Recognizing Influential Women in U.S. Public Pension Plans
Barron’s 2026 list of the “100 Most Influential Women in U.S. Finance” has been announced and NCTR is proud to say that 19 honorees are from NCTR’s valued Commercial Associate membership as well as NCTR’s Retirement Systems. Top1000funds.com has also written about women leaders within the institutional investment community. Notably, the pension fund investment community has more women in charge than at asset managers, sovereign funds and central and commercial banks – an important reflection of the public pension industry’s long-time commitment to women and the important value they bring, at every level, to ensuring the retirement security of America’s public employees.
Barron’s annual list honors established and emerging leaders in finance, economics, policy, and the corporate world. It is chosen by a committee of Barron’s writers and editors, drawn from staff recommendations and hundreds of external nominations.
Barron’s says this year’s honorees are “identifying and funding tomorrow’s artificial-intelligence beneficiaries, brainstorming new types of investment products, shaping financial advice for the next generation, and ensuring that monetary policy keeps the economy on an even keel.” Barron’s looks for veterans and visionaries, including leaders of some of the biggest companies in finance, and rising stars, including some who are building their own successful companies.
In addition to honoring women who are influential within their firms and the industry, Barron’s also honors those women who are “working to cultivate the next generation of women in finance.” However, Barron’s notes that the “steady progress of women into the top ranks of corporate executives appears to have stalled.” For example, only 9.1 percent of chief executives at Fortune 500 and S&P 500 companies were women last year, down from 9.7 percent in 2024. The share of female chief financial officers also fell — to 16.5 percent from 17.6 percent in 2024, according to an annual report from CristKolder Associates, an executive search firm.
But the data look better when considered over the past decade, when the number of female CEOs at these companies doubled to 61 from 28. Finally, the financial-services industry logged the second-biggest improvement in CEO representation (behind services), with 14 female CEOs last year, up from five in 2015, Barron’s observes.
Those whom Barron’s has honored, and whom NCTR salutes, include:
- Hilda Applbaum, Portfolio Manager, Capital Group
- Cynthia Lo Bessette, Head of Digital Asset Management, Fidelity Investments
- Sharon Brovelli, President, Workplace Investing, Fidelity Investments
- Kim DeDominicis, Portfolio Manager Target Date Funds, T. Rowe Price
- Sonal Desai, Chief Investment Officer, Fixed Income, Franklin Templeton
- Dina DiLorenzo, President, Guggenheim Investments
- Robin Foley, Head of Fixed Income, Fidelity Investments
- Marcie Frost, CEO, CalPERS
- Mellody Hobson, President, Co-CEO, Ariel Investments
- Ann Holcomb, Director of Research, North America, T. Rowe Price
- Jean Hynes, CEO, Managing Partner, Wellington Management
- Abigail Johnson, Chairman, CEO, Fidelity Investments
- Karen Karniol-Tambour, Co-CIO, Bridgewater Associates
- Jaime Magyera, Head of U.S. Wealth Advisory, BlackRock
- Saira Malik, CIO, Nuveen
- Cathy Marcus, Co-Head, Global Chief Operating Officer of Real Estate, PGIM
- Erin Miles, Partner, Head of Alpha Engine, Bridgewater Associates
- Jessica Tan, Head of Americas, Global Product Solutions, BlackRock,
- Anne Walsh, CIO, Guggenheim Partners Investment Management
Meanwhile, another recent article concerning women leaders among institutional investors appears in Top1000funds.com – a news and analysis site for such investors. It notes that while statistics pointing to female under-representation in leadership roles in the investment industry are not hard to find, “one corner of that world, pension fund investment, reveals more women in charge than at asset managers, sovereign funds and central and commercial banks.”
The article goes on to point to Cassandra Lichnock, CalSTRS’ CEO, and CalPERS’ CEO Marcie Frost – both valued retirement system members of NCTR — as sitting at the top of billion-dollar organizations, among other global retirement fund women executives.
“I am encouraged, emboldened and proud to be part of that group,” Cassandra Lichnock, the first female chief executive officer of $365 billion CalSTRS, the California pension fund for teachers where 70 per cent of beneficiaries are female, told Top1000funds.com. She said that “[s]eeing more women take leadership roles at pensions is meaningful because, typically, women feel less likely to be financially secure and we want to help change that trend.”
Lichnock also believes that one of the reasons pension investments attracts women is its purpose: “The pension industry provides great public service opportunities in general, and at CalSTRS, we have the chance to represent a wonderful group of people who make our state and communities better every day.” NCTR wholeheartedly agrees!
Top1000funds.com also reports that women leaders also identify the connection between long-term investment and the sector’s preparedness to support staff for the long term. This is important for women, their coverage stresses, “given so many fall away mid-career.” Indeed, according to data from Prequin’s “Women in Alternatives” report, 22 percent of professionals in the alternative assets space, encompassing investors and fund managers, are women — but that declines to 15 per cent for women in senior positions.
Keeping women engaged at CalSTRS is something Lichnock says she is particularly passionate about, emphasizing that “[e]nsuring women receive equitable experience and exposure, so they don’t fall behind when they step away to attend to family matters, take maternity leave or care for aging loved ones, is essential.”
NCTR thanks all women who are part of the public pension community, from our member retirement systems, our commercial associate members, and, of course, the educators we serve—those who work to make our community so strong and resilient. What better time to honor all women who are not just shaping the future of the financial-services industry but helping to support the future of public education than during Women’s History Month!