Former hedge fund portfolio manager Dominique Mielle related her experiences from nearly 20 years as a female executive in the hedge fund industry in a new memoir, "Damsel in Distressed: My Life in the Golden Age of Hedge Funds."
Ms. Mielle joined Canyon Partners LLC, Los Angeles, as an analyst in 1998 after earning an MBA from Stanford University and was only the second woman on the hedge fund manager's investment team at that time. She specialized in distressed investing.
Ms. Mielle was the first woman promoted to senior portfolio manager and the first woman named partner by Canyon in 2012.
Being the only woman among the firm's partners was not unusual, Ms. Mielle wrote in the memoir, noting that she usually was the only woman present in company meetings.
"Understand one thing: There were and still are doggedly few senior women in hedge funds and almost none in the position of investing. You will find women in investment banks … including some in senior positions. Corporate law firms are likewise relatively diverse in gender. But as far as women in hedge funds, zilch," Ms. Mielle wrote. "Unless clients require hedge funds to have women on their teams and refuse to invest in funds that do not, there is no external incentive," she added.
After her long tenure at Canyon, Ms. Mielle left the firm on Jan. 1, 2018.
"For me, it was enough. I had reached the top and I staunchly wanted to leave at the top on an up year as a partner in a successful and respected business," Ms. Mielle wrote in the book, which will be available Sept. 7 in hard copy and digital formats.
Canyon Partners manages about $27 billion in assets.