From Knife Factory to Global Finance Leader
Jose Minaya, the global head of investment and wealth at BNY, recently revealed that he had better odds of winning the lottery than reaching his current position in the financial world. The 54-year-old executive shared his remarkable journey from humble beginnings to leading one of the world's largest investment organisations.
An Unconventional Start in Finance
Minaya's first job at age 14 was as a stock boy in a knife factory, where he planned to buy expensive sneakers but instead learned the value of saving. His path into finance began unexpectedly after abandoning plans to join the United States Marine Corps. "The movie 'Wall Street' was my first introduction to finance," Minaya confessed, explaining how a chance encounter at a college job fair led to his first role at JP Morgan's investment banking division.
On his first day, he arrived wearing a blue shirt with a white collar and braces, enduring the subsequent banter from colleagues. Born to Dominican Republic immigrants in Washington Heights, New York City, Minaya grew up in a Spanish-speaking neighbourhood where few attended college. His natural aptitude for mathematics initially led him to try engineering and accounting before a dean steered him toward finance.
London's Strengths and Challenges
As a native New Yorker who considers London his second home, Minaya praised the City's diversity and energy, describing it as a close cousin to New York. However, he expressed concern about London's affordability crisis, noting that the lack of affordable housing makes it difficult for young talent to establish roots in the city.
Minaya's career includes significant roles as Nuveen CEO and head of Teachers Insurance and Annuity Association of America Global Real Assets, plus investment positions at AIG, Merrill Lynch and JP Morgan. He earned his MBA and gradually built confidence in taking risks, progressing from managing investment portfolios to leading entire investment teams and platforms.
Career Wisdom and Personal Reflections
One of Minaya's most memorable moments came during his first corporate board presentation, when a mentor asked which board member knew more about the subject than he did. Realising he was the expert in the room taught him that preparation breeds confidence. He now believes that expertise accounts for about 80% of what resonates with an audience.
The finance veteran also shared an early career faux pas involving mistaking wasabi for guacamole during his first encounter with sushi on a 1990s trading floor. The experience triggered his first bout of imposter syndrome but became a memorable welcome to Wall Street.
When asked about his proudest achievements, Minaya highlighted his role as chair of the Robert A. Toigo Foundation board and watching his two daughters grow into the people they are today. He looks up to his parents and in-laws, all immigrants to the US, including his mother who worked as a housekeeper at the Waldorf Astoria and his father who was a dishwasher.
Optimism for Wealth Management's Future
Minaya expressed strong optimism for the wealth and investment management sector, describing himself as "like a kid in a candy store" after completing his first year at BNY. He sees tremendous opportunity in the massive wealth transfer between generations, expansion of private markets, rise of digital assets and rapid adoption of artificial intelligence.
The executive prefers The Wolseley City for business lunches, praising its architecture and apple strudel, while selecting Shaws Booksellers for after-work drinks with colleagues. When not travelling between financial hubs, he lives in New York City and spends weekends golfing in temperatures above 18 degrees or cooking for his family.
