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‘Bring your authentic self to work – being honest with people is much more powerful’
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Andrea Kelly, asset and wealth management partner at PwC, on leading with purpose, building resilience and embracing transformation in an industry defined by change.
Having worked in her industry for almost 30 years, Andrea Kelly, asset and wealth management partner at PwC, recognises that she has come a long way in her career, but is clear about where it all started. “I’m the eldest of four girls. I went to school in the late eighties and early nineties, and Ireland was quite a different place than it is today. But I was lucky to have parents who always said there was nothing we couldn’t do or achieve. Everyone had an equal opportunity, as long as you put the work in. And I think that’s something that really has stayed with me throughout my career.”
In her day-to-day work, Andrea helps asset management clients navigate the ever-changing business landscape. She points out that while the rate of change today can feel hectic, in all likelihood, it is only accelerating. “Things will probably never change as slowly as they are today,” she says, “but what change does is it also brings opportunity.”
From geopolitical tensions to technology and shifting demographic trends, there are many factors to consider, but Andrea believes this is actually driving innovation. “What we’re seeing, particularly within the asset management space, is companies wanting to make sure that they are resilient, and they’re focused on having the right data, the analytical capability and then the leadership to seize opportunity, but also to ensure they stay away from uncontrolled risk. It’s about enabling firms to create resilient growth. Constantly thinking about how to create value, and what value means to your customers, your clients, and to your investors.”
Technology is one area where there is huge potential for innovation, especially with the advancement of AI. “The leading firms within our sector are starting to pivot their technology spend away from maintenance to a much more tech-driven growth,” Andrea explains, “to prepare their business for the future, particularly with regards to agility and innovation, and continuing to provide good outcomes for investors.”
Andrea’s success in her field is obvious to see, having been a partner in PwC since 2008, a former co-chair of 100 Women in Finance Dublin and currently the chair of Irish Funds, the representative body of the international investment funds and asset management industry in Ireland. However, she is quick to say that while she has worked hard, she has always had support. “I haven’t got here on my own. Family, friends, colleagues, and clients have been my support network. When I reflect back on the trainee accountant that I was, I definitely had the drive and ambition. But what I didn’t always have was self-confidence.”
It’s about enabling firms to create resilient growth – constantly thinking about how to create value, and what value means to your customers, your clients, and to your investors.
When she started in the industry, she explains that women were firmly in the minority, but she was always passionate about changing this. She was a founding member of the steering committee for 100 Women in Finance Dublin, which launched in 2017. It is an organisation that empowers women through networking, peer engagement and education. For Andrea, it is important to connect women across the industry, and she is also an advocate of everyday actions.
“I’ve always had great mentors and sponsors, both men and women in PwC, which has enabled me to achieve what I’ve achieved, and has kept me in the firm. That drove me to help other women who wanted to progress in the financial services sector. We all know that diverse leadership teams deliver better business outcomes and have happier, more motivated employees. Continuing to improve the gender balance in senior roles remains a key business issue.”
Another focus at the moment is her position as chair of Irish Funds, a role she took up in September, and one which she says she is honoured to hold. She has many aims for her tenure, including maintaining and developing Ireland’s position in the global asset management sector. “We’re the third largest asset management sector in the world,” she explains, “and we are focused on achieving the changes required to become the number one in Europe.”
Andrea believes there is more to be done in promoting the industry within Ireland. “Our industry probably isn’t fully understood by a lot of people in Ireland who don’t operate or work in our sector. So we need to do a little bit to improve the knowledge of what we do and how we do it. Over 19,500 people are employed directly in the funds and asset management industry in Ireland. And what’s interesting is that over 40% of those jobs actually are located across the island of Ireland – outside of Dublin.”
She also wants to improve options for Irish people to invest their own assets. “I’m passionate about encouraging Irish people to provide for their future. This includes advocating for both the structural and educational changes needed in Ireland to allow better participation in capital markets. The financial literacy piece of that is something that’s very important to me, because when I compare us against other European countries, Irish savers have approximately €168 billion in cash deposits in the banks and a very low rate of participation in financial markets. And a lot of that money could achieve better outcomes for people by being invested in capital markets.”
For any women considering entering the industry, Andrea has sound advice. “Bring your authentic self to work. Sometimes that means acknowledging it is hard, but being honest with people is much more powerful.”
PwC Ireland is unleashing the potential of data in the asset and wealth management industry. Find out more at pwc.ie.
Photography by Kieran Harnett
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