Episode 22: George Madrigal CEO of Penserra
When Albertsons debuted on the New York Stock Exchange, one of the banks supporting this public offering was Penserra.
As more companies try to tap the public markets during the pandemic, they seek underwriters on IPOs that focus on social responsibility. This describes Penserra!
Welcome, George to the Pandocap show.
Q: George can you please share your background with our audience and your journey?
A: My family is from Mexico, I worked hard and put myself through college doing everything from working at McDonald's to washing cars. In college, I discovered I was good at accounting and leveraged this to land my first job in the financial industry. The company I worked for was later acquired by BGI (now part of BlackRock) which gave me a foundation in investment banking. Then 12 years ago, I started Penserra and have led the firm since it was founded, creating innovative products, delivering precise solutions, and effective recruiting which are at the forefront of my leadership.
Q: We continue to see the market reaching new highs as Nasdaq broke records during this pandemic. Do you have concerns that things have gotten a bit ahead of itself? What do you see that continues to drive the upswing?
A: I do believe the markets are overinflated. If you look at the backdrop on what is happening in the economy with the pandemic, recession, and civil unrest, you have to ask yourself how is it possible that the Nasdaq is hitting new highs? I think certain companies in the Nasdaq are driving the highs and people are putting their money in the US stock market, but I would expect things to correct in the next six months to a year.
Q: Companies reacted to some of the protests, stating their support for diversity and inclusion. We know Penserra’s ethos is built on diversity and inclusion. What would you say to other CEO’s who want to lead with this focus?
A: Penserra is a Latino majority firm and what I tell other CEO's is to get involved and don't hand this initiative off. You need to have a diversity and inclusion committee and you have to sit on that committee. It takes time and it's a lot of work but it's worth the impact.
Q: What is next for you for the end of the year and going into 2021?
A: In regards to Penserra, we are looking at technology efficiencies like machine learning, robotics, and trading algorithms. In regards to my efforts, I am focused on non-profits that drive education in the Latino community since historically, we hold only 16 percent of bachelor’s degrees. I am also focused on placing Latinos in executive positions while furthering board placements.
Thank you again for joining us on this special edition of sharing expert advice on Pandocap and stay tuned as we help give voice to the next generation of disruptors.