operations, and Tapia offers some sense of its magnitude. “We have at least 40 per cent family-business clients where women are playing an active role in the family business, and are part of crucial strategy or execution teams.” And many, like the four women profiled here, are leaving an imprint.<br />
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<strong>Through the Ranks</strong><br />
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Unlike many, if not most, women scions in India, Lakshmi Venu had a point of reference on the gender question. Her mother, Mallika Srinivasan, is the chairperson and chief executive of tractor company Tractors and Farm Equipment Limited. But Lakshmi, 31, gravitated towards the businesses managed by her father, Venu Srinivasan—auto-component company Sundaram-Clayton and two-wheeler firm TVS Motor. In 2010, Lakshmi was inducted as director-strategy and whole-time director of Sundaram-Clayton. In May 2011, she was also made vice-president in charge of global business strategy at Sundaram-Clayton.<br />
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It capped close to a decade of her involvement with the family business. Back in 2003, Lakshmi joined as a management trainee in Sundaram Auto Components. She also did stints in business strategy, design, corporate affairs, and sales and marketing at TVS Motor. Lakshmi declined comment for this profile.<br />
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But senior auto industry professional RL Ravichandran, who has worked in a senior position in TVS Motors, says Lakshmi was interested in the business from early on. Even with her impeccable academic qualifications, he adds, she earned her way through various roles. “(It’s why)…there was no resistance from employees when she was inducted on to the board.”<br />
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Speaking on the condition of anonymity, a senior TVS manager who interacts with Lakshmi describes her as “level-headed” and “business-like”. She currently manages the entire component business, which includes die cast, rubber, plastics and seats. “She is handling the business well and it is showing results,” he adds. Unlike Lakshmi, brother Sudarshan Venu, 24, had an easier entry into Sundaram-Clayton, joining its board in 2011.<br />
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According to VG Ramakrishnan, managing director of Frost &amp; Sullivan, a consultancy, it’s a good sign when scions spend time in the business rather than being parachuted into it. “Children are being groomed to take over executive roles and responsibilities right from the beginning as part of effective succession planning,” he says. “It shows the progressive nature of these companies.”<br />
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<p> In 2011, Lakshmi married Rohan Murty, son of <keyword id="6354512" type="CITY" weightage="40" keywordseo="Infosys">Infosys</keyword> co-founder Narayana Murthy. Her lineage aside, she is seen as a leader in her own right. Anil Singhvi, founder and director of Institutional Investor Advisory Services, a proxy shareholder advisory firm, has been baying against the tendency of business families to induct women scions into the board simply to meet the new rule of minimum women representation. But for Lakshmi, he says: “She is competent to take the business forward.”<br />
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When a 21-year-old Bhairavi Jani returned from the US in 2000, after a year of working as a supply-chain consultant in KPMG’s Washington DC office, she battled two stereotypes as she tried to make her mark in the male-dominated Indian logistics business industry: gender and age. “There were people who did not want to work with me, who thought I was probably amusing myself for a few years before being married off,” she says. “And then there were customers, even MNCs, who refused to give business to a young woman, who they were sure would fail miserably at logistics planning.”<br />
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Her father had thrown her into the deep end, and told Jani to learn to swim. Instead of making her a part of Blue Dart, his flagship before he sold it to DHL in 2004, Tushar Jani stumped his elder daughter by asking her to set up her own venture. “His view was that people from family-owned businesses tend to take things for granted,” says Jani, now 34. “Going through the pain of setting up a venture would teach me two things: never be afraid to take risks and value what it takes to sustain a business.”<br />
<br /> So, Jani set up i3pl, to provide end-to-end logistics services to corporate clients. After initially struggling for business, i3pl obtained its first client in M&amp;M, and subsequently signed up British Petroleum, Sara Lee and <keyword id="60299" type="CITY" weightage="40" keywordseo="Walt-Disney">Walt Disney</keyword>, among others. Jani roped in partners in 2003 and, in a planned exit, sold out to them in 2005.<br />
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That same year, Jani assumed the role of group director for the SCA Group, which has four verticals: warehousing, supply chain technology, cargo handling and freight forwarding, and shipping, respectively. At present, she provides strategic and operational guidance, operating as a link between the board and professionals; she also directs new projects and is in charge of joint ventures and alliances.<br />
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Jani set up the warehousing vertical, via a company called Transmart India, in 2007. Percy Dhunjisha, a former CFO of Blue Dart Express and a person who had worked closely with her father, was her mentor there. He describes her as a searching and questioning manager. “Bhairavi’s management style is, forethought is better than afterthought,” he says. “She does not accept things as they are presented, but will often probe enough with questions to determine whether there is an alternate way of doing things and whether the same has been considered before arriving at the solution presented.”<br />
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At SCA, she has her father’s backing. “Daughters are as astute and sharp in financial management, balance sheet and P&amp;L [profit and loss] accounting, says Tushar Jani. “I have always believed in that. Therefore, Bhairavi has always been given full charge of our projects and companies, including P&amp;L responsibility. And like any CEO, she has been answerable to the board.”<br />
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	Gender and age still come up in conversations, though. Even today, there are few women in the logistics industry, and Jani still has to face issues of equality with male colleagues and work-life balance. “But I am confident that women in leadership roles in business will pick up sharply,” she concludes.<br />
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Set up in 1933, Simbhaoli Sugars has seen four generations of the Mann family nurture it. But in that journey, women from the family, though present as shareholders and promoter-directors, were conspicuously absent on the frontline. Gursimran Mann, belonging to the fourth generation, changed that.<br />
<br /> In 2005, just 21 and out of college, she joined Simbhaoli— a business with inert appeal to the young and a workforce in which women made up less than 1%. In doing so, she was turning her back on options available to her like consulting and investment banking. She even considered joining a consumer products or an agri-trading company, having done internships with Nestle, <keyword id="76102" type="COMPANY" weightage="40" keywordseo="Cargill">Cargill</keyword> and ED&amp;F Man.<br />
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“It was my decision,” says Mann. She grew up in the Simbhaoli factory compound, in rural Uttar Pradesh, listening to conversations about the business and watching sugar being made. “This background, combined with my training in economics, made me realise the opportunity that existed for me to help grow the business further.” The only child, she did not immediately start reporting to her father and chairman Gurmit Mann. Joining as a trainee, Mann worked in various departments—factory, farm operations and trading —reporting to different people.<br />
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“My promotions were not on auto mode,” she says. After completing her MBA from London Business School, Mann became an executive director in 2012 and managing director in July 2013. At Simbhaoli, she counts among her achievements increasing asset utilisation, partnering with global sugar trading company ED&amp;F Man, setting up sugar refinery on the Gujarat coast to tap the import-export play, reducing the cyclical nature of the sugar business by pushing the power and the alcohol business, building a consulting vertical that advises other companies on all things sugar, and raising new capital from private equity. “She has taken the challenge to professionalise the business,” says Devin Narang, India MD of Singapore-based PE fund Sindicatum, which has invested in the company.<br />
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	For Mann, it’s all in a day’s work. “There is an overall social and cultural change, leading to a change in mindset among business families regarding acceptance of daughters to take charge,” she says.<br />
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The middle of three daughters, Arathi Krishna was the first women in her family to join the business, in 1989, when she was just 20. “I had an easy transition into the company,” says Krishna, now joint managing director of auto-component major Sundram Fasteners. “I was easily accepted by employees.” Acceptance from the industry has followed. The 45-year-old spearheads the Rs 2,651 crore company’s domestic business.<br />
<br /> “This is a logical succession,” says Sonu Iyer, partner &amp; diversity and inclusiveness leader, <keyword id="151258" type="CITY" weightage="40" keywordseo="Ernst-Young-India">Ernst &amp; Young India</keyword>, a consultancy. “The daughters [younger sister Arundathi is in charge of overseas operations and business development] have grown up in an entrepreneurial set up, and it’s only natural for them to be entrepreneurs and also do it better.”<br />
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According to Arathi, her parents gave her an environment to flourish and the freedom to choose. “There was no difference between a son or a daughter,” she says. “My parents are very progressive, willing to take risks and pushed us to pursue our interests. But they never pushed us into the business.” Arathi did an MBA from the US. She stayed on, first to work in automotive strategy with a consulting company and then with Sundram Fasteners for five years. “I knew I would, at some point, come back and join the business,” she says.<br />
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“So, I took up jobs in the US that were related to the business. I wanted to make myself worthy when I came back to join the business.” Arathi returned to India in 2006, and became joint MD in 2011. Arathi counts among her achievements making the workforce at Sundram Fastners younger, and the work culture more performance-based and technology oriented. Around 2005, the average age of the Sundram workforce was 40 years; it’s now down to 35 years.<br />
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In her earlier years, at industry meets, Arathi would feel out of sorts in what was essentially a man’s world. “But then, I felt it was tougher to work in a Japanese or a Korean company,” she says. At present, 10% of Sundram’s workforce is made of women. “We have always believed in equality at the workplace. We are promoting more women to join the manufacturing ranks in the company.”

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