"My goal is for a man taking parental leave and a woman in leadership to be seen as completely normal."

Carola Schroeder has been Managing Director of Union Investment Privatfonds GmbH since February 2024, overseeing the portfolio management of Union Investment. She is also Managing Director of Union Investment Institutional GmbH. Since the beginning of 2025, she has supported our Fondsfrauen community as a member of the advisory board, and we spoke with her about her career path and whether or how women lead differently than men.

Carola, you lead the portfolio management at Union Investment. What are your areas of responsibility, and what is the current situation regarding female employees there?
At Union Investment, I am responsible for all liquid asset classes - that means equities, fixed income, and multi-asset, in other words, everything except real estate and alternative investments. Around 300 people work in this team. At the moment, out of nearly 40 management positions in portfolio management, four are held by women - there’s room for improvement. For me, it’s important to take a long-term view when it comes to HR strategy. The next working generation will be significantly smaller than the current one. As a consequence, we cannot afford to exclude any population group if we want to continue attracting the best talent with the same standards of quality. We therefore need more women in the overall workforce to have more women in leadership in the future.

If a flower doesn’t bloom, you don’t change the flower - you change the environment. So focusing solely on the promotion of women is the wrong approach here.

What does a typical workday look like for you?
The great thing is that there really is no such thing as a typical working day - the capital markets constantly bring surprises, and things are always in motion. I start the day prepared for it to turn out very differently than I expected.

How and with whom do you network externally?
I actively participate in several women’s networks, such as Fondsfrauen and Ladies in Finance. In general, I network within the industry with other asset managers, brokers, banks, and service providers to stay up to date on current topics. I also find that external, non-industry input can often be helpful.

Previously, you served on the board of Barmenia, where you were responsible for investments, among other things, and you held several other leadership roles in asset management. What have you taken from those experiences into your current role?
A lot! After all, the market is the same for everyone. The differences lie mainly in the processes.

Is asset management essentially the same everywhere, or do the systems and tools differ?
Basically, there’s a distinction between active and passive management - we at Union Investment have clearly positioned ourselves as an active asset manager. Some tools are the same everywhere, like Bloomberg Port. Other systems, like trading and order systems, may be similar, but it’s the internally developed systems that make the difference.

Would you share a bit about your personal life? Where did you grow up, and what are your hobbies?
I was born in Nuremberg and grew up near Munich. I studied mathematics with a minor in insurance economics in Munich. After university, I always lived wherever my job took me - Munich, Cologne, and then Stuttgart. I now live there with my partner and commute for work. I also have a small two-room apartment in Frankfurt.

What are your hobbies?
I love reading, especially crime novels and serial killer stories. I also enjoy spending time outdoors - sometimes my own garden is enough. I don’t always make time for sports, but one week of skiing per year is a must. And I like doing handiwork - you’ll often find me laying laminate or parquet flooring or doing other tasks that a woman can definitely handle herself.

You joined the Fondsfrauen advisory board this year - we’re thrilled! What inspired you to get involved?
I want to help create a good environment for women in positions of responsibility. In all of my roles, I’ve usually been one of the only women - at conferences, in committees, and so on. It was often “Ms. Schroeder, gentlemen!” At Barmenia, for instance, I was the first and only woman on the executive board. That’s unfortunate, because I see so many talented, intelligent women. I want to be a role model for them. I think it’s extremely important that we not only theorize about this but lead by example and show that women are capable. I’ve encountered many surprising things in my career, which shows me there is still a great need for action. My goal is for a man taking parental leave and a woman in leadership to be seen as completely normal.

What’s your go-to approach in difficult or inappropriate conversations?
First of all, I tell myself internally: “facial muscles in neutral position.”

My recommendation is to not lose your sense of humor in those situations - in the spirit of “every time someone laughs, somewhere a problem dies.”

In general, I love to laugh - I can’t stop wrinkles from coming, but I can make sure they’re laugh lines.

At Barmenia, you were also responsible for HR. Did you work on increasing diversity there as well?
Barmenia was one of the industry pioneers in terms of sustainability and diversity. In HR, I helped drive the transformation toward leadership being less about power and more about putting people in a good mood, so they can perform at their best. When people feel fear or stress, the brain switches into fight-or-flight mode - and that’s no space for creativity. So my guiding principle was: anyone who chooses leadership must treat it as a profession.

For example, I enabled two young mothers to share a department head position through a shared leadership model. I believe three things are essential for that to work: First, two colleagues who get along well. Second, a manager who sees this as an asset. And third, coworkers who are willing to step in when, say, four kids are sick and both moms are out. I was very proud to have filled this position in 2022. This setup still exists today - for me, proof that it works.

From an administrative perspective, it is a bit more effort to manage two people instead of one. But the company gets so much more in return - two highly motivated colleagues who see this as an opportunity and bring a broader skill set. That’s a win for everyone.

What value does diversity bring to a company? What does it improve?
The more perspectives you have at the table, the fewer blind spots you’ll have. Sure, it may take more effort to arrive at a good solution, but the result is often more balanced and more resilient.

You studied mathematics at Ludwig Maximilian University in Munich. In Germany, relatively few women study math. Do you have any idea why that might be?
No, honestly, I don’t know - maybe it stems from a negative experience with math at school. Numbers, data, and facts have always fascinated me, and they bring a sense of order - all great qualities.

During the undergraduate phase, we were still a relatively large number of women, mostly teacher trainees. After the intermediate diploma, there were only a couple dozen students left in the full mathematics program - and very few women.

What were your majors in school?
I majored in math and Latin. Math was always a given for me, but a Latin teacher really inspired me. He taught the subject as ancient Roman history. We discussed the philosophies of the Stoics and Epicureans or read about life in a Roman household - I found it all incredibly interesting.

What was your most surprising interview question?
“You’re a mathematician - if you were a mathematical function, which one would you be, and why?”

Tough question, I thought. I answered: a sine curve. Because I’m someone who puts a lot of heart into what I do - which means going through highs and lows. I once thought less heart might mean less pain in the lows, but also less joy in the highs - but who am I explaining this to in the asset management industry? In the end, passion is what makes life worth living.

Great answer! Have you ever experienced a strange reaction when men reported to you?
Not directly. Having a female boss might be unusual for some men - maybe even for some women. So far, I’ve had only a few female direct reports - and here at Union Investment, all of my direct reports are (once again) men.

Do women actually lead differently than men?
I think the way women approach solutions is often different. But is that really because they are women? I believe every individual leads differently. Authenticity is extremely important to me, and I believe differences enrich our work and make solutions more resilient and effective.

Thank you for the inspiring conversation - and welcome to the Fondsfrauen advisory board!

 Foto: Union-Investment

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