Pax World Management, the advisor to the Pax World US sustainable funds family, has recruited Steven Falci from Dublin-based Kleinwort Benson Investors (KBI) as its new Chief Investment Officer.
Pax World is a pioneer of socially responsible investing in the US, having launched the first such themed fund in 1971. The Portsmouth, New Hampshire-based company has seven funds on offer and $3.3bn (€2.4bn) under management for private and institutional investors.
“We are thrilled to welcome Steve aboard. He joins Chris Brown, chief investment strategist, and Julie Fox Gorte, senior vice president for sustainable investing, to bring added depth and expertise as we further build out our research and capabilities in the sustainable investing space,” said Pax World Chief Executive Joseph Keefe.
Falci added: “This is a great opportunity to join an excellent investment team, contribute to the growth of a great company and hopefully make a difference at a timewhen sustainable investing has much to offer the larger investment world.”
Falci joins Pax World from Kleinwort Benson – the former Dublin arm of KBC Asset Management that’s now part of Brussels-based holding company RHJ International – where he was Head of Strategy Development for its sustainable funds team. A spokesman said his replacement would be announced soon.
Before this Falci was CIO for equities at Calvert Investments, a peer firm to Pax World. The team that Falci was a part of at KBI is a sub-advisor for Calvert’s Global Alternative Energy and Global Water funds.
Since the departure of head of environmental portfolio management Jens Peers to France’s Natixis Asset Management last year, the team has been led by Noel O’Halloran, the firm’s CIO. All told, the team has $1.8bn under management – or double the figure cited during Peers’ departure.