Broadening horizons

A division of State Street, one of the US’s oldest banks and a global success story in the field of investment management, SSGA can also boast an enduring and highly successful relationship with Ireland. State Street is, according to IDA Ireland, the largest international financial services employer in the country and its number-one custodian.

Constant vigilance

Eight years on from Fearless Girl, a cold wind may be blowing through diversity and inclusion initiatives in the US but it isn’t going to change priorities for SSGA in Ireland, head of EMEA operations, Ann Prendergast FCCA, says. ‘Diversity is absolutely key to us in terms of how we drive our business. While we would hope that, one day, it’s something we won’t have to think about, it is also something we have to be constantly vigilant about, because it is important and does make a difference.’

Diversity in her role is, she adds, something with marketplace as well as personnel focus. ‘EMEA represents a multitude of cultures, languages and expectations, with a lot of different client types within that. Over the last number of years, for example, the Middle East has become much more significant from our point of view, and there is huge diversity within the region itself.’

Inclusive, empowering

Joining SSGA in 2000 as a relationship manager, Prendergast sees in that entry position the foundations of her later success. ‘What I found from the start was that I really enjoyed talking to clients and understanding what they were experiencing. I came on board just before the dotcom bubble burst, a period when some were struggling with the performance of their portfolios and which led to me being part of some really interesting conversations.’

Since then, she says, ‘my clients have always been my number-one priority. It’s important to me that I understand their challenges so that we can find ways to address them.’

Appointed to her current role in 2023, from where she heads a team of around 500, Prendergast reflects that her approach to leadership has evolved. ‘In your first roles, there’s often a sense of “player-manager”, where you’re part of the team and doing the work with them. That evolves as you manage more senior people who need less direction. What I would say is that I’m inclusive, and I empower my team to bring their best skills to work. And, actually, I love the idea of people with different skills and different thoughts who can bring something else to the equation.’

Equipped for opportunity

One of a family of 10 children and growing up in rural Co Mayo, Prendergast was the first in her family to go to college, pursuing business studies at the University of Limerick. She recalls her interest in accounting evolving early; as a teenager, she would help in preparing the family farm accounts. ‘Now, our accountant would probably say my help was limited, but I certainly got the feeling for the subject!’ she laughs.

University led to a role with Bank of Ireland where, with the Celtic Tiger roaring, further study probably wasn’t essential. However, ‘through stubbornness, or whatever else, I figured I had always wanted to give accountancy a go and so I studied ACCA by night. It was a time of huge opportunity in Ireland, but it was also important to make sure you were equipped to take those opportunities.’

The choice proved farsighted. ‘Fund administration, the pricing of a fund and the whole area of fund accounting makes an accountancy background really valuable,’ Prendergast says. ‘ACCA has also given me exposure to other areas that I might not otherwise have had.’

Future facing

Looking to the future, Prendergast sees competition and change on the horizon, but nothing to be daunted by. ‘Looking at the Middle East, for example, some of our competitors are increasingly placing themselves there because they see opportunity. We’ve been there for 30 years and are extremely well positioned, thanks to our scale and the global nature of our business.’

She’s equally positive on Ireland and the EU’s future as a financial services hub, even as the continent faces difficult questions on stalling growth and the new political direction of the US. ‘We know that the EU is taking the question of how to bolster our capital markets seriously. Europe has also been an innovator over the years, in areas such as UCITS (undertakings for collective investment in transferable securities), which is a very strong brand internationally. It’s also important to remember the clients we have in Europe invest globally, because diversification is really important in investment portfolios.’

Looking at her own career, Prendergast says that it will continue to be driven by an approach that has served her well to date.  ‘As I’ve progressed through different roles, I think the defining factor has been curiosity – about what other people are doing, about what clients are thinking, about the industry generally.’

It’s also the kernel of any career advice she would give to others. ‘I think that, when we’re starting out, we’re often overly focused on trying to prove ourselves,’ she says. ‘What can matter more is broadening your understanding, because that is the key to increasing the number of opportunities available to you.’