Black in Business — A Black History Month Celebration of Industry Transforming Figures: Raymond McGuire

The asset management industry has notoriously been one of the most difficult professions to break into for Black Americans. And while this industry offers tremendous growth and wealth-building opportunities, those have not always been afforded to people of color. One person who has broken through and forged a new path in the industry is my good friend, Raymond "Ray" McGuire.

The Foundational Building Blocks

We know Ray as a successful businessman from New York. His journey to get him to this place is where I believe we can glean the most inspiration.

Growing up in Dayton, Ohio, Ray was raised by his mother and maternal grandparents. He worked throughout high school to support the family. Ray was raised in the church under the guidance of his grandfather and grandmother, who served as a head deacon and a missionary. Their faith, love and support instilled hopefulness and courage in Ray that he could take on any challenges.

Recognizing his spirit and talents at a young age, one of Ray’s teachers helped him secure a scholarship to a local college prep school. Ray would graduate from the Hotchkiss School in Connecticut, before attending Harvard where he received his bachelor’s, MBA and JD.

Breaking Into the Industry

While at Harvard, Ray secured his first asset management job nearly by accident. During what he thought was just a cocktail party hosted by First Boston (now Credit Suisse), Ray impressed a recruiter who invited him to join the firm. This launched a successful career in the industry as Ray moved on to work at Wasserstein Perella & Co., Inc., Merrill Lynch & Co., Inc. and Morgan Stanley before joining Citigroup in 2005.

While at Citigroup, Ray became one of the highest-ranking and longest-serving Black Americans working on Wall Street. He eventually became the longest-tenured Global Head of Corporate and Investment Banking (2009-2018), Vice Chairman of Citigroup (2018-2020) and Chairman of Citigroup’s Banking, Capital Markets and Advisory division (2018-2020).

Ray chose this path because he realized that America’s financial institutions and business environment offered promise and opportunity for anyone willing and able to take a chance. He is committed to ensuring these opportunities are available to anyone who chooses to pursue them.

Giving Back

Ray has turned his position and wealth into philanthropic influence to generate equity and opportunities for the next generation.

Ray engages with many nonprofit causes across New York City. His involvement has spanned organizations such as America Needs You, New York-Presbyterian Hospital, and groups supporting the arts like the Studio Museum in Harlem, the Lincoln Center, the Whitney Museum of American Art and the Mayor’s Cultural Affairs Advisory Committee.

To share the values he learned from his community and build networks to help improve the city he calls home for its residents, Ray decided to run for mayor of New York City in 2021. He ran on a platform focused on creating affordable housing, helping businesses and employees recover from the pandemic, and providing more high-quality schooling options for children.

Ray has also had an impact as a mentor to young Black talent — myself included. Seeing successful Black business leaders like Ray represented in publications like Black Enterprise served as encouragement, it showed me that there was an entire paradigm of business of which I was unaware. When I met him in person, he offered extremely valuable perspectives and counsel on the opportunities available to me. Were it not for Ray, I may never have entered the asset management industry and may never have founded Vista Equity Partners.

Every Black History Month, we are called upon to recognize and remember the centuries of slavery, discrimination and battles for civil rights. This year, let us also remember the work that has laid the foundation for our community to make new history by reaching levels of success previously unachievable to Black Americans. Let’s remember and celebrate our monuments to living Black history like Ray McGuire.