Matilde Segarra on leadership, long-term investing and learning across continents

Matilde Segarra, CEO of APG US in New York, has been named one of Pensions & Investments' 2026 Influential Women in Institutional Investing. The recognition comes at a fitting moment to reflect on a career that has taken her across three continents and through some of the investment industry's most influential institutions. We spoke with Segarra about long-term investing, leadership, and the lessons she has learned along the way.

Segarra began her career in investment banking at ABN AMRO Rothschild in Hong Kong before moving into investment management at AEGON. She joined APG in the Netherlands in 2005 and held roles across portfolio management and global investment risk in APG's offices in Europe, Asia, and the United States. She later joined Fidelity International as Chief Risk Officer for Asia Pacific, where she helped develop global risk and sustainability frameworks. In 2022, she returned to APG as CEO of APG US in New York. She also serves as Vice Chair of the International Centre for Pension Management (ICPM).

In what areas do you think your influence on others has been greatest?

"The different steps you take throughout your career gradually reveal where your true interests lie. For me, that ultimately became long-term investing for asset owners. Most investors focus on the current state of the economy and financial markets. I look at those developments through the lens of long-term investing, specifically for pension funds.

Early in your career, you're primarily inspired by others. At some point, you realize that you may have become a source of inspiration yourself. Through ICPM, I can share my international experience and expertise in long-term investing for pension funds with peer investors around the world. I believe that has been an important factor behind this recognition."

What do you bring from APG to ICPM, and vice versa?

"Through ABP, APG represents one of the world's largest asset owners. At ICPM, I can share insights on portfolio diversification, cost efficiency, and responsible investing at scale. At the same time, APG also serves smaller pension funds, which can benefit from the knowledge and experience we've gained through our scale and capabilities.

What I bring back from ICPM are new ideas, alternative approaches, and sometimes unique solutions developed by peer investors that may also be relevant for APG. Just as importantly, I often return with the reassuring realization that the challenges we face on behalf of our clients are shared by investors around the world. ICPM provides a trusted environment where asset owners can exchange ideas and discuss solutions without commercial interests. That makes this type of knowledge sharing especially valuable."

You've worked on three continents. What have you learned from living and working in different countries and cultures?

"The most important lesson is that your view of the world is heavily influenced by where you are. When I moved from Europe to Asia, I discovered that many things I thought I understood only became truly clear once I experienced them firsthand. The same was true later when I moved to the United States.

Living and working in different countries has also made me realize how strongly all of us are shaped by the systems around us, whether that relates to politics, healthcare, labor laws, or broader societal issues. I've gained a much deeper understanding of how institutions function, how people think, and why certain decisions are made. It has also taught me humility. The more I have learned about the world and about our profession, the more aware I have become of how much I still don't know. Above all, living abroad has taught me that people around the world have far more in common than many assume.”

Your career combines extensive experience in both investing and risk management. How does that help you in your current role?

"Investors naturally focus on opportunities and returns, while risk managers tend to focus on downside risks and potential vulnerabilities. Having worked in both disciplines, I've gained a deeper appreciation for how those perspectives differ.

It helps me assess proposals in a more balanced way. I understand the blind spots investors may have, but also the risks that risk managers can sometimes place too much emphasis on. In that sense, it's similar to the perspective I've gained from working in different countries and regions. Both experiences have broadened my perspective and given me a more holistic view of decision-making."

You are now being recognized as an influential woman in institutional investing. How has your leadership style evolved over time?

"Early in my career, I was primarily driven by expertise. I read extensively, did a lot myself, and wanted to understand everything. As I moved into leadership roles, I realized that approach no longer scales. I had to trust other people much more. It also became increasingly important to genuinely listen to different viewpoints and understand where they come from.

I had to learn to delegate, trust others, and take alternative perspectives seriously. Early in my career, I would often immerse myself in a topic and become convinced that I'd found the answer. As a leader, I realized I could no longer afford to think that way. I need to consider multiple perspectives before reaching a conclusion.

Leaders must understand the details while also stepping back to see the bigger picture. I've learned that there is rarely a single truth. I also had to let go of perfectionism. At some point, I realized that perfection doesn't exist. Many of the qualities that help you succeed early in your career can eventually become obstacles if you don't adapt as a leader."

In what areas would you still like to grow as a leader?

"I believe you should never stop learning. The world is changing rapidly, and new technologies constantly demand new skills. Curiosity is also an essential part of leadership.

When I was younger, I looked up to people with great confidence. Today, I admire people who are highly knowledgeable but have no need to constantly prove themselves right or seek admiration. People who listen, continue learning, are willing to change their minds, and openly acknowledge what they don't know.

That awareness will always be a powerful motivation for me to keep learning. If you adopt a mindset of continuous learning, you're also more willing to accept mistakes as part of the process and focus on doing better the next day."

Looking back to when you started your career, would you say it has become easier for women to reach senior leadership positions?

"I believe it has. Compared with 25 years ago, there is far greater recognition of the challenges that come with being in the minority. There is greater awareness that this can require additional resilience and effort.

Diversity and female talent are discussed much more openly today, and that visibility matters. Increased awareness has undoubtedly helped. Recognition programs such as this one have also played an important role."

What advice would you give to young women who want to build a career in investing and asset management?

"When I was starting out, and often one of very few women on my team, I believed that if I simply worked harder than everyone else, recognition and opportunities would follow. That's not a sustainable approach over the long term.

One of the greatest gifts of becoming a parent was that I had my two children relatively close together. That forced me to let go of my perfectionism and constant drive to work harder, because it simply wasn't possible to do everything at once.

That wasn't a conscious decision born of wisdom. It came out of necessity. Looking back, I realize that many of the things I worried about never became major obstacles in my career. In fact, they often gave me the perspective I needed to achieve certain goals. One of my personal mottos has therefore become: "Trust the process." Most problems eventually work themselves out.

My advice to ambitious young professionals is to focus on what is sustainable for you. A career is a marathon, not a sprint. The key is finding a balance that you can maintain over the long term and recognizing that you cannot do everything at once. If you have the talent, remain committed, and genuinely enjoy what you do, progress comes through consistently taking small steps over time."

Read more: Matilde Segarra's profile at Pensions & Investments