Introduction and Opening Remarks:
On February 12, 2025, CFA Society Chicago welcomed Shundrawn Thomas as part of the Distinguished Speaker Series (DSS).
Chris Vincent, CFA, President and CEO of CFA Society Chicago, provided opening remarks. He noted that February is Black History Month and extended a welcome to several special guests in the audience. The first were cohorts from the Asset Management Diversity Accelerator (AMDA), a collaboration between LGIM America, William Blair Investment Management and Allstate Investments LLC. The second group were attendees from the Greenwood Project including their CEO, Kwesi Smith, CFA.
Vincent also thanked the Distinguished Speaker Series Advisory Group Co-Chairs for organizing the event. The DSS Advisory Group Co-Chairs are Ian Chenkus, CFA of J.P. Morgan and James Mohan, CFA of Mercer.
The moderator of the event was Kweku Obed, CFA, CAIA, managing director for Marquette Associates. Obed is a member of Marquette Associates’ Board of Directors and Defined Contributions Services Committee, and serves as the primary consultant for several client relationships.
The guest speaker was Shundrawn Thomas, the Founder and Managing Partner of the Copia Group (“Copia”). Copia is a private investment firm that provides capital solutions for lower middle market companies and that drives social and financial impact. Thomas has more than 30 years of financial services experience. Thomas’ previous experience includes tenures at Northern Trust, Goldman Sachs and Morgan Stanley.
Moderator Discussion:
To begin the conversation, Obed invited Thomas to share his personal background.
Thomas grew up in Chicago just south of downtown. Although he did not have material wealth, his family and faith provided a strong foundation for the rest of his life. He recalled the positive example set by his parents. His mother had left high school before graduating due to extenuating circumstances. Later, she returned to school, not only obtaining a high school diploma, but also an undergraduate degree. Meanwhile, his father had served the country in the United States Air Force. From these examples and other influences, Thomas had an unfaltering belief that he could accomplish anything.
How did your professional experiences lead to Copia?
Thomas commented that some stories follow a straightforward sequence of events. In contrast, his story is better described as a mosaic. Each professional experience contributed to his skills, abilities and talents in a non-linear fashion. Along the way, he relied upon a strong sense of values to guide him forward at each step.
To further illustrate this point, Thomas shared some examples of his experiences. When he left Goldman Sachs to become an entrepreneur, he learned what it meant to take on personal risk, make big sacrifices and depend on the support of others. He extended special appreciation for the strong support he received from his wife. This drew a round of applause from the audience.
Thomas also recalled a specific opportunity at Northern Trust. During his tenure there, he was asked to start a new ETF business. His peers were skeptical because an earlier attempt at the ETF business had already been shut down. Thomas, on the other hand, believed that he could succeed and was not afraid of the challenge. Through leading this ETF business, Thomas gained a new set of skills and knowledge that he would use later in his career.
The initial idea for Copia stemmed from his views and values. The word, “Copia”, means abundance. By viewing the world with an “abundance” mind set, Thomas believes that you can make the world better for everyone. His goal was to create a company with a healthy culture while also creating opportunities for underserved communities. By combining these beliefs with past experiences, he had the skills and network to make his vision become reality.
Obed asked Thomas to share his approach to leadership in the corporate environment.
Thomas believes that effective leadership begins with understanding one’s own values. Everyone has values even if they are not fully aware of them. Those whose actions contradict their values create internal and external dissonance. It is difficult to lead others if they perceive contradictions in what you say and how you act. Sharing your values helps people understand what to expect and promotes accountability. Further, people can align themselves behind these shared values.
Another part of leadership is providing others with the agency to make good decisions. Throughout his career, Thomas leveraged his organizational resources and authority to empower others. At the same time, he believes that it is possible to lead from any position by exercising whatever influence and knowledge that you may have.
Since the launch of Copia, how are your values resonating with others in the financial industry?
When meeting with clients and other stakeholders, conversations are not limited to investment strategy and due diligence. Values and past experiences are an important part of that conversation. The response has been positive. When someone understands what you went through, it builds trust and provides a better sense of your capabilities.
Looking forward, what are you excited about and what would you like to see change?
Thomas remains excited about opportunities to solve problems and help people through the financial industry. At the same time, he believes that there is more room for progress. In his 30-year career, the level of diversity within the financial industry has lagged that of society.
Thomas believes capital markets can be a force for good, but we must be more intentional in terms of economic rewards and in addressing societal challenges. Thomas reflected upon his own career path. He believes that his success is due to the grace of God as well as the investments others have made in him. In turn, if we extend similar opportunities and investment to others, positive change will surprise to the upside.
Audience Questions:
How are you managing your business through the recent political changes (the prospect of mass deportations, tariffs, etc.)?
Thomas observed that politics and culture fluctuate over time. As much as opinions and policy may shift at any given moment, he expects they will eventually shift back. So, when building out Copia, he sought a strategy that would persist in a broad range of political environments. During uncertainty and change, Thomas stated that the worst thing you can do is to become distracted. Instead, always consider the original thesis and continue to move forward as long as it remains viable in the long-term.
Can you provide an example of a time when your values were challenged?
Thomas offered that, as soon as you articulate your values, they will be challenged. As such, he has no shortage of examples. He detailed one instance from a prior firm. During year-end bonus discussions, one of his managers recommended no bonus for an employee based solely on their short tenure. This treatment was inconsistent with Thomas’ view of fairness and merit. Further, he had already shared these values with his team. Instead of directly overriding the manager’s recommendation, Thomas reminded the manager of past discussions. He then asked the manager to revisit the bonus treatment while also considering those values. In this way, Thomas was able to uphold his values while also allowing his manager to make the decision.
Given that most people in this room are not entrepreneurs, what entrepreneurial lessons can be applied to the corporate environment?
Thomas suggested that entrepreneurism is a superpower. Speaking from his own experience, Thomas noted that entrepreneurs operate with great sense of accountability. As an owner, you bear the ultimate responsibility to keep the business functioning. If a system fails, one cannot simply defer to another department. Likewise, entrepreneurial success depends on long-term viability. This environment favors broad strategic thinking over limited tactical thinking. Lastly, entrepreneurship requires a different style of leadership. You must influence, inspire and empower your team with a sense of mission that extends beyond a regular paycheck.
What lessons do you have for students and recent graduates who are just starting out on their career?
Thomas predicted that just about everyone in the audience has the potential for a successful career. The more variable outcome is how fulfilled each will feel as they move through their professional journey. Thomas recommended being curious and not being too narrowly focused. He also cautioned against allowing others to project their values on you or succumbing to the fear of failure.