Joan Payden, a trailblazer in the financial industry, embarked on a remarkable journey that began with adversity but led to monumental success. In 1983, at the age of 52, she took a bold leap, leaving her job and utilizing her company-sponsored retirement funds to co-found a money management firm with colleague Sandra Rygel. Today, at 92 years old, Payden stands as the CEO of Payden & Rygel, headquartered in Los Angeles, managing over $161 billion in assets with nearly 240 employees across multiple offices, according to the firm’s website.
As the majority owner, Payden’s financial empire has flourished alongside her firm’s growth, propelling her estimated net worth to approximately $700 million. Recently recognized as a “newcomer” on Forbes’ 2024 list of America’s Richest Self-Made Women, Payden’s journey to success spans decades.
Starting her career with a background in mathematics and physics from Trinity College in Washington, Payden broke barriers as one of the few women engineers at a New Jersey-based company in the 1950s, specializing in building oil refineries before facing a layoff after three years.
Transitioning her skills to the financial sector, Payden joined Merrill Lynch despite initial challenges. “I was hired at a 25 percent discount because I didn’t know the difference between a bond and stock,” she candidly shared with the Los Angeles Times in 1999. After gaining experience, she moved to a prominent Los Angeles-based money management firm, eventually becoming its first female partner.
Driven by a desire for greater autonomy and opportunity, Payden co-founded Payden & Rygel to avoid being “stuck in the same place” by 1983. Reflecting on the early days of her firm, she admitted concerns about client acquisition, which proved unfounded. “There are always worries. When I set up the company, I worried I wouldn’t get clients,” she recounted to The Los Angeles Times. “But that was no problem.”
