Breaking the walls of stereotype: the top 25 Latinos in finance

Latino Leaders: The National Magazine of the Successful American Latino, Dec, 2007 by Valerie Menard

The financial industry continues to be challenged when it comes to the Latino consumer. With a large percentage of Latinos termed "unbanked", financial opportunities from checking accounts to stock portfolios remain mostly out of reach.

In the summer of 2006 issue of Journal of Consumer Affairs, Sherrie L. Rhine and William H. Greene reported that 34 percent of U.S.-born Latinos ate unbanked, and that Mexican and other Latin American immigrants have the highest rates of being unbanked among all immigrants.

Furthermore, according to the National Council of La Raza's 2004 report Financial Education in Latino Communities: An Analysis of Programs, Products, and Results/Effects, 62 percent of foreign-born Latinos with annual incomes of less than $20,000 had no formal relationship with a financial institution and 43 percent of Latino workers knew nothing about saving or investing for retirement compared to twelve percent of all workers.

Yet, in spite of all that, Latino businesses are growing. According to the U.S. Census, Latino-owned, businesses averaged three times the national growth rate for all businesses between 1997 and 2002, a clear indication that these entrepreneurs comprise an important group of financial product consumers.

Enter Latino Financiers. At a 2006 symposium on banking for the Latino community, Martin J. Gruenberg, FDIC vice chairman remarked: "Industry analysts have projected that more than half of all U.S. retail banking growth in financial services during the next two decades will originate from the growing Latino market. The rapidly growing Latino population will require financial products to meet their needs."

Change usually happens at the top. Latinos may have limited access to financial products at this moment, but that doesn't mean that Latinos have not integrated themselves to the industry, and that they are indeed making a much more solid mark than many even dare to know.

Our list of top 25 Latinos in Finance provides an overview of the significant inroads that Latinos are making in finance. Our list includes Latinos with established track records, whom not only have open doors and created economic synergies in the Latino community, but have established in the process, beyond a sliver of a doubt, that Latinos can also succeed in Finance. Although we researched many names and there are definitely many more out there, the Latinos included on this list are indiputably successful, and each one fully deserves to be part of it. Measuring success in an industry as complex and encompassing as Finance is never an easy task, and for this project, performances was not the only criteria. We also considered important aspects of these leaders' lives, such as their leadership, community involvement, and advocacy as measures of success.

It is then, with much pride and honor, that we present to you our 2007 distinguished list of the top 25 leaders in the Finance industry.

001

FRANCES ALDRIDGE SEVILLA-SACASA

President

U.S. TRUST, BANK OF AMERICA

WEALTH MANAGEMENT

Area of Specialty: Banking & Investments

Her Location: Miami, Florida

Company Assets: $8.3 billion

Last spring, Frances Aldrich Sevilla-Sacasa was named president of the recently merged private-banking arms of U.S. Trust and Bank of America. The transaction combined legacy U.S. Trust with The Private Bank branch of Bank of America and its exclusive extension, Family Wealth Advisors, into one organization with nearly $265 billion in assets under management and over $427 billion in total client assets. In her position, Sevilla-Sacasa oversees more than 30 offices nationwide that serve clients with investment assets of more than $3 million. Frances joined U.S. Trust in November 2005 from The Citigroup Private Bank where she held positions as president of Latin America Private Banking, president of Europe Private Banking, and head of the global wealth structuring business. Prior to joining The Citigroup Private Bank, Frances was managing director of Deutsche Bank's Latin America private banking unit and president of Bankers Trust International Private Banking Corporation. She also worked in the securities industry at Lehman Brothers. Frances has 29 years of experience in financial services, 24 of which are in global wealth management.

Born in Miami to Cuban and Spanish parents, the multilingual speaker--she speaks Spanish, French and Portuguese--holds a B.A. from the University of Miami and an MBA in international management from the Thunderbird School of Global Management. She is married and the mother of three.

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002

TERE ALVAREZ CANIDA

President, managing principal and CCO

Taplin, Canida and Habacht

Area of Specialty: Asset Management

Her Location: Miami, Florida

Company Assets: $8.3 billion

President, managing principal and chief compliance officer or Taplin, Canida and Habacht (TCH), a company that manages $8.3 billion in assets, Tere Alvarez Canida, is considered one of the most successful asset managers in the country. She is controlling shareholder in the company, which is based in Miami, Florida. Founded as Taplin/Canida Capital Management in 1985, the name changed to TCH in 1987 when Alan M. Habacht became the third principal in the company.