The former reigning queen of Merrill Lynch's wealth management business has certainly been busy. Between coaching women on advancing their careers and fair pay via her Ellevate Network business, speaking at events, and Tweeting up a storm, Sallie Krawcheck has certainly been making waves.

So what's she up to now?

Sallie Krawcheck Ellevate Network Business Leader

Well, she is backing the Pax Ellevate Global Women's Index Fund, a mutual fund formed by a JV between Pax World Management and Ellevate, that invests in companies that are leaders in advancing women. That fund had been actively managed since 1993, but it will now invest passively.

Kathleen McQuiggan, senior vice president of global women's strategies at Pax World Management, said the fund now tracks about 400 firms, whereas it used to focus on 80 positions before. She thinks the broader, passive exposure is a better way to invest in these companies, as she believes they have stronger long-term financial performance potential and don't necessitate stock picking.

The Pax World Global Women’s Equality Fund (the former active fund) had $48 million in assets, and all that money was rolled over to the new passive strategy yesterday, following shareholder approval. Krawcheck will be chairing the board of Pax Ellevate Management and will be a trustee on the fund. McQuiggan said Krawcheck met Joseph Keefe, president and CEO of Pax, at one of the 85 Broads (what Ellevate used to be called) chapter events about a year ago and the two hit it off and decided to work on the joint venture.

Krawchek left BofA Merrill Lynch in 2011 amid a restructuring following the combination of the two businesses. She has since written and spoken publicly about her experience of being ousted, corporate culture and helping women get ahead in their careers.

Pax is an investment firm focused on sustainable and ESG strategies. 

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