Three UK charities have launched the ‘ESG investing Olympics’ where investment managers will publicly compete to manage a £32m investment pot.
Friends Provident Foundation, Joffe Charitable Trust and the Blagrave Trust have invited investment managers to “impress” them on environmental and social impact. Short-listed managers will be asked to present their proposal to an auditorium of mission-led investors and be featured in a report looking at emerging best practice and asset owner expectations.
The request for proposals (RFP) says the charities are seeking a reasonable financial return, and intentional social and environmental impact, along with other elements such as ESG integration and a voting record.
The Joffe Trust, which seeks to promote tax justice, is moving all of its endowment, worth £10m, into the investment pot, as is the £13m-endowed Blagrave Trust that supports young people.
Jo Wells, Director of the Blagrave Trust, said: …