Legal & General Investment Management, the UK asset management giant with £320bn (€385.7bn) under management, has become the latest “mainstream” asset manager to sign up to the United Nations Principles for Responsible Investment.
LGIM is the largest single owner of UK equities – it owns around 4.5% of the UK stock market; it votes on every resolution for all UK equities that are listed in the FTSE All-Share Index.
Signing up to the PRI builds on L&G’s stated commitment to “promote responsible ESG (Environmental, Social and Governance) business practices in the companies in which we invest to create long term value for investors”. L&G was established in 1836 and has operations in the US, Egypt, France, India, the Netherlands and Germany, as well as the Gulf and the UK.
It follows other asset management “majors” such as T. Rowe Price, which signed up to the PRI last month.
Other prominent new signatories are the Church of England’s National Investing Bodies, comprising the Church Commissioners, the Church of England Pensions Board and the CBF Church of England funds. Together they manage around £7.5bn.Andrew Brown, Chief Executive of the Church Commissioners, said: “We have decided to become PRI signatories to deepen our collaboration with other ethical and responsible investors particularly on engagement with companies on issues like climate change and human rights.”
Other new signatories include:
Fondinvest Capital the €2bn French private equity house
Adveq, a Swiss-based private equity fund of funds investment manager with $4bn under management
Socopa – Sociedade Corretora Paulista, a brokerage based in Sao Paulo, Brazil
Environmental Capital Group, the California cleantech investment consultant
Actera Group, a $500m Turkish private equity firm
Par Equity, a UK venture capital firm
Also signing up are church body The Oblate International Pastoral Investment Trust and South African consulting firm Capital5 Strategic Advisory.
Meanwhile the PRI has advertised three “mid-level” job vacancies. They are: Global Outreach and Signatory Recruitment Manager, London; IT Manager, London; and Korea Network Manager, Seoul.