Amy Bell, BHP ’03, MPA ’03, is an Executive Director and Head of Principal Investments for J.P. Morgan’s Social Finance business unit in New York City. The portfolio Amy manages seeks to achieve positive impact on low-income and excluded populations around the world, in addition to generating financial returns. She is also co-president of the Board of Directors for the Microfinance Club of New York and is actively engaged with Net Impact, Student Sponsor Partners and the New York Road Runners.
Tell me about your career progression leading up to your current position.
When I graduated, I went to Deloitte in Dallas and spent time as a fraud investigator. I was interested in consulting and international work, and there was opportunity there to do both. After a couple of years, I felt like I needed to expand my skill set and began exploring my alternatives. I interviewed for a position in investment banking with the J.P. Morgan team in Dallas and really clicked with them. In 2005 I joined as an Analyst in the Consumer Retail coverage group. I really enjoyed the work and thought I would be best served to spend some time at the firm’s headquarters in New York for a bit. I moved in 2007 to join our Mergers and Acquisitions group as an Associate, working with clients on their strategic goals, and never ended up moving back. I had always been interested in doing something in economic development and shortly after I moved here, the firm formed a Social Finance division. I did some volunteer work for that division while in my role in M&A. The volunteer work turned into a full-time opportunity, and I joined the Social Finance group in 2010 to manage an investment portfolio for the team. It was the perfect fit.
What kind of impact has your portfolio made?
We have $100 million that we are investing in best-in-class emerging fund managers who are able to identify financially sustainable businesses that work to improve the lives of low-income and underserved populations around the world. We refer to investments with this kind of dual objective as “impact investments”. We have committed just over half of the $100 million now. And as of the end of 2012, we had improved livelihoods for 14 million people through these investments. Those improvements include access to healthcare, education and a number of things that contribute to a more secure and healthy livelihood for an individual and his family. We don’t judge our success on the type of improvement but rather on how these companies are using their capital in an efficient way to generate impact.
In addition to success of the portfolio, we also want to demonstrate that commercial organizations like JPMorgan Chase can engage in impact investing. Our group contributes research and thought leadership to deepen awareness and understanding of effective impact investing strategies. It is all part of a larger strategic effort to support this type of innovative finance worldwide and to create a positive impact in the communities in which JPMorgan Chase operates.
What are the most challenging aspects of your job?
Day-to-day, the bulk of what I do is focused on managing the portfolio – identifying and structuring deals and then managing our investments to achieve our financial and impact objectives. We have a high expectation for the portfolios. We are managed as a business and should be a financially viable activity, so I have a large responsibility for ensuring that occurs. We are essentially starting a new business from scratch inside of a large firm, so that is a challenge.
What are the most rewarding aspects of your job?
Because of the nature of the work that we do, we come into contact with incredibly smart people who passionately care about making an impact with the tools that the private sector offers. It’s hard work for anyone participating in this space, so to be able to find like-minded souls in this quest is fantastic. I also love visiting with our fund managers to see where our dollars are having an impact. That is very rewarding. Last October, I went to Kenya to visit with Wilmar Flowers, a company getting investment support from the African Agricultural Capital Fund, one of our investees. Wilmar is an exporter of smallholder-supplied flowers. Their flowers are sold in European markets. This company provides smaller farms with the opportunity to sell in markets where only large farms sold before, thereby increasing and diversifying their source of income. Today they purchase from 3,000 farmers across Kenya. Our fund’s investment will enable them to engage an additional 5,000 to 8,000 farmers in the coming years.
What does the Microfinance Club of New York do and why did you get involved in it?
It is an information platform for people who want to learn more about that sector. Microfinance refers broadly to the provision of financial services to low-income or underserved populations. Microfinance is what got me excited about leveraging a for-profit business model to create social or environmental change. I became a member of the Board of MFCNY in 2009, serving in various capacities and now act as co-president. It is very relevant to what I do now.
Philanthropy is a keen interest of yours. Why do you choose to give and what causes are you most passionate about?
It is important to me because I am only where I am today because of good fortune and the many good acts of people who supported me along the way. I didn’t set out to pursue a career to do well financially, but I have found one that allows me to do so. I want to use that money to provide support to others and communities that I feel a connection to. I want others to have the experience I had at UT, so I give to the university. I support breast cancer research and am very passionate about education, so I also give to that. I want to be active in giving to these causes now while I have the means.
What does corporate social responsibility mean to you?
It has a bit of a mixed reputation. There are a lot of companies that do it well, and I think what good companies do is find a way to make it relevant to the business and integrate it into the overall strategy, not just do it for Public Relations. There is a lot of talk right now about whether it actually generates shareholder value, and I think it does. When done well, it will generate real, long-term value for the company and its stakeholders.
What advice do you have for current BHP Students?
When I look back at my career to date, one element that has been consistent throughout is that I have been fortunate to have good relationships with people who have been willing to mentor me. I have worked hard to maintain those relationships, and they, in turn, helped me with big decisions and to grow in my career. Seek those relationships out and make sure you tend to them, even if you move to another job or another state. I hope I can do that for someone else during the course of my career. Good relationships are critical in every facet of your life, both personal and professional, so don’t take them for granted.