Elizabeth Lilly started her own asset management firm in 2017, a dream she had nurtured since her 20s while working as an equity analyst. She envisioned her future firm and documented lessons from financial experts like value investor Robert Bruce and turnaround expert Jack Byrne. However, less than two years later, Lilly accepted an offer from the Pohlad family, owners of MLB’s Minnesota Twins, to become their chief investment officer overseeing a portfolio that includes public equities and direct investments in healthtech and manufacturing.
Lilly is part of a growing trend of women taking the helm of prominent family offices. Last summer, James Dyson appointed Jane Simpson as CIO of his family office, Weybourne. In 2022, billionaires Michael Dell and Sergey Brin named Alisa Mall and Marie Young, respectively, as CIOs of their family offices. “I’m just surprised at the number of women CIOs there are, and it’s wonderful,” Lilly said, noting the significant change since she began her career in 1985.
Lilly suggests that women may thrive in the role due to their generally more conservative financial decision-making. Family offices, with their patient capital, align well with this temperament. According to a survey by Botoff Consulting, women hold 29% of executive positions in family offices, more than in corporate America and finance sectors like private equity, though only 16% of surveyed firms reported having a female CIO.
Female CIOs compensate for the lack of numbers with tight-knit networks. Margo Doyle, CIO of S-Cubed Capital, hosts events for other family offices in the San Francisco Bay Area. Kristin Gilbertson, CIO of Len Blavatnik’s Access Industries, describes the industry as collegial, emphasizing shared experiences and expertise. Noelle Laing of Builders Vision and Margo Doyle both transitioned from serving multiple clients to focusing on one principal’s vision, allowing them to concentrate their efforts.
— news from CNBC