A pandemic, skyrocketing unemployment, and civil unrest: posed with unique challenges, leaders at Fidelity Investments, many of them Assumption alumni, stepped up to meet them, highlighting the unique relationship between these robust institutions.
When the COVID-19 pandemic hit, Fidelity reacted quickly. Many of those leading and implementing the changes at Fidelity are Assumption graduates.
“Everyone’s lives are turned upside down,” Carolyn Clancy ’82, an executive vice president, said of the approximately 40,000 employees working from home. “It’s a whole new way of doing business. Luckily, Fidelity is an incredible firm that is technologically savvy enough to be able to pivot in that way and continue putting its clients first.”
An athletic scholarship led Clancy to choose Assumption, where she majored in business. “It was a great opportunity,” she said, “and set me on the path to where I am today.”
Clancy added that having a liberal arts degree is a definite asset in the financial services field, because “a foundation in the liberal arts teaches you how to learn. The world and how we do business keep changing. You have to be able to adapt.”
Despite her career responsibilities, Clancy has made time to serve on Assumption’s Board of Trustees for 10 years, giving her an opportunity to engage in the development of the University’s strategic plans. “It has been remarkable to see the physical enhancements on campus, the new curriculum, and the success of Assumption’s athletic program,” she said.
Despite the changes, Assumption’s core values remain the same, she noted. “I see the same qualities in the students today that I saw among my classmates. Assumption’s faith-based liberal arts education continues to teach students the value of leading ethical lives.”
Anne Foley Ames ’88, a senior vice president and head of human resources for Fidelity Enterprise Technology and Global Services, says those shared core values like integrity, responsibility, and compassion make Fidelity a good fit for Assumption graduates.
Ames, who chose Assumption for its strong sense of com- munity, majored in English before taking a detour into financial services through a leadership training program. She’s never looked back and calls her English degree a distinctive asset. “Assumption prepared me to be a strong communicator, think critically, and solve problems,” she said. “Those skills cut across every profession.”
At Assumption, she added, “Nothing was handed to us. We had to work hard, and we learned to inspire through leadership, yet lead with humility. These are lifelong skills.”
BUILDING STRONG COMMUNITIES
Jeff Lagarce ’76 joined Fidelity in 1996 and retired in 2018 as the president of Fidelity Institutional, where he reported directly to Abigail Johnson, chairman and CEO of Fidelity. Lagarce spent most of his career running Fidelity businesses both in the U.S. and in Europe. Upon retiring, he was appointed as a trustee to Fidelity’s Equity Funds Board, which oversees a trillion dollars of equity funds that Fidelity manages for its shareholders. He was also recently appointed to the board of Colt Telecom, based in London, which is a wholly owned subsidiary of Fidelity.
“I couldn’t go cold turkey when I retired,” he admitted. An economics major, Lagarce said the breadth and depth of his liberal arts education were key to his success at Fidelity. “When we talk about hiring at Fidelity, we’re always looking for well-rounded people who are able to think beyond their own specific areas of expertise,” he said, adding that he can name at least 20 Assumption graduates who hold senior management positions at Fidelity. “Assumption graduates are seen at Fidelity as good leaders because we are dedicated to serving our clients and society, and to just being good people.”
These same values drew Christine Carter Cecil ’97 to Assumption and, later, to Fidelity. Now a senior vice president leading Fidelity’s healthcare implementation and migration organization, she is involved in the internship program, often hosting Assumption students.
“Assumption set me up to work hard,” she said. “I can’t recall one professor who didn’t have the same expectation for everyone, which was that we should all compete to be at the top of our class.”
Executive Vice President of Client and Participant Services at Fidelity Investments Sharon Rothwell Brovelli ’85, who said her degree prepared her to “stand toe-to-toe with the competition,” said she’s never seen so many Assumption alumni in one place. “I think word of mouth travels. Everyone at Assumption knows that Fidelity is a fantastic firm,” she said, adding that the unique relationship between Fidelity and Assumption makes sense because both institutions have a strong sense of community. “Fidelity is a company with solid values because of the corporate leadership. I would say the same thing about Assumption: the University has always been blessed with good leaders. Because of this top-quality leadership and their commitment to serve people to the best of their abilities at every level, Fidelity and Assumption attract really great people.”
PREPARING THE NEXT GENERATION OF BUSINESS LEADERS
For the past 15 years, Candace McGovern Race ’78, an executive vice president of marketing at Fidelity Investments, has over- seen a summer internship program at Fidelity that pairs up to a dozen undergraduates each year with mentor managers.
Many of those interns are from Assumption. “These are kids who know what it means to work hard, and they value the experience we offer,” she said.
Like others in upper management, Race appreciates the fact that Assumption graduates have a liberal arts background. “Whether I’m looking for new employees or interns, I need people who know how to communicate, analyze problems, synthesize knowledge, and think creatively and strategically,” she said.
Race continues to bring this message to undergraduates on the Assumption campus through networking presentations and as an Alumni in Residence, during which she met with faculty, taught a class, and gave a keynote address on the value of a liberal arts education.
Colin McQuillan ’20 said that his experience as a marketing intern at Fidelity inspired him to apply for a full-time position. McQuillan, a marketing major, was hired as an investment sales associate after graduation. “The culture of Fidelity reminds me so much of Assumption’s,” he said. “It’s the kind of place where people support each other, so it’s easy to grow professionally and personally.”
Colin Clancy ’16, a stock plan consultant at Fidelity, said his undergraduate years gave him the necessary people skills to connect with others. “Assumption is a school that’s very collaborative from both academic and athletic standpoints,” said Clancy, who played baseball at Assumption.
In addition to serving as trustees and mentors, many alumni who are now Fidelity professionals also honor their Assumption connection with generous financial gifts to the University. Brovelli, Cecil, and Race each have conference rooms in the Tsotsis Family Academic Center named in their honor, while Ames and her husband sponsor a scholarship for Mount Alvernia Academy students in Newton. Lagarce and his wife, Sue (Daley) ’80, have been longstanding members of Assumption’s President’s Council, served on the Board of Trustees for six years, and financially supported Assumption’s capital campaigns; their recent donation created the Lagarce Trading Room in the University’s Grenon School of Business.
“I’m very proud of Assumption,” said Race, who served on Assumption’s Board of Trustees from 2001–19. “The University has opened up a whole new range of professional opportunities for undergraduates in a very competitive world. Fidelity and Assumption will both weather the challenges ahead, serving as leaders to other institutions.”
Fidelity Investments is an independent company, unaffiliated with Assumption University. There is no form of legal partnership, agency affiliation, or similar relationship between Assumption University and Fidelity Investments, nor is such a relationship created or implied by the information herein.
