Insights
Hispanic Heritage Month: Celebrating pioneers of change and innovation
Hispanic Heritage Month, observed annually from September 15 to October 15, honors the independence anniversaries of several Latin American countries, underscoring the shared heritage and unity that defines the Hispanic community.
September 2024
As the Civil Rights Movement gained momentum in the 1960s, so did an effort to recognize the contributions of the Mexican Americans, Puerto Ricans and other Hispanics fighting for social change. Their struggle was acknowledged by Congress in 1968 when the week of September 15 was designated as Hispanic Heritage Week. Honoring the diversity and history of more than 20 Latin American countries over the course of a week proved difficult, so in 1988, the weeklong celebration was expanded to 30 days when Hispanic Heritage Month was signed into law.1 Since then, the month has been paying tribute to the culture, achievements and contributions of the more than 65 million Hispanics in the United States.2
At State Street, we are celebrating Hispanic Heritage Month with a series of events highlighting the richness of Latin culture, with an emphasis on this year’s theme: “Pioneers of Change: Shaping the Future Together.” As a global, purpose-driven firm, we recognize that a diverse and inclusive workplace promotes innovation and better decision-making. As such, we support our colleagues in their career journeys through training, mentorship programs and employee networks like the Latin American Professionals Network (LAPN).
In honor of this year’s Hispanic Heritage Month theme, we’re spotlighting our two Latino leaders who are on the front lines of the company’s transformation and are helping advance our efforts to shape the future of the financial services industry.
Juan M. Vasquez
Senior Information Security Officer
Chicago
As a student who barely spoke English and at a young age began bussing tables to help his family make ends meet, Juan Vasquez would not have imagined himself working in corporate America, never mind that he would be managing Global Cybersecurity for the Global Product division of one of the world’s leading financial service providers.
“It was not only about proving to myself that I could achieve this, but also about helping others realize that it is possible,” Juan, a first-generation Mexican American, said about overcoming a language barrier and financial hardship to become a leader in his field.
Driven by the desire to “do more” for himself, his family and his community, Juan joined the US Marines after high school. He served in the US Marine Corps for 17 years, which included a tour of duty in support of Operation Enduring Freedom, and during his time in the Marines earned the rank of Gunnery Sergeant. It was this achievement, he said, that propelled him onto the corporate path.
The Marines had instilled in him discipline, focus and drive – all attributes that would prove crucial to succeed in college. Juan went on to complete three separate bachelor’s degrees concurrently – in Finance, Management of Information Systems, and Information Security and Risk Management. He also completed a master’s degree in Cyber Forensics and Security.
Equipped with an education and new ambition, Juan began his technology and cybersecurity career in the health insurance sector and went on to work for an accounting firm, a pharmaceutical company, and a financial institution in the areas of information security, cybersecurity, product security, infrastructure safety and security, and emerging technologies risks before joining State Street.
Juan continues to serve his country in the US Navy Reserve as a Naval Officer. As our Senior Information Security Officer, he works closely with the Global Product team to securely launch new products in markets around the globe. Whether leveraging new technologies such as artificial intelligence (AI) and blockchain, or enhancing existing ones, Juan is focused on finding innovative ways to optimize operations and implement cutting-edge solutions to prevent security breaches. Most importantly, given the rapid pace of change in financial services, he’s playing a critical role in helping State Street remain at the forefront of tech innovation.
“We’re trying to lead the charge versus just being a part of it. We're doing that by focusing heavily on innovative technologies that will change the way things are done in financial services,” he said.
Juan and his team are exploring innovations including new ways to embed generative AI, blockchain technology and quantum computing into traditional operating procedures.
“We’re looking at ways to enhance those processes, making them better and quicker, so we can be more efficient.”
Protecting the firm from cybersecurity incidents is an enormous responsibility that requires the best talent, and according to Juan, the best teams are those with diverse experiences, ideas and backgrounds. Attracting and cultivating the best talent, however, will require thinking in innovative ways about recruitment and retention.
“Not everyone takes or can afford the traditional college route. Now, you can learn to code software in six months or do a security analyst boot camp. So there is a diverse talent pool out there that is dedicated and hardworking, and if you just give them the training, they will be an amazing resource and asset to the organization.”
Juan is doing his share to elevate diverse talent both at State Street and in the tech industry. At work, he is involved with LAPN initiatives. While outside of work – when he is not serving in the US Navy Reserve – he volunteers with two nonprofits, working to empower underrepresented communities into technology opportunities. Most importantly, Juan’s doing something that, as a student, he would not have imagined doing: speaking to kids in Chicago in fluent English, hoping to inspire them to think big.
Heinz Volquarts
Head of Americas International Distribution,
State Street Global Advisors
New York
For Heinz Volquarts, head of State Street Global Advisors’ Americas International client coverage group in Latin America, Offshore and Canada, his Mexican heritage is not just a source of pride; it also gives him a competitive edge.
“It’s definitely a plus. Being Latino gives me a broader perspective of the market and what clients there want,” said Heinz, who enjoyed a multicultural upbringing in Mexico, with a German father and Mexican mother, and spent the first half of his career working for a large chemical sciences company before relocating to the United States and entering the financial services sector.
His unique insights into the Mexican market led to a new business initiative for State Street Global Advisors, the corporation’s investment management business.
Last year, the firm launched its US Offshore business in response to major American financial entities seeking products for non-residents.
“I understood what was happening, both culturally and financially, and saw that there was a need and a growing market.”
The move solidified Global Advisors’ position in Latin America, an area of particular significance for investors, with approximately US$20 billion in assets in Latin America and Offshore.
Heinz’s multicultural background and keen understanding of the regulatory landscape in Canada and Latin America enabled him to cultivate strong client relationships and regional expertise, and better serve our clients in these key markets.
Since Global Advisors’ launch of the SPDR S&P 500 ETF (SPY) – the first US-listed exchange-traded fund (ETF) – 31 years ago, the ETF industry has grown rapidly as more investors adopt ETF strategies. The firm has continued to innovate in this space over the years to meet investors’ changing needs with novel products, such as the gold-backed ETF, which allows investors to access gold in many different ways – from bars and coins to mutual funds and futures contracts.
As ETF adoption increases worldwide and interest expands in the Americas, Heinz has responded by strengthening his LatAm sales team. In order to drive further growth in the region, Global Advisors is exploring innovative ways to enhance its regional capabilities in the alternatives space, he says.
Staying ahead of the competition is important for business, said Heinz. “Being able to anticipate [market and even regulatory trends] is important for innovation,” he said. “Things change quickly. Governments can change quickly. You need to know what’s happening so you can recognize opportunities to create and enhance client value.”
Identifying opportunities is just one part of what Heinz does to keep State Street ahead of changing markets. The other important component is educating clients on the risks and rewards those opportunities represent as they seek to build and protect their wealth, particularly given that pensions make up more than half of the assets Global Advisors manages in Latin America.
“These are people who want to be able to retire one day and we want them to be in the best position to do that. It’s a huge responsibility.”
Perhaps the best way to fuel innovation at State Street and the industry, he said, is through increased diversity of ideas, experiences and backgrounds at the senior level. As a mentor and LAPN member, he encourages his Hispanic colleagues and all State Street employees to take advantage of the mentorship and networking opportunities available through groups like LAPN.
“What’s important is that you're always learning and improving yourself, especially because you can then unlock better opportunities for others.”
For both Juan and Heinz, Hispanic Heritage Month is not only a chance to showcase the many contributions of Latinos in the US, but also an opportunity to highlight the importance of diverse and empowered employees for both innovation and advancing equity at State Street.
