From the Countryside to Big City Finance

"My story? I spent my childhood in a small village in Piedmont where hazelnuts are still harvested and wine is produced. It’s a very rural area that led me to dream big. So I moved from Calamandrana to university in Milan and then to London." In the city of high finance, Piera Elisa Grassi is Head of Global and International Research Enhanced Index equities team and has led innovation in the world of active ETFs.

This is how she explains her early days: "I’m not afraid to call them humble. My parents were farmers, they worked a lot and never had the opportunity to attend university. When I was a schoolgirl I remember doing well in math, long trips to school, but also the hard times. If you were a ‘villager’, you were underestimated, and in middle school they even separated the kids from the city from the kids from the villages.” Grassi realized that the fields in Calamandrana and the few prospects they held were not for her. She found her calling through her schoolbooks, thanks to the support of some family friends. "They were well-educated, I spent summers with them in Liguria and when it came to deciding whether or not to go to university they encouraged me. My parents at first didn't understand why I wanted to go all the way to Milan, when I could be a secretary for some company in the village."

Grassi initially thought she would study either Engineering or Economics. She says: "I passed both admissions tests and I had convinced my father, who is no longer with us, to drive me to Milan. The scene was like a movie: we were going to the Polytechnic to enroll but I had a gut feeling and asked him to make a U-turn for Bocconi." The rest is history. Thanks to a scholarship, Grassi continued her studies and in the meantime worked part time at the Municipality of Calamandrana for a short period. "I weighed grapes for the DOP label. The winegrowers arrived with trailers in the evenings and I had to take care of reporting the data correctly. I worked both in the morning and in the evening and tried to hurry up and then commute to Milan." Driving for an hour and 15 minutes each way.

Her time on campus was a motivation for growth. "I was surrounded by people with healthy ambition, a group that encouraged you to do your best. We all studied around the clock and I remember my level of English at the beginning, that left much to be desired." At first Grassi thought about a PhD but then decided to look for work immediately, in part to "not be a burden on the family". She sent CVs to companies such as JPMorgan and Goldman Sachs but was not called back due to her English skills. Instead, the American company Barra – specializing in risk models – called her. "I liked the fact that the company at the time was not a public company but had grown within the University of Berkeley. It was applied research and it then led to a revolution in risk management, in managing savings. The team manager at the time was Canadian-Italian and this helped me especially at the beginning." Using the Barra models then opened the doors first at English Foreign & Colonial and then at JPMorgan.

Rewinding the tape of her career, Grassi explains that it is the result of many factors: innate skill, hard work, but also a bit of luck, especially "in meeting people who support you and allow you to grow". That was how she built a 20-year career at JPMorgan, starting as an analyst in 2004 and then entering portfolio management in 2007 until she headed a team of five people – all very different in terms of nationality and

gender, she is keen to specify. Her leadership with colleagues has a horizontal approach. "In the end,” she says, “I make the decision, but I want everyone to feel part of that decision. They have to be involved."

So it is the team that makes the difference to have a positive experience at work. "One of the things I always say and why I never thought about taking time off after maternity – despite all the difficulties juggling work and family – is the quality of the people around me. Having inspiring, knowledgeable and smart colleagues makes the difference every day," she adds. It is no coincidence that she advises young people to choose companies or workplaces that include people you can learn from, to follow your ambitions and believe in yourself. She also says to work on first impressions and resilience, without being discouraged in the face of difficulties: "Improve how you communicate and your approach. What do people always say? The first three minutes make all the difference."