Sonya Mughal Named Women in Wealth Advocate of the Year at 2026 Private Asset Management Awards
Bailard CEO Sonya Mughal, CFA, has been named Women in Wealth Advocate of the Year – Individual at the 2026 Private Asset Management (PAM) Awards, presented by With Intelligence. The award recognizes individuals who actively support the advancement and participation of women in wealth management. Winners were announced at a live ceremony in New York on February 5.
About Sonya Mughal
Sonya became Chief Executive Officer of Bailard in April 2021, after nearly three decades at the firm. She is the first woman and first person of color to lead the company. Her leadership is marked by consistency and fairness, along with a clear expectation that decisions be both thoughtful and well reasoned.
"Wealth management is stronger when more women are part of it. As advisors, as leaders, and frankly, as clients,” said Mughal. “I am deeply honored, but this truly belongs to the Bailard team. Nearly half of our senior leaders are women, and that is no accident. It is what happens when people are genuinely committed to doing what is right."
Women in Leadership at Bailard
As of December 31, 2025, 48% of Bailard's VPs and above are women. That figure speaks to steady hiring, promotion, and retention decisions over time.
One of the firm’s more tangible practices is pay transparency. Managers understand that compensation decisions must be clear and defensible. That discipline encourages open conversation and reduces ambiguity around advancement, an area where finance has not always been consistent.
For clients, that consistency supports stable teams and clear processes. For employees, it creates a more transparent path for growth.
“The conversations I have with clients are different here,” said Lena McQuillen, CFP®, Vice President and Director of Financial Planning at Bailard. “There is a level of trust that comes from working with a firm that genuinely walks the talk, and you really do get to make a difference in people’s lives.”
About the Private Asset Management Awards
The Private Asset Management Awards recognize firms and individuals across the private wealth management space. The 2026 awards ceremony brought together senior decision-makers from family offices, multi-family offices, private banks, and wealth management firms across the United States. Winners are selected by an independent panel of industry professionals.
In addition to Mughal’s individual recognition this year, Bailard’s Chief Investment Officer Dave Harrison Smith, CFA, was shortlisted for Manager or Investment Research Professional of the Year. The firm was also shortlisted in prior years for Best Philanthropic Initiative and Women in Wealth Advocate of the Year - Company.
About Bailard, Inc.
Bailard is an independent firm that has served individuals, families, and institutions since 1969 with comprehensive wealth management and disciplined asset management solutions. Our work is rooted in clear values, long-term thinking, and a steady commitment to putting clients first. Across the firm, we provide financial and wealth planning, portfolio management, and asset management strategies spanning domestic and international equities, fixed income, sustainable and responsible investing, private real estate, and customized mandates. The firm manages more than $7.7 billion in assets as of December 31, 2025.
Bailard is a Certified B Corporation™ and signatory to the UN Principles for Responsible Investing. We are built on accountability, compassion, and a long-term commitment to doing what’s right for our clients. Learn more at bailard.com, and explore career opportunities at bailard.com/careers.
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Leadership statistics as of 12/31/2025. Bailard does not endorse or control, either expressly or implicitly, the content posted by any third party and disclaims all comments made or information provided by non-Bailard employees. These recognitions do not evaluate the quality of services provided to clients and are not indicative of Bailard’s future performance. There was no cost to enter. The Private Asset Management Awards 2026 judging process is designed to be rigorous and thorough to ensure all entries receive full consideration and that excellence in each of the categories is truly rewarded. A mix of leading wealth managers, advisors/consultants, service providers, and other industry experts make up the judging panel. Presented by With Intelligence, part of S&P Global, winners were announced in February 2026. Additional information is available here: https://awards.withintelligence.com/privateassetmanagementaward/en/page/2026-winners.
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Communicating Trust and Credibility in an Age of Volatility
The recent fireside-style conversation hosted by Financial Narrative, informed by Financial Times research, explored credibility and leadership in today’s environment. Our SVP of Marketing & Communications, Erin Randolph, PCM®, joined the panel on behalf of Bailard for a candid discussion with industry peers.
Bailard Real Estate Completes Leadership Transition
“This was the right move for our real estate team,” said Sonya Mughal, CFA, CEO of Bailard. “Care and discipline are core to how this group works. Tess and James have built their experience at Bailard together over time, and this next step follows naturally from that.”
At a glance
Co-Heads: Tess Gruenstein; James Pinkerton
Gruenstein: Head of Portfolio Management
Pinkerton: Head of Investments
Fund leadership: Co-CEOs, Bailard Real Estate Fund
Effective: January 1, 2026
Continuity: Alex Spotswood (SVP); Preston Sargent (Strategic Advisor)
New hire: Neha Desai (VP, New York)
Leadership Experience and Responsibilities
Gruenstein has been with Bailard for more than a decade and has played a central role in the development and oversight of the firm’s real estate business. As Executive Vice President and Head of Portfolio Management, she oversees portfolio management, fund operations, and compliance, and serves on the firm’s executive leadership team.
Pinkerton’s experience spans property types and market cycles, grounded in years of hands-on work across acquisitions, dispositions, and financings. As Executive Vice President and Head of Investments, he leads transaction activity and execution across Bailard’s real estate platform, with responsibility for acquisitions, research, and institutional business development.
Together, Gruenstein and Pinkerton serve as co-CEOs of BREF, the firm’s open-end, diversified core private real estate fund. Pinkerton also joins the Fund’s Board of Directors.
Depth and Momentum as 2026 Begins
The real estate team’s leadership builds on a year of meaningful investment activity and an experienced bench. Alex Spotswood, Senior Vice President, continues to focus on sourcing acquisitions and driving portfolio management, working closely with Gruenstein and Pinkerton across the investment cycle.
Following his retirement at year-end 2025, Sargent remains involved as a strategic advisor, providing continuity and perspective. The team has also expanded its senior bench with the addition of Neha Desai, Vice President, who joined Bailard in December and is based in New York, extending coverage in a key market.
Taken together, the leadership structure supports consistent decision-making, clear ownership, and a long-term approach to managing real estate investments.
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About the Bailard Real Estate Fund
The Fund is an actively managed, open-end core equity real estate vehicle diversified within property type, major metro areas, and investment life cycle. As of December 31, 2025, the Fund’s Gross Asset Value was $1.3 billion, invested in 31 properties across 21 U.S. markets. An investor in the Bailard Real Estate Fund must be an “accredited investor” as defined in Regulation D and provide documentation verifying such status as requested by the Fund.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, private real estate, and sustainable, responsible, and impact investing. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.7 billion in assets under management as of 12/31/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.
Disclosures
Bailard, Inc. (Bailard) is the investment and operating manager of the Bailard Real Estate Investment Trust, Inc. (the “Bailard Real Estate Fund” or the “Fund”); Bailard receives annual fees from the Fund, which are based on the Net Asset Value (NAV). As of 12/31/2025, the Fund’s NAV was $1.0 billion. The Fund invests primarily in real estate and, as a result, an investment in the Fund entails significant risks that are customarily associated with the development and ownership of income-producing real estate, including illiquidity, changes in supply and demand, and inexact valuation. The Fund’s shares fluctuate in value and may be illiquid due to a lack of redemption, the lack of a secondary market and restrictions on transfer. Fees and expenses may offset the return on the investment. The Fund may be leveraged. While projections utilized for acquisitions are based on assumptions that Bailard believes are reasonable under the circumstances, they are subject to uncertainties, changes (e.g., changes in public health, economic, operational, political, legal, tax, and other circumstances), and other risks including, but not limited to, future operating results including rents, occupancy, and other property cash flows, and other expenses. Investors may lose all or a substantial portion of their investment. For a more thorough discussion of the fees and the risks involved in making an investment in the Fund, please refer to its Offering Memorandum. Past performance is no indication of future results. All investments have the risk of loss.
Named #1 Firm from Financial Planning's "Best RIAs to Work For"
Meaningful work depends on judgement built over years, not quarters. At its core, our work is a long-term partnership. Clients turn to us as plans evolve, responsibilities grow, and new possibilities take shape, and we don’t take it lightly when we are their first call. The specifics may differ, but the steady thread of trust is what gives our work its depth.
Financial Planning ranked Bailard No. 1 on its Best RIAs to Work For list. It was our first year participating, and the result reflects something we've built over decades. A culture where talented people want to stay, grow, and do their best work. Long tenure has helped strengthen that foundation, creating continuity that clients and partners often value in enduring relationships.
With Bailard’s first-place ranking came an interview with CEO Sonya Mughal, CFA, in which Financial Planning explored the firm’s approach to building an environment that supports lasting careers. The profile highlighted policies such as paid sabbaticals, flexible time off, full medical premium coverage for employees, and a hybrid model designed to encourage teamwork and collaboration across offices.
Bailard’s independence plays a quiet but important role in shaping that environment too. As an independent, employee-owned firm, we are not driven by outside shareholders or short-term pressures. That structure gives our leaders the latitude to plan for the long term and act with purpose, investing in people, refining processes, and strengthening the resources that serve our clients.
Earlier this week, Bailard appeared for the eighth consecutive year on Pensions & Investments' Best Places to Work in Money Management list. Viewed together, the two honors offer a window into a culture that fosters continuity and engagement. Clients often appreciate that steadiness, particularly when needs can span financial and estate planning, investing, real estate, philanthropic goals, and values-driven priorities.
Mike Faust, CFA, President of Wealth Management, shared his perspective. “Clients come to us expecting clarity and continuity, not quick fixes. We can support those relationships more effectively when our team feels aligned with the firm’s purpose and grounded in their work. That’s the value of a strong culture, and it’s something we work hard to maintain.”
Our commitment remains steady. Serve clients with care, support colleagues with intention, and protect the independence that allows us to do both well. That's what we'll continue to build.
To view the full 2025 Best RIAs to Work For list, visit: https://www.financial-planning.com/list/best-rias-to-work-for-2025-ranking
About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, along with in-house sustainable, responsible, and impact investing expertise. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.5 billion in assets under management as of 9/30/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.
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Bailard was considered for these awards without paying for inclusion, however, some programs have charged a registration fee: Pensions & Investments required $199 in 2023, 2024, and 2025, and the 2023 program included a $499 data-sharing fee from Best Companies Group. The awards do not evaluate the quality of services provided to clients and are not indicative of Bailard's future performance.
About Financial Planning's Best RIAs to Work For
To be considered for participation, eligible firms must be a for-profit or not-for-profit business or public agency, have a U.S. facility, have a minimum of 10 employees working in the U.S., and have been in business a minimum of 1 year. Evaluation consisted of a two-part process. First, an evaluation of workplace policies, practices, philosophy, systems, and demographics. Second, an employee survey measuring day-to-day experience. The combined scores determined the final ranking. 60 firms were ranked in 2025. For more information on Financial Planning’s Best RIAs to Work For program, visit https://www.financial-planning.com/list/best-rias-to-work-for-2025-ranking
About Pensions & Investments’ Best Places to Work in Money Management
Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source for money management and institutional investing. P&I released the 2025 ranking in December 2025. Participating firms must have at least 20 U.S.-based employees, $100 million of discretionary institutional assets under management or advisement, and a minimum of one year in business. In 2025, 103 firms were ranked, with 25 managers recognized in Bailard's category of 50 to 99 employees. For 2024, 2023, 2022, 2021, 2020, 2019, and 2018, there were 113, 123, 100, 76, 94, 76, and 69 firms ranked, respectively. For additional details regarding methodology, please visit http://www.pionline.com/BPTW2025.
Bailard Recognized as One of P&I’s Best Places to Work
Great workplaces often start with a simple idea. When you support your people, everything else gets better. That belief has guided Bailard for decades. It’s also why this year’s recognition from Pensions & Investments carries real meaning. Bailard has once again been named one of the Best Places to Work in Money Management. It’s our eighth consecutive year on the list (2018-2025).
Unlike many industry awards, this recognition is grounded in employee feedback, with 80% of the evaluation focused on the day-to-day employee experience. For an independent firm in an industry where consolidation continues to accelerate, that validation matters. Independence holds up only when the culture underneath it is strong.
This year, Bailard is ranked 3rd among firms with 50-99 employees. And while awards are always a chance to pause and reflect, an eight-year streak reflects something deeper: a culture shaped by the choices our people make every day and anchored in our firmly held values of accountability, compassion, courage, excellence, fairness, and independence.
“Culture is something you build choice by choice. It’s the small, everyday moments of supporting one another and doing what’s right for the people we serve. Seeing Bailard recognized for the eighth year in a row is a reflection of a team I’m immensely proud of. They show up with purpose, integrity, and compassion. They’re the reason this culture stays strong," remarked Sonya Mughal, CFA, Bailard’s Chief Executive Officer.
At its core, this recognition reinforces what we strive for. When people feel supported, trusted, and valued, it shapes how they show up for clients and colleagues. As we mark this milestone, our focus stays on what comes next: strengthening our culture, supporting our team, and protecting the independence that helps us serve the people and communities who rely on us.
For a full list of the 2025 honorees, visit http://www.pionline.com/BPTW2025.
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About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, along with in-house sustainable, responsible, and impact investing expertise. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.5 billion in assets under management as of 9/30/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.
About Pensions & Investments’ Best Places to Work in Money Management
Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source for money management and institutional investing. P&I released the 2025 ranking in December 2025. Participating firms must have at least 20 U.S.-based employees, $100 million of discretionary institutional assets under management or advisement, and a minimum of one year in business. In 2025, 103 firms were ranked, with 25 managers recognized in Bailard's category of 50 to 99 employees. For 2024, 2023, 2022, 2021, 2020, 2019, and 2018, there were 113, 123, 100, 76, 94, 76, and 69 firms ranked, respectively. For additional details regarding methodology, please visit http://www.pionline.com/BPTW2025. Bailard was considered for this award without paying for inclusion, however, some programs have charged a registration fee: Pensions & Investments required $199 in 2023, 2024, and 2025, and the InvestmentNews’ 2024 program, and Pensions & Investments 2023 program included a $499 data-sharing fee from Best Companies Group. This award does not evaluate the quality of services provided to clients and is not indicative of Bailard's future performance.
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