Reverse Engineering Impeccable Client Services: A Conversation with Almaz Woldeab

Managing Director Almaz Woldeab’s responsibilities at MUFG Investor Services, U.S. are as wide-ranging as her professional background. But one thing is crystal clear: her vision of quality relationships as the foundation of impeccable client service. We caught up with Almaz in the middle of a typically hectic day to learn more about her management philosophy and her remarkable career.

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Across your career, you’ve held a wide array of roles in leading organizations — accounting, reporting, financial planning, operations management. Putting the pieces of the puzzle together, how does this combination of skills inform your current role at MUFG Investor Services, U.S.?

I got my accounting degree, earned my CPA, and started my career as an accountant. Later, to grow my career, I went back to school, got my MBA and pivoted into finance roles — starting as a financial planner and later moving to various management and leadership roles within the financial management and financial reporting profession, including serving as Chief Financial Officer and Chief Accounting Officer for a private equity real estate investment company. During these years I also had a role in Operations Management — primarily supply chain planning, which is admittedly a bit uncommon for an accountant. Over time I found myself drawn to business strategy, business leadership, and operational leadership — which led me to my current role as Head of Client Service and Operations at MUFG-IS, U.S.

The great thing about getting an MBA is that it broadens your spectrum, makes you more of a strategic partner to business leadership. And the great thing about being a financial planning professional is that it provides the foundation to a good understanding of how an organization should approach its financial goals, including capital budgeting, forecasting and projection — which informs how you should view and guide your business.

I’m curious: What’s the difference between being an accountant and a financial analyst? Do they complement each other, or work against each other?

Actually, it’s a bit of both. As an accountant, your focus is on reporting historical results — accountants are trained to think historically and report on what’s happened in the past. Financial analysts are forward-looking: as such they are focused on future financial performance. So yes, there’s a natural tension between those two roles. But here’s the thing: the historical actually informs the current and the future. That’s why, if you’re a financial professional, having an accounting background is extremely helpful, because you understand how the pieces of financial data fit together — and that gives you a solid basis of understanding how historical and current trends could affect the future. You need both pieces to really do that right.

Also, having worked on operations management in the semiconductor industry, I’m always aware of how business cycles and macroeconomic factors impact things like sales, costs, and inventory — which brings us right back to accounting and financial planning.

Here’s how I see it: In order to be a solid financial planner, in order to forecast, you need to have a complete view and a holistic mindset. You need to understand the operating model, the processes, the accounting, and the finance. I think that also gives me an appreciation of the challenges and issues each area of our business may face. And that makes me a better strategic and business partner.

Tell me about your day-to-day professional life here: What does a typical week look like? What brings you the most professional satisfaction?

My responsibility is broad: it covers all aspects of our client service delivery and operations. That means providing leadership on issues that directly impact clients, such as quality of delivery, timelines, resourcing, conflict resolution, and other problem-solving. I focus on providing appropriate levels of staffing and continuously monitor team resiliency. I’m always looking for operational and process improvement opportunities — in fact I take every issue that comes up as an opportunity to tweak or improve our processes.

What brings me professional satisfaction? Problem-solving through a thoughtful and collaborative approach. I’m a great believer in teamwork. I get excited for my team’s, my colleagues’, and my peers’ successes — especially when it is a collaborative effort.

From this wider perspective, I wonder if you could comment on where private markets are right now, and where they might be going?

I am optimistic about the long term. We are currently facing headwinds as a result of various macroeconomic factors that have impact on valuation and realization activity. It’s hard to predict how long the crunch period we’re in right now is going to last. But I think in the long term, the future looks optimistic. I think the markets will turn.

So would it be fair to say you are bullish on MUFG Investor Services’ prospects, given where you are positioned in the market?

Absolutely, and here’s why: our clients are very savvy. They’re using this downtime to focus on strategic infrastructure building, data analytics, building sustainability and resilience — they’re preparing themselves to emerge on the other side. And as they do, we walk in lockstep with them, focused on meeting their evolving needs and expectations. Remember: our business is a relationship business. So this is the time for us to hone in on the quality of these relationships, focus on the quality of our people, of our own infrastructure and data analytic capabilities, and — always — the quality of our service.

The downturn cycles are opportunities to strengthen and build on your internal processes. To look inward. It doesn't matter in what industry you are in: this is the time to build resiliency, and to up the game when it comes to quality. Because when the cycle turns up again (which it will), and your clients’ needs accelerate, you don’t ever want to be playing catch-up.

I would think that both the cyclicality and the unpredictability of these times would be all the more significant in private markets, which are so focused on being agile and opportunistic.

Exactly. GPs are always looking for the quiet or hidden opportunities that lie beneath a disruption or a downturn. At the same time, they may not be in a position to staff up, especially now. And some don’t have strong relationships with fund administrators that they can draw upon. They may be wondering, is this a time to outsource, or maybe co-source?

We will be ready with the right infrastructure and the right people to help them figure out the best solution, to preserve their agility and optimize their options.

You’ve often spoken about your code of ethics. More broadly, how does it touch your management philosophy?

Well, adherence to a high standard of ethics is required for our profession. Always follow the rules and follow the books. ?Whenever there’s a decision, a dilemma, a challenge, my first question is, What's the right thing to do? Take your time and follow it through. The best way to sleep at night is to know you’ve made your decision based on what you believe is right and what is ethical.

And I think that extends to how we treat each other, no matter what our role. Here at MUFG, we really do focus on the wellbeing of our employees — professional and personal. People give their very best when they know you care about them, about their professional development, their success, whatever personal or professional worries they may be carrying.

I never forget that when a person comes here to work, they come as a full person, not just a human function. You want them to come as themselves — their authentic selves. You can both demand a great deal from them and be fair, kind and respectful to the full person that they are. Ultimately, your people know instinctively when you have their wellbeing at heart.

I’d like to know a little more about your background, and how it has informed who you are, both personally and professionally.

My background was definitely not the traditional American background. I’m a first-generation immigrant, a refugee who came here from Ethiopia which was in the midst of civil war. My focus from the start was on supporting my family, getting them out of the trauma, making them whole. I was also deeply involved in an organization called the Human Rights Initiative (HRI) which is focused on the plight of refugees, providing free legal and social services to immigrants seeking asylum who are persecuted in their country for political reasons and have suffered human rights abuses.

Having lived through that experience myself, I have a different perspective. I worked very hard, and put myself through school. I benefited from my family who instilled in me strong values and belief in education. I made sure I got myself a good education. I’m fortunate to be in this country that made that possible.

And that's what drives me, and the principles that I believe in. Because I’ve been given so much, I give as much as I can in turn to whoever needs it. I do believe that we, as a company, or a society or a community, can make the world better if we are looking out for each other. That’s why I feel so at home here, at MUFG Investor Services, U.S.