TORONTO, ON (June 4, 2024) – Women in Capital Markets (WCM), a pioneering force in championing gender equity in the finance sector, is proud to announce that it has rebranded as VersaFi – with Versa signifying the growing diversity and complexity of the finance sector and the women in it, and Fi being the short form often used to describe the financial industry. The new identity reflects the organization’s commitment to accelerating progress for gender equity across the sector more broadly.
“We’re deeply proud of our roots in Capital Markets, but we recognize that the finance sector has evolved: it’s more dynamic and diverse, as are the women in it,” says Tanya van Biesen, president and CEO, VersaFi. “With our new identity we are committed to a growth strategy that will allow us to expand our efforts to support and advocate for women in finance from all backgrounds, whether they be from the sell side, the buy side, fintech – or in a role interacting with these disciplines.”
The change comes at a time of significant and increasingly difficult headwinds for women in the sector. Despite the growing numbers of women in finance, they remain underrepresented, especially at leadership levels. In 2021, women comprised 47 per cent of the workforce in the Canadian financial services industry, yet only 21 per cent held board seats, 19 per cent held C-suite roles, and five per cent held CEO positions[1). Women of colour fare even worse, in 2021 comprising only four per cent of C-suite roles in the North American financial services sector[2]. In recent years economies and political landscapes have also changed, causing many companies to pull back on initiatives to advance equity.
“The finance sector in Canada is among our most important economic drivers, yet women are worryingly underrepresented, especially at the mid and senior levels,” adds van Biesen. “Progress has stalled, talented women are leaving, and equity initiatives are under attack. It’s vital that our talented women are able to thrive and advance at all levels.”
As Canada’s largest network of women in finance, VersaFi is dedicated to providing a voice and platform for networking, mentorship, and development opportunities for its community of more than 4,000 members. Under the new brand, the organization will take its advocacy and community-building to a new level, by:
- Fostering a pipeline of talented women in the sector, at all career levels;
- Expanding efforts to bring together women in finance, with shared experiences and career goals, to provide opportunities for education and networking; and
- Working with the industry to address barriers, share best practices and strategies for progress, and implementing policies and practices to advance gender equity
“Much of this important work is already underway and we will continue to advance these efforts, amplifying successes and learnings as we move forward,” says van Biesen. “Look for VersaFi to play an even bigger role in leading the gender equity conversation in the finance sector in the years to come.”
The organization’s new branding features a new visual identity, a dynamic website and a new tagline, “Accelerating equity for women in finance”, that aligns with its vision, mission and expanded member and corporate partner value proposition. The new website will serve as a hub for resources, events, and opportunities tailored to the needs of VersaFi’s members.
“Our rebranding to VersaFi represents a significant milestone in our journey to accelerate gender diversity in the finance sector,” says van Biesen. “We know that systemic barriers continue to exist for women, in particular for women of colour and gender-diverse professionals across the sector. We need to double down on efforts to help overcome these challenges, or we will leave valuable talent on the table and risk being left behind. We’re looking forward to a busy and productive future, bringing solutions in pursuit of gender equity.”
About VersaFi
VersaFi is a national, not-for-profit organization focused on accelerating equity for women in the finance sector. Founded in 1995 as Women in Capital Markets (WCM), the organization rebranded in 2024 to empower and advocate for women and gender-diverse individuals across the finance sector, at all stages of their careers, nationally. It does this by fostering a pipeline of talent at all levels; being the leading voice and advocate for gender equity in the sector; and by working with finance sector leaders to implement impactful and lasting structural and cultural change. Its community has grown to more than 4,000 members across the sector, representing Canadian bank-owned dealers and wealth managers, independent and foreign-owned dealers, asset managers, insurance companies, pension plans, regulatory agencies, exchanges, and advisory firms. To learn more, or to become a member, visit www.versafi.ca.
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[1] Deloitte. Advancing more women leaders in financial services. A global report, June 2022
[2] McKinsey. Closing the gender and race gaps in North American financial services. October 2021
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