YouSaid · the spoken record

Jean Hynes

lines on the record: 85
first: 2019-01-14
most recent: 2019-01-14
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“20 or 30 interviews. So I think we have a very strong track record of bringing in talent, meaning we don't often make mistakes on who we bring in and culture is a really, really important part of that. And I thought it was a really interesting insight. They're ready to leave and they're ready to join by the time they meet 20 or 30 colleagues. It's probably too much and it's probably also some benefit to having all of those long.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the time can seem like a lot. But it's interesting. I remember talking to some new joiners in our London office over the summer and one of the things they said is by the time you're done with these 20 or 30 interviews, you actually are ready to join”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, a lot of interviews. What does a lot mean? So I think if you ask the last hundred people that were hired at Wellington, they will say the interview process is long and in-depth.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“But the bird instill is on our Asia colleagues, and if we want people to be in the room, that has to happen 7 a.m. Boston time, and because you want to include our Europe colleagues to get everyone in the room is hard. For instance, one of the things as we continue to evolve this platform a few times a year we're having our morning meeting at 7.30 at night. So small things like that, how to evolve to make it not as much of a burden on colleagues that are in Asia.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So for me, as one of the managing partners, that's one of the most important things to do. How do we attract talent? How do we retain talent? How do we make our competitive edge, which I do believe is our ability to collaborate globally is one of our competitive edges. And how do we make sure that's sustainable? And there's all sorts of things we do. It's travel, it's spending time with people. I think technology helps a lot. When we think about when we began to globalize,”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now you have employees around the world in different time zones, there are more people. There are people that have come here at different stages of their careers. So what are the things that you think about how to make that synergy and cross-fertilization work?”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“To break down around the time of the global financial crisis where our fixed income colleagues and equity colleagues really work together to identify the issues of the global financial crisis. And I think that is one of our goals now. How do we harness all of those insights from people working on different areas to benefit the platform?”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say the last decade is a continuation of globalization. So if we started globalizing the investment platform in 2006-7, I actually went to London to help with that globalization of the platform back in 2007 and 2008. We were only a handful of people. So now if you look at where we are, 25% of our employees are in EMEA or Asia Pac. We have 28% of our investors now in EMEA and Asia Pac. That's talent one at a time, but it took a decade when you look back a decade later, we've gone from virtually most of our investors being in Boston to being a much more global organization. I think the other thing we've done in the past couple of years is continue to break down the silos of the asset classes. If you looked at Wellington in the 1990s, equity and fixed income were very separate. And I would say that probably began.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was a very strategic decision investing way ahead of the assets coming in. So that was a very strategic decision that was made around 2003 or 4. And then the other strategic decision was to globalize. So it was really an observation that a lot of the company creation was happening outside of the US and that are we attracting the best people to follow a company in China or in Germany based in Boston. And so that was the decision in 2006 to really globalize the investment platform.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“But when I take Wellington and how we've expanded the investment platform over the last 25 years, I think there's a couple of things that happened along the way, and it all revolves around talent. So they tend to be talent-driven strategies that get driven then by the business. And I would say in the 1990s, the two most important things were starting our long short business. And that was really around a person and talent, and then starting our research portfolios. So that was why our strong global industry research platform, people never left because you had analysts like myself have the ability to run money as well as be researchers. Then slowly over that decade, we started adding people that had a growth bias. So it was really one person at a time bringing in people that had new skills. I would say if you look in this decade of the 2000s, that investing in our fixed income platform.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“How did that evolve? There are certain value shops that have stayed dye in the wool value. What were those initial key decisions of the leadership to say we're going to expand into effectively a broader philosophy of investing?”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the way we do research is probably not dramatically different. I mean, when I came, we had a group of people in our central research department that were very long tenured, did deep research. So I think that part of Wellington is the same. I think we're just a broader, more diversified organization. So we've been able to take that culture that we had in the 1990s and expand it to many different parts of the market. And that has made the ecosystem much more robust. So when I started in the early 1990s, we probably were heavily dominated by U.S. value research on the equity side. And that has changed dramatically. So now we have a firm that's very balanced between equity and fixing income, multi-asset. We have growth in value and small cap and mid-cap and global bonds and U.S. bonds.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you go back to your early years here, And there are fewer people probably wasn't set up quite the same way. Was there more of an ethos of the firm that there was either a style bias or a certain way of doing research back then?”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Each boutique has a philosophy and process. So their own philosophy and process on how they believe in investing. It could be a US growth philosophy. It could be a global core philosophy. It could be a global fixed income, which could be absolute return. It could be relative. So every boutique has their own philosophy and process in their way of making sure they cover their opportunity set. And so you have some teams that are large and some teams that are smaller. I think everyone, though, does rely to some extent on the broad research department, both macro research and company-specific credit research and equity research. But that's the beauty of Wellington. You have these small groups of teams that work together. Like I would say I spend most of my time with the healthcare team, but then you get the benefit of the broad collaboration at Wellington.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have a global industry research department, which I'm a part of, and we are responsible not only for managing and putting stocks into our portfolios for our healthcare clients, we're also responsible for generating research and recommendations for the entire organization. And the unique thing about Wellington is that it's a federation of boutiques. So we have about 55 different boutiques across equities, fixed income, multi-asset, research platforms, quant, altruist premium. So those are our platforms, and it's part of the global industry research department. We're responsible for then giving recommendations. And those boutiques then are responsible for implementing those in their portfolios.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Across all the Wellington products, it's about $120 billion. So it's a large part of our equity assets. And on the team, we manage about $65 to $70 billion of those assets. The reason why 12 is enough is it's a very long cycle industry. So it is an industry that is, even though there's a lot of change happening, that change happens over 10 years to bring a drug to the market. And so we want to make sure we're covering all the companies and there is more change happening. But I think if you narrow people's focus too much, they won't be able to figure out that change. So that's the philosophy of our team, that you have people who have been at Wellington and we can get into why people stay at Wellington. And so if you have very long tenured people, you have a company that focuses on the long term. We have an industry that we follow that's long term and sort of the perfect match for our philosophy and process.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have a healthcare team of 12 people that are focusing on all healthcare stocks. There's about 1,200 publicly traded healthcare stocks and a few hundred private stocks that we look at as well. And that team is pretty evenly split between those who follow healthcare services and devices and those who follow biotech and pharmaceutical companies.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So let's pull back a little bit. You have in the biotech area that we're talking about a certain way of looking at stocks and how does that work its way back into portfolios that you're managing and then broader portfolios that Wellington's managing.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the interesting thing is that rare diseases, which first started being treated in the early to mid-1990s, they have a different pricing model versus disease as it goes after large scale. So the reason that the industry can go after and target these diseases that impact a thousand people or 2,000 people or 5,000 people is because you get higher pricing during your patent life. And so I'm a big believer that this industry needs to price for the risk they take and the innovation they take and they need to earn a return over the life cycle of their patents. And if you are going after a very large disease such as cholesterol or heart failure or depression, you need to price at a lower price because you can't break the bank. And if you're going after diseases that are very small, then you can garn a higher price. And that's the incentive to do the research.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“I got to do a little shout out for Cycle for Survival that I've been involved in for a long time that provides rare cancer research for Memorial Sun Kettering. Those business models are kind of interesting, particularly in the rare cancer side, where the volume of patients doesn't lend itself to thinking about scaled drugs that make tons of money for pharma companies. How is technology allowed that research to get done in a profitable way?”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then I would say the other thing that's happening is that we're opening up these rare diseases. So there's hundreds of rare diseases that have never been treated before because you either didn't know what the gene was or you didn't know what the underlying cause was or there was no way to go after that biology. So now there are new ways to go after, including small molecule oral pills and antibodies. There's also new ways of targeting RNA and DNA through RNA interference or gene therapy that weren't in existence even five years ago.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I would say we are at a point of time where there's unprecedented change. So if I look at over my career, there's probably been 15 areas of medicine in any rolling two or three year period that was changing, and now there's probably 40 or 50 areas of medicine. So there's a lot more change happening in the sector than there has been over the past 25 years. I think there's a couple of things that are very exciting. It's understanding disease biology and pathways at such a micro level is allowing scientists both at the biopharmaceutical companies as well as in academia to elucidate targets and elucidate pathways that were not known before. And that's resulting in new targets. And so where it's happening first is in oncology. So oncology tends to be a disease of mutations. And so about 40% of the industries R&D now is going to oncology. There's a lot of obviously a lot that can be done to really improve the standard of care there.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So when I think broadly about healthcare, if I look at biotech and pharmaceuticals, it's how diseases will be treated five to ten years forward. Because if we can figure out how diseases will be treated, then we'll get the stocks right. So that's number one. How will the standard of care of medicine change? Medicine is not changing at the same rate for every disease, so figuring out where the change is happening the most has been really critical in my career over time. And then figuring out who the winners are. And sometimes there are multiple winners and sometimes there's one winner. And so that then becomes the micro part of the research process.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Knowing where change is going to happen and then using your research abilities to really focus in on that change and then get all the data points you can possibly get around that change.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, when I think about our philosophy and process of our team now, the healthcare team, one of the things I say to clients is we need to know where healthcare is going, where healthcare is going to be in 2025. And in order to know that, you need to own healthcare and you need to own the research. So I think the roots of that all started when I was working with Ed. And that really is dissecting each company down to becoming very micro, but also really figuring out where change is happening. So in order to do that, we took a very comprehensive approach to research, meaning we look at all companies under our coverage. We have a broad breadth of knowledge in pharma and biotech, which was most of my career. That means knowing every therapeutic disease, knowing how it's treated. And then the key then, which is what I really believe I learned over time, is learning how to focus. So having that breath and then”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over this period of time, I went from being the writer to being more of the analyst. And so the progression was a few years after that becoming a research assistant. We didn't have a title of a research assistant back in 1994 when they created that title, becoming a global industry analyst a year or two later. I would say when I think about the decade of the 90s, it was really learning to become an analyst and learning how to be a researcher and what mattered. And I had the luxury of working with one of the best investors in the world and learning under him.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it was a way that I was really interested in stocks. And so I think my notes were sort of more accurate about the discussion that was happening. They were more complete than other notes that were taking place. And so that's what got me noticed. And at the end of 1992, early 1993, I started working with Ed Owens, who's been my mentor for 20 years. And he was starting to expand his responsibilities away from just research. And he needed someone to work with him. And they wanted him to hire someone from the outside and more senior. He decided, well, we know Gene can write. So I moved over to work with him. Still as an administrative assistant, but from early 1993 on, I went to every company meeting with him. That was a time when there was a lot of company creation and biotech. And I started working with him in terms of all his coverage. So writing about the pharmaceutical companies, writing about the biotech companies.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just as a little bit of background, one of the things I did as an administrative assistant is do the morning meeting notes. We have a morning meeting that's been in place for over 60 years. And so I did the morning meeting notes once a week and I did them in my own way. So that is what got me noticed at Wellington. What was your?”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“It means that we care about people. So, you know, you're going to spend hours and hours in a day and a week and a year and over years here in working, you're going to be spending your lives with people. And so you want to have an environment where people care about each other, where the expectations are high. So that doesn't mean we're a humanistic people that has low expectations. We have high expectations. Sicknesses happen and pregnancies happen and family emergencies happen. And so I would say that part of it is what I think about when I think about humanistic. It's that we want people to thrive here and we want this to be their family too.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was the culture. And when I think about describing what I did and my culture, the culture of Wellington to my friends who were in many different companies around the country, it was a very humanistic place. It was a very merit-based organization and just really, when I think about Wellington, it's a collection of very smart driven people. And that's true in 2018, and it was definitely true in 1991.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“The assets in 1991 were about 50 billion, as I said, a little over 300 people. We were all on three floors at 75 State Street, which is another building from where we are now. And so departments were intermixed. So you had fixed income and trading and research and client service all on a few floors. It was kind of all hands on deck. Everyone helped to do everything.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I was an administrative assistant in the research department. So I've been in the research department my entire career, 28 years here at Wellington. And back when I joined, there were just a little over 300 employees in Wellington had started hiring more people in the early 1990s, and they started hiring people with college degrees to be administrative assistant. Knowing that I'd be doing some research assistant work and modeling, but also the reason I came to Wellington is because the headhunter said this is a special place and you should take this job even if it doesn't have the title.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I went to Wellsey College, and in my junior year, I took a very famous class at the time, a sociology class called Sociology and Work. And so as part of that class, we had to get an internship. And so I found my way to a local stockbroker in Boston and had an internship for that semester. And that is what got me interested in the stock market. My parents are immigrants and my father's a bricklayer and my mother's a homemaker. And I didn't even know what a stock was really until the crash of 1987 when I was at Wellesley. So when I first got that internship, I really liked the internship. I didn't like the stock broken calling part of it, but I knew at the end of that I wanted to know why stocks went up and down. And so that's how I found my way to looking for jobs after I graduated and found my way to Wellington.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“Investment philosophy and process a day in her work life, and topical issues of active versus passive, public and private investing, and large and small firms. Please enjoy my conversation with Jean Hines. Gene, thanks so much for doing this.”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on today's show is Gene Hines, a managing partner at Wellington Management, where she is one of three people responsible for the governance of Wellington's storied partnership. Jean is also the sector leader for the firm's healthcare team that manages the Vanguard healthcare fund, three global healthcare hedge funds, and the Global Healthcare Sector Portfolios. She joined Wellington after graduating from college in 1991 and has been at the firm ever since. Our conversation covers Wellington's humanistic culture, its evolution from a U.S. value shop to a global federation of boutiques, talent recruitment, the successful merit-based partnership structure, and the Wellington of the Future. Along the way, we touch on Jean's progression from an administrative assistant to a managing partner, the healthcare team's”
2019-01-14 · Capital Allocators · Jean Hynes – Inside Wellington Management (Capital Allocators, EP.82) · IDENTIFIED FROM THE TRANSCRIPT · source