The arc of Lois Scott's diverse career path — from investment banker to White House Fellow to financial advisory firm co-founder to Chicago CFO to executive producer of women-directed film — has an underlying theme.
Altruism, she said, has been the focus whether in the public or private sector.
It stemmed from her parents' influence. Her father became a doctor post-World War II, because he "wanted to bring medicine where there were no doctors." So he went to medical school and started practicing in his 40s, taking care of rural communities, which had the greatest need.
Her mother entered local politics around that time and focused on community infrastructure, specifically sewers, "because where we lived, there were still outhouses," Scott said. She and her three sisters would go for playdates in houses without running water. "And my mother was really bothered by that inequality."
"It was a really interesting way to grow up because my parents were so deeply committed to service," Scott said. As a result, "I never stopped believing that we could do more and be better as professionals and to do more for the communities we foster."
Scott's resume is vast and her peers note she is modest about her many accomplishments.
"I think she has always felt a responsibility to give back, and she's done that in a multitude of ways," said Vivian Altman, managing director and head of public finance at Janney Montgomery Scott, a close friend. The two met as their careers were just beginning. "With all of her success, everything she has touched she has excelled in and she has always remained very humble."
Scott began her career at First Chicago as a commercial banker serving state and local governments, universities and nonprofits. From there, she transitioned to investment banking at L.F. Rothschild & Co., Donaldson, Lufkin & Jenrette and at BA Securities Inc., where she re-established that firm's presence in the region.
Scott later co-founded advisory firm Scott Balice Strategies, in 2003, where she served as a trusted financial advisor, after returning to Chicago following a stint as a White House Fellow in the Clinton administration and chairing the operating committee of the Export-Import Bank of the United States.
Scott said after her time in Washington — while rewarding in its own right, "government changes you" — public finance beckoned again.
"Public finance is far more interesting, it's much more complex, it's much more customized, it's much more purposeful, than say helping an international company expand in the U.S.," she said.
Scott Balice Strategies grew from a staff of a few to more than a dozen, with a national client base and specialties in public-private partnerships, restructuring, and swap services.
"When I was an investment banker at Goldman, I was always incredibly impressed by not just her command of her client's situation, but the market at large, the current conditions, and just the way she advised her clients in a way that was very complementary to them," said Dana Bunting, senior managing director and co-head of business development at Kroll Bond Rating Agency.
"She worked alongside them, as a true financial advisor, not telling them what to do, but advising them what to do," Bunting said. In nominating Scott, Bunting said Kate Kennedy, co-head of business development at KBRA, as well as CEO Jim Nadler said there wasn't anyone more deserving than Scott for an award of this caliber.
In 2011, the public sector came calling again, when former Chicago Mayor Rahm Emmanuel tapped her as CFO for the city, the first woman to ever serve in that capacity.
"To this day, I don't really know how it happened, but it did. It was not something I'd ever contemplated doing, not something I wanted to do," she said. "But Rahm is far more persistent than the average man."
"When I saw that he hired her, I thought, 'Well, OK, he's definitely as smart as everybody says he is," Altman said.
"You have to have the skill set and the knowledge and the capacity and the capabilities," Altman said. "But you also have to hire the right people, which she did. You also have to have the temperament to be able to handle all of these different constituencies and stay cool under pressure, which she did."
Bunting agreed.
"The transition that she made from private to public sector to me seemed seamless," she said. "The city and Rahm Emmanuel, frankly, in my opinion, were lucky to have her. She did a lot of great things."
Scott tackled reform packages for two of Chicago's four pension funds during her tenure.
Scott held the first Chicago investors relations conference, creating an approach of direct communication between the issuer and investor.
"I'm very proud of what I was able to accomplish there," Scott said.
Scott also helped to establish the Center for Municipal Finance at the University of Chicago, and the Retirement Security Initiative, and Equable, an organization studying public pension policies.
Both Altman and Bunting highlighted one of Scott's accomplishments as one that changed their careers — the creation of Women in Public Finance.
Scott said it is one of her proudest achievements. "It's changed the face of the industry, I really believe that in my heart of hearts," she said.
In 1997 Scott co-founded WPF along with Courtney Shea, Sarah Eubanks and Nancy Remar.
They did not know a lot of women in the industry outside of one another.
"So we had to say, 'OK, let's find them,'" Scott said.
It started with a focus on the Midwest region and has expanded over the years to a national organization with 23 chapters and almost 700 members.
"Over time, it became a focal point for personal development and personal growth in a non-threatening, non-competitive way," Scott said. "It's just amazing to me that you go into a room now of public finance leaders and many of them are women. It's really important to me that we changed the industry in that way."
Scott currently serves on the boards of KBRA, the Federal Home Loan Bank of Chicago, Enwave Energy and GreenGas. She formerly served on the boards of the Chicago Stock Exchange, MBIA, Sunrise Transportation and on advisory boards of Verizon Smart Communities and others.
She chairs the Milken Institute Advisory Council's Center for Equity and Excellence in Public Finance. She is also president of Epoch Advisors.
"She's an active board who is very committed to the continued growth of KBRA," said Bunting.
"I am always incredibly impressed with the way she can read a room," Bunting said.
Outside of municipals, Scott is a co-founder and manager of The 51 Fund, which invests in independent documentary and feature films by women directors. She executive produced "Shayda," winner of the Audience Award for World Cinema at Sundance Film Festival in 2023, "Cusp," winner of a Special Jury Prize at Sundance Film Festival in 2021.
"She certainly has left an indelible mark on the industry," Altman said.
Bunting agreed.
"She has touched a lot of people's lives and in very positive ways, both professionally and personally, most notably co-founding the Women in Public Finance but in her everyday life as well," she said, adding while they are similar in age, she has always looked up to Scott.
Scott said taking stock of her time in the industry has led her to believe that "our professional lives do define us."
"The public finance community is a powerful force for change in communities and in our hearts. Together, we make things happen that none of us can do alone. We are a family," she said. "I think the public finance profession is very unique in that way. I don't think you'll find that in property and casualty insurance companies. I don't think you'll find that in corporate investment and M&A."
"I think we're we've got something very precious, and I hope I've played a role in trying to advance that and keep that energy going," she added.
