Commencement 2003

Honorary Degree Citation: Joan A. Payden '53

"Financial management is a process, not a product," said Joan Payden during an interview for the Summer 2002 Trinity Magazine, describing the work of her firm Payden & Rygel. "We tailor our services to our clients' individual needs and goals." Understanding the client has made Joan Payden an international success. But beyond her remarkable business achievements, her life and career exemplify Trinity's values of service to others, the courage to take risks, and a profound commitment to intellectual excellence and integrity.

Little did Joan know, when she joined Trinity's Class of 1953, that her name would become synonymous with global investment excellence. In 1953, her thoughts were undoubtedly more focused on whether she was adequately prepared for the next class with Father Burke in Theology, or for Dr. Varnhorn in Mathematics, her major. Following her studies at Trinity, Joan studied Math in the graduate program at Columbia University, and later received her CFA from the University of Virginia. She also completed the Advanced Management Program at Harvard Business School.

Joan's journey to international acclaim as an investment manager began when she took one of the first great risks of her life --- turning away from the engineering career she had planned and taking a position with Merrill Lynch in the research department. After Merrill Lynch and a move to the West Coast firm of Scudder, Stevens & Clark, where she rose through the ranks to become the first woman partner, Joan took the next big risk: she cashed in her retirement fund and used the proceeds to open her own investment company, Payden & Rygel.

The risk has been a remarkable success. Payden & Rygel, headquartered in Los Angeles with offices in London and Frankfurt, currently manages assets of $50 billion. Payden & Rygel also has a joint venture with Metzler Bank, the oldest private bank in Germany. The firm has been widely recognized, and was named U.S. Bond Manager of the Year in 2002 by Global Investor.

Beyond her success as an entrepreneur and corporate leader, Ms. Payden has also lent her time and expertise to numerous charitable boards and organizations, including serving on Trinity's Board of Trustees. With Joan's leadership, Payden & Rygel's commitment to community service is legendary in Los Angeles: the works of local artists adorn the firm's walls, and the firm makes extraordinary donations to community charities, including a major ongoing contribution to the St. Joseph's Center.

For her exemplary accomplishments in business and her community, and for her great devotion to her alma mater, the President and Trustees of Trinity College are pleased to bestow upon Joan A. Payden the degree of Doctor of Letter, honoris causa.