For over 16 years, Dr. Katharina Seiler has been with DWS and responsible as a Senior Fund Manager for various equity strategies. Among other responsibilities, she manages the DWS Invest ESG Women for Women with 12 female colleagues. She studied Finance in Khabarovsk (Russia) and Business Administration at the University of Bremen, where she also earned her doctorate on quantitative models. This makes her one of the few women in our industry specializing in quantitative finance. Since the beginning of 2024, she has been a board member at Fondsfrauen, advocating for female finance and social cohesion. In this interview, we discuss the DWS Invest ESG Women for Women equity fund and its impact on the company. In another interview, we explore how to attract young women to finance. different interview geht es darum, wie wir junge Frauen für das Thema Finanzen gewinnen können.
Katharina, you and your colleagues initiated the DWS Invest ESG Women for Women fund. How did you engage your colleagues to participate in this fund?
I personally asked each woman on our equities platform if they wanted to join the Women for Women fund management team. Fortunately, they all said yes. We then conducted a survey among mothers, friends, and sisters to find out if they were already investing in stocks or equity funds. Shockingly, the stock ownership rate was almost zero. This strengthened our resolve to do the right thing with the fund: we want to wake women up and tell them, "Invest!"
And how did you convince your then-boss that this was a viable business case that could make money?
A study revealed that women in Germany and Austria alone could invest more than 40 billion euros but aren't doing so, even though it is known to be sensible for retirement planning to invest long-term in stocks or equity funds. If we can encourage more women to transition from saving to investing and mobilize at least some of this money, it represents a promising potential for asset managers.
And then?
I requested a meeting with our then-CEO, Asoka Wöhrmann. Shortly after, we presented our concept, and ten months later, we launched the fund. During this period, we also developed our Social Commitment Score to filter companies excelling in social factors like equal opportunities and flexible work environments.
You even received seed money... It must be a solid business case!
It’s not unusual for new funds to be supported with start-up capital initially, but we were, of course, very pleased.
What’s the next big thing?
We want to expand offerings for women further. With the DWS Invest ESG Women for Women, we have a product available through traditional distribution channels. But we are also considering new ways to reach more women and support them better on their journey from savers to investors. We want to know where women consume content. We engage in many conversations and exchanges.
Regarding the fund, we focus on performance and dialogue with the companies we invest in. Our Social Commitment Score helps us evaluate companies on social criteria and identify areas for improvement. This way, we can make a difference, which is a great privilege for us as fund managers.
Does this reflect back on DWS?
Absolutely! We have started a wave. Without the fund, women at DWS probably wouldn't have worked together so closely. We are better networked than ever and learn a lot from each other. We have created a kind of think tank aimed at advancing our business. I believe the noticeably positive atmosphere drives the company forward and is also evident externally.
What is the external impact?
We now have various women's events on the sales side and in HR for talent acquisition, which are very well received. We network much more now, also across companies, for example through Fondsfrauen. There is also a lively exchange with female fund managers from other asset managers, such as Deka, Union Investment, and AGI. We meet about once a quarter to exchange ideas and involve each other as panel speakers.
What topics do you discuss?
It varies. Fun is definitely part of it. We sometimes bet on the best stock ideas. In fund management, the topics can be different than in marketing. But among women, these conversations are very open. Many of us – myself included – have also become more visible on LinkedIn. This makes young talents aware of us, and they contact us directly.
How do young women approach you?
Some apply proactively and feel less uncertain when they see other women involved. I am part of a team that selects young talents. I make sure that women feel supported during job interviews.
What advice would you give to women in the finance industry?
Come together, brainstorm openly, and create ideas! When we don't feel alone, we are often more motivated. And motivated employees are the best guarantee for progress, innovation, and the sustainable success of companies.
Thank you for this motivational boost, Katharina!
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.