Hot Topics

Bloomberg’s $1.6bn retirement plan becomes asset owner signatory to PRI

News and data giant becomes first US corporate pension plan to join initiative

-

The US pension plan of news and data giant Bloomberg has become what is thought to be the first US corporate retirement plan to sign up to the Principles for Responsible Investment, according to a listing of new signatories on the PRI’s home page.

Bloomberg LP Retirement Plans is among new sign-ups that include Irish service provider Trustee Decisions and the UK’s Tiber Capital, a London based “short-term systematic investment manager”.

There is a page on the PRI site dedicated to the plan which puts its assets under management the $0-4.99bn range; a Bloomberg spokesperson said that its US 401(k) plan’s net assets amount to over $1.6bn.

There are no other US corporate pension funds listed on the PRI database.

Bloomberg is already a signatory to the PRI as a service provider, having signed up in 2009. Its data rivals Thomson Reuters and QUICK signed up in 2010 and 2013 respectively.

Bloomberg’s founder and former New York Mayor Michael Bloomberg chairs the FSB Taskforce on Climate Related Financial Disclosure (TCFD) and the Sustainability Accounting Standards Board.He yesterday announced $64m in new funding to support the Sierra Club’s Beyond Coal campaign.

He also serves as board president of the C40 Climate Leadership Group of megacities. In 2014, the data mogul was appointed as a UN Special Envoy for Cities and Climate Change.

It comes as the PRI and PwC have launched a new report showing “five compelling reasons” why investors should engage with the Sustainable Development Goals.

The report, The SDG investment case, says of the SDGs:

• They are a list of the material ESG factors that should be considered as part of an investor’s fiduciary duty.

• Large institutional investors can protect their long-term financial performance by encouraging sustainable economies and markets.

• Achieving the SDGs will be a fundamental driver of economic growth.

• The SDGs provide a clear risk framework for both companies and investors.

• Providing solutions to sustainability challenges offers attractive investment opportunities.