The exit of Kathy Shih from UBS leaves a gaping hole at the Swiss bank. finews.asia's Editor-at-large Shruti Advani looks back on what the Asian wealth doyenne taught women in finance.

Few industries globally are defined by their female leaders as much as the private banking industry in Asia is. In the age of #MeToo, when we need constant reminders of how resilient women are, it is with sadness that I write of the retirement of one of the industry’s best.

Kathryn Shih was already a legend in Asian banking circles when we first met in 2010. She didn’t use that as an excuse to be any less courteous or respectful of me, a cub reporter.

Rock-Bottom Rent

Always on time, and always with a printed brief in front of her, our first meeting was an accurate indicator of how evolved all our interactions would be.

Legend has it Shih negotiated rock-bottom rent for the bank’s breathtaking seafront IFC offices. And yet, when giving me a tour of the premises, she detailed the provenance of every piece of museum-worthy art that hung on the walls.

Tough, Respected

As the grand doyenne of UBS Asia, she got to choose what artwork would be moved from Switzerland to the Asian offices and she had certainly picked wisely.

«She is tough but immensely respected,» says a former employee of the bank in Hong Kong. «You could count on her to come through in front of a client which is more than you can say for most managers,» he elaborates.

Crisis-Tested

This could be the reason Shih outlived most managers in an organization known as much for its politics as its products.

«During the global financial crisis, Kathy and Amy Lo gathered employees and asked them for their loyalty and their faith. When Kathy was done speaking many of the managing directors at the bank today had tears in their eyes,» she says.

Ice Determination

I remember mentioning to Shih during one of our meetings what one UBS staffer in Singapore had said. He was low enough on the totem pole that I didn’t feel the need to name him.

Imagine my surprise then when Shih not only identified who I had been speaking with, but remembered his name and circumstances.

Which is not to say she is mostly style without any substance. Ask anyone who has had to defend a decision she did not agree with – she could be icy in both her determination and her condemnation.

Gracious in Defeat

One year, UBS did not win an award that I was at the time responsible for giving. The time we spent in a room with me justifying why I didn’t think the bank deserved to win was longer than what she had spent pitching for the award in the first instance.

At the awards gala, she was the epitome of elegance and graciously traversed the room to greet colleagues and competitors. I watched her from my perch on the stage as I announced the award had gone to a rival – the smile was intact and I could be forgiven for thinking the clapping was heartfelt.

Relationships First

Even those who thought her too steely agree on her absolute loyalty to the firm and its interests. «It is a particular style of management that I may or may not agree with but one that is certainly in the best interests of the bank,» says one former employee who says she «always put the franchise first.»

I have no doubt she did but I also believe she put relationships first and foremost: sending me a baby gift when my first child was born. Taking me under her wing at a UBS cocktail where I knew no one and she of, course, knew everyone. Emailing me when I was on a sabbatical to say I must not sit at home forever and waste my talent.

Integrity, Intellect

It is unusual to single out one leader and make an event of their retirement when change is the norm in this industry. I do so because Shih taught me that the only thing women can reliably trade on in the workplace is their integrity and their intellect.

It is a message that I believe will serve the next generation of leaders in our industry well.

Shruti Advani is Editor-at-large of finews.asia