Day in the Life: Siobhan Gormley, Board Member, State Street Fund Services Ireland and Fund INED

We speak with Siobhan Gormley, Board Member & Risk Committee Chair PCF 2b & PCF 5, State Street Fund Services (Ireland) Limited and a Certified Investment Fund Director, about her career journey in financial services, the fast-paced and exciting nature of working in the funds industry and advice for those aspiring to step into an INED position.

Hi Siobhan, thank you for speaking with us. Can you tell us a little about your career journey in financial services?

I have spent all of my career in financial services, and majority of that time working in funds as a service provider, both as a Depository/Custodian and Fund Administrator. I spent a large part of my career with JPMorgan and its predecessor firms in Ireland, and moved roles in the firm quite a few times during my career. The benefit of working for a large global organisation meant there were mobility opportunities to move roles across functions and opportunities to work in global teams whilst still being based in Ireland. I held various roles across my career, in product, operations, risk & controls and in client facing teams. Each role gave me the opportunity to learn and develop my understanding of the end to end operating model of funds, from promotor right through to the end investor and to develop my management and leadership skills.

What interested you in pursuing a career in the funds sector?

I actually planned to pursue science as a career on leaving school, but after a year of studying I realised that the Lab wasn’t for me. While working out what to do next I took a job in AIB’s investment department. It was the period when UCITS legislation was being adopted in Ireland and when AIB set up their Custodial and Trustee Services division, I moved into that team. The funds sector was so fast paced, even then. I loved the environment and opportunity to always be learning. I was hooked!

You work as an Independent non-executive Director (INED) on State Street’s Board & Risk Committee – what do you enjoy most about this work?

Working as an Independent Director with the largest fund administrator in the marketplace gives me an opportunity to utilise the skills and experience I have gained over my career to the benefit of a global leader in the industry. Being on the Board and Risk committee of such a large organisation allows me to be at the forefront of the ongoing needs of fund managers and investor expectations and the development of products and services to support those needs and expectations. I also see firsthand the impact of the ever-evolving risk and regulatory environment the business and clients operate in. State Street is a significant organisation with a broad range of products and services and a diverse client base, which means being a part of their board is always interesting.

What advice would you give to someone aspiring to step into an INED position?

It’s a big step to move from being an executive in an established organisation to effectively being self-employed. You need to enter this space with your eyes wide open. It’s not enough to have experience from having worked in the funds sector, you also need to have a clear understanding of the role and responsibilities of an Independent Director. This is a highly regulated space, and the obligations and duties of a Director are not to be underestimated. The best way to make the transition is to prepare for it through education and preparation. Talking to those who have already made the transition is helpful. For the majority who take this path, it can be a 2 to 3 year journey to become fully established. Taking appropriate qualifications such as the Certified Investment Fund Director course led by the IOB or other corporate governance qualifications are beneficial in preparing you for the role. Maintaining a wide network is also very important, as opportunities tend to come from your network rather than via recruiters. Lastly, know your USP, as this is a competitive space!

What are the most important skills for your work?

Being a good communicator who enjoys relationship building is vital to an INED’s success. Staying curious and informed on industry and market trends is also vital. Finally having the confidence to challenge or ask questions if you don’t understand the data being presented to you in the board room is key.

What technology or trends do you think will have the biggest impact on your work in the next 2-3 years?

AI is a key focus of every board and INED currently and will continue to be for some time to come. It is already utilised across organisations to support organisational efficiency and Gen AI tools are likely to transform how we do business in the future. Change in any form brings opportunities and challenges that boards will need to manage closely.

How important is learning and professional development for your role?

As already mentioned, staying informed and up to date in this role is crucial. In order to be an effective Independent Director, you need to stay abreast of emerging trends and risks in the market and stay informed on the evolving regulatory environment. Identifying reliable sources of information is key, and taking steps to close your knowledge gaps whether through reading, research or formal qualifications is vital. I have found the resources available to me as an alumni of the Certified Investment Fund Director course invaluable in my role as an Independent Director.

What is the best advice you ever received?

Don’t be afraid to take on that challenge even if you don’t feel ready for it. You can do it!

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