Women’s networking group 85 Broads, bought by banking powerhouse Sallie Krawcheck (pictured, right) in May, has hired Allyson McDonald as president.

McDonald (pictured, left)will oversee day-to-day operations of the business and work to develop and execute future plans. She has previously worked at Goldman Sachs, Fidelity Investments and New York Life, and more recently has been serving as a consulting on investing and philanthropy. Reports suggest the move means 85 Broads is likely to invest capital in companies owned or led by women.

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