Tracey Duff, Head of Fixed Income at Rest, one of Australia’s largest profit to member super funds, is a self-described historian at heart and brings curiosity, long-term thinking and a deep sense of purpose to her role. Her journey from the world of wholesale funds management and futures trading to purpose-driven investment and leadership has been shaped by a desire to connect the dots between markets, people and impact.
As a panellist on our Keystone Analyst Program, Tracey will share how conviction, humility and human connection have guided her career – and why bringing your full self to work is key to becoming a better investor.
Tracey’s career began in the world of funds management with a short stint at futures trading – a role that was intellectually stimulating but ultimately unfulfilling. The focus on short term transactions provided pressure and often late-night trading in a heavily male-dominated environment. The role made her question whether this was the kind of investor she wanted to be. “It helped me realise that I didn’t want to be a short-term trader,” she reflects. What she craved wasn’t the adrenaline of the trading function, but work with meaning, connection and long-term value.
That realisation sparked a career shift that would eventually lead her to Rest, where she found the purpose she had been seeking. As a younger investor, her ambition was to have an interesting role, apply a historian’s eye to what was happening in markets and do meaningful work. “When I came to Rest, I could see the connection to the member very clearly,” she says, finally finding a role where her curiosity and analytical mindset could directly benefit the people she was investing for.
One of the biggest lessons Tracey has learned in her career is the power of relationships, and the role self-belief plays in building them. Early on, she admits she didn’t fully grasp how much knowing the people around you matters, “I wish I’d known how important it is to really know the people in your organisation, and to appreciate the value of relationships to get stuff done,” she says.
Over time, she began to actively cultivate what some call “social capital” – not just networking for its own sake, but most importantly forming genuine, productive relationships built on trust,mutual understanding and a truly shared goal. “I used to worry I was wasting people’s time. Now I know that talking to people – really talking – is essential.”
That shift in mindset allowed her to bring her full self to work, a transformation she credits to the supportive culture at Rest. It’s a message she’s keen to pass on to early-career professionals: the courage to be yourself, and the willingness to connect with
others, can be as important as any technical skill when it comes to building a successful investing career.
It’s OK to say no. Saying no out of fear isn’t helpful, but neither is saying yes to things you don’t fully understand.
Tracey also speaks candidly about mistakes and learning to trust her gut.
Earlier in her career, she admits to not challenging enough, saying yes too quickly and assuming that was the key to progression. But one painful investing mistake – being persuaded to buy a structured Korean Bank bond with complexity she didn’t fully understand – was a wake-up call. The investment tanked during the Asian banking crisis, but the real lesson was deeper.
“It’s OK to say no,” she says now. “Saying no out of fear isn’t helpful, but neither is saying yes to things you don’t fully understand.”
Tracey’s advice to the next generation of investment leaders is simple and practical:
And when it comes to conviction – the backbone of great investing – she urges analysts to stay humble.
“Understand that nobody knows the answer. Be truthful about your concerns and don’t rely on hope that things will turn around. Be clear on why you invested, look surgically at performance, and decide from there.”
Tracey will be sharing more of her story and wisdom as a panelist at our Melbourne Keystone Analyst Program. There is still time to sign up – find out more here.
Share:
I wish I’d known how important it is to really know the people in your organisation, and to appreciate the value of relationships to get stuff done.
Future IM/Pact is a collaborative initiative across the investment management and advice industry aimed at increasing representation of female investors and advisers, and creating workplace cultures where everyone can flourish.
Future IM/Pact is a collaborative initiative across the investment management industry aimed at increasing representation of female investors and creating workplace cultures where everyone can flourish.
© 2018–2025 All rights reserved, Future IM/Pact (ABN 84 606 251 549). Website by Studio Clvr.
