Mirjam Staub-Bisang


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TBLI CONFERENCE™ EUROPE 2011- London - United Kingdom

TBLI CONFERENCE™ is the prime annual global networking and learning event on Environment, Social, Governance (ESG) and Impact Investing.

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Mirjam Staub-Bisang

  1. 1. Integrating Sustainable Investments Across Asset Classes TBLI Conference, London 11 November 2011 Dr. Mirjam Staub-Bisang
  2. 2. „ Sustainable Investments for Institutional Investors“ (English version to be published by Wiley in 2012)
  3. 3. Sustainable investments for institutional investors? <ul><li>Sustainable investing means: </li></ul><ul><li>taking ESG matters into account when making investment decisions </li></ul><ul><li>Risk reduction </li></ul><ul><li>Investment opportunities </li></ul><ul><li>Generate sustainable investment returns </li></ul><ul><li>Social impact </li></ul>
  4. 4. Sustainable governments…
  5. 5. … are better debtors Quelle: Bank Sarasin WGBI Australia WGBI Greece WGBI all countries
  6. 6. Sustainable companies…
  7. 7. … manage ESG risks better <ul><li>BP vs peers </li></ul>
  8. 8. … and profit from market opportunities <ul><li>Geberit vs peers </li></ul>
  9. 9. „ Green“ real estate…
  10. 10. … adds financial value -90%
  11. 11. Real assets… <ul><li>Infrastructure assets </li></ul><ul><li>Agricultural land </li></ul><ul><li>Timberland </li></ul>
  12. 12. … generate steady returns NCREIF Timberland vs World Timber Index vs MSCI World (2003-2010)
  13. 13. Microfinance investments…
  14. 14. … diversify portfolios and create a social return SMX Microfinance Index vs US Libor 3M
  15. 15. Cleantech Private Equity… GPs in the cleantech space Source: Macquarie
  16. 16. … is a growing asset class <ul><li>Invested capital in cleantech (worldwide, in USD bn) </li></ul>
  17. 17. Sustainable investment strategies… <ul><li>Core strategies </li></ul><ul><ul><li>Negative screening </li></ul></ul><ul><ul><li>Best-in-Class </li></ul></ul><ul><ul><li>Thematic investments </li></ul></ul><ul><li>Broad strategies </li></ul><ul><ul><li>ESG integration </li></ul></ul><ul><ul><li>Engagement </li></ul></ul>
  18. 18. … applied across asset classes   Engagement      ESG integration     Thematic investments    Best-in-class    Negative screening Private equity Real assets Real estate Equities Fixed income
  19. 19. Core Investments <ul><li>Satellite Investments </li></ul><ul><ul><ul><li>Conventional Investments </li></ul></ul></ul><ul><ul><ul><li>Sustainable Investments </li></ul></ul></ul><ul><ul><ul><ul><li>Renewable Energies </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Water </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Forest </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Microfinance </li></ul></ul></ul></ul><ul><li>Core Investments </li></ul><ul><ul><li>Conventional Investments </li></ul></ul><ul><ul><li>Sustainable Investments </li></ul></ul><ul><ul><ul><li>ESG Integration </li></ul></ul></ul><ul><ul><ul><li>Best-in-Class </li></ul></ul></ul><ul><ul><ul><li>Green Bonds </li></ul></ul></ul>Core Satellite Approach
  20. 20. Institutional investors have a long-term view… <ul><li>Pension funds </li></ul><ul><li>Insurance companies </li></ul><ul><li>Charitable foundations </li></ul><ul><li>Family offices </li></ul>
  21. 21. … and invest sustainably <ul><li>PPGM (NL) </li></ul><ul><li>Ontario Teachers‘ Pension Fund (CDN) </li></ul><ul><li>PREVI (BR) </li></ul><ul><li>Nest Sammelstiftung (CH) </li></ul><ul><li>VIC Super (AUS) </li></ul><ul><li>Allianz (GER) </li></ul><ul><li>Munich Re (GER) </li></ul><ul><li>Generali (I) </li></ul><ul><li>Aalto University Foundation (FI) </li></ul><ul><li>Mistra Foundation (SE) </li></ul><ul><li>Lord Fink Family Office (UK) </li></ul><ul><li>River Star Foundation (HKG) </li></ul>
  22. 22. PPGM, Netherlands <ul><li>EUR 105bn (12/2010) </li></ul><ul><li>ESG integration </li></ul><ul><li>Targeted thematic investments in sustainable forestry, climate projects, infrastructure and microfinance </li></ul><ul><li>Sustainable Real Estate </li></ul><ul><li>Engagement </li></ul>
  23. 23. Nest Sammelstiftung <ul><li>CHF 1bn (12/2010) </li></ul><ul><li>Negative Screening </li></ul><ul><li>Best-in-class approach for equities and bonds </li></ul><ul><li>Sustainable real estate </li></ul><ul><li>Active shareholder/engagement </li></ul>
  24. 24. Munich Re <ul><li>EUR 196 bn (12/2010) </li></ul><ul><li>ESG-integration for 80% of all equities and bonds are invested based on ESG criteria </li></ul><ul><li>Thematic investments: </li></ul><ul><ul><li>Renewable energies: wind and solar parks, geothermic and biogas infrastructure </li></ul></ul><ul><ul><li>Timberland investments </li></ul></ul><ul><li>„ Green“ real estate </li></ul>
  25. 25. EVZ Foundation <ul><li>German Foundation with assets of approx. EUR 420mn </li></ul><ul><li>Negative screening for all equities and bonds in line with mission of the foundation </li></ul><ul><ul><li>International Labour Organisation (ILO): no violation of human rights, no forced labour, no child labour </li></ul></ul><ul><li>Investments in microfinance </li></ul>
  26. 26. River Star Group <ul><li>Hong Kong-based family office </li></ul><ul><li>Responsible investing strategies across entire portfolio </li></ul><ul><li>Impact investments </li></ul><ul><ul><li>Focus on tangible environmental and social outcomes </li></ul></ul><ul><ul><li>Microfinance </li></ul></ul><ul><ul><li>Renewable energies </li></ul></ul>
  27. 27. Sustainability adds value… <ul><li>… to investors </li></ul><ul><li>… to society </li></ul><ul><li>The time is now… </li></ul><ul><li>… to take on responsibility </li></ul><ul><li>for the sake of beneficiaries </li></ul><ul><li>and society </li></ul>
  28. 28. „ Sustainable Investments for Institutional Investors“ (Wiley 2012) Questions?