The Swiss financial group has named Philippe Turrian as head of client solutions and marketing and communication.

Turrian was most recently chief operating officer of Pictet’s wealth management division.

Evelyn Partners

The wealth management and professional services firm has welcomed Paul Morris to its financial services team in Bristol.

Morris, who joins as director, financial planning, was previously a client director at wealth management firm Brown Shipley, and he also had spells with HSBC Private Bank and Barclays Wealth in Jersey.

Robeco

Alexander Preininger has been named as global head of sales and marketing at the firm, effective 1 November 2022.

He joins from Amundi, where he was global head of institutional clients coverage.

Bovill

Matt Browne has joined the financial regulation consultancy firm as head of its wealth practice.

He joins from PwC, where he was a director in its risk and regulatory practice.

Nordea Asset Management

The asset manager has hired Jamie Hayes as director of UK wholesale distribution.

Hayes joins Nordea Asset Management from RBC Global Asset Management in London, where he worked within its European distribution team.

He replaces Paul Malpas, who is stepping into a new role developing the group’s presence in the Canadian market, alongside amplifying NAM’s sustainability credentials in Europe and beyond.

Hayes and Malpas will work closely together in the weeks ahead to ensure a smooth transition.

Franklin Templeton

The investment firm has named Heneg Parthenay as head of insurance Emea.

Heneg joins Franklin Templeton from Insight Investment, where he was head of insurance.

Federated Hermes

The firm has appointed Michalis Ditsas as investment director of fixed income.

He joins the firm from AllianceBernstein, where he spent two years as a fixed income investment specialist.

Premier Miton

The investment firm has announced that Andy Jackson, manager of the Premier Miton UK Value Opportunities Fund, is retiring at the end of the year.

This follows a 35-year career and 6 years with the company.

The management of the fund will pass to Matthew Tillett who will join Premier Miton Investors from Allianz Global Investors in October as fund manager.

Tillett was previously the lead portfolio manager on the Allianz Global Investors UK-listed Opportunities strategy.

Federated Hermes released a statement in the US on Thursday clarifying its stance on its own ESG principles in relation to the organisations that it sponsors.

Invesco, Fidelity Investments and banks including JP Morgan and Wells Fargo are among other institutions that are “sponsors” or “friends of sponsors” SFOF, which is a non-profit.

Criticism aimed at the sponsors said they are supporting climate denial and one industry figure has called for “consistency” between fund groups’ ESG commitments and their actions.

SFOF said its mission is to “drive fiscally sound public policy, by partnering with key stakeholders and educating Americans on the role of responsible financial management in a free market economy.”

The organisation has been accused of taking an anti-ESG stance, especially on climate disclosures, where it has criticised the US regulator, the Securities and Exchange Commission, on its proposed rules.

Media reports claimed the SFOF has denounced efforts by the Biden administration to make climate commitments and increase allocations to climate-friendly finance.

Last year, the organisation wrote to John Kerry, US special presidential envoy for climate, to express concern that he and Biden were “privately pressuring US banks and financial institutions to refuse to lend or invest in coal, oil and natural gas strategies, as part of a misguided strategy to eliminate fossil fuels in our country.”

The letter added that SFOF opposes attempts to “bend the free market to the political will of government officials” and considers fossil fuel companies vital to the US economy.

A recent investigation by Documented and The New York Times said SFOF has successfully campaigned for the divestment of millions of dollars of state funds from investment managers the SFOF claims are too “woke.” It has also been pushing Republican state treasurers to promote oil and gas interests, the report stated.

The resources section of SFOF’s website contains links to climate science-denying political groups including the American Legislative Exchange Council and the Heritage Foundation.

UN PRI expects consistency

Invesco, Fidelity Investments and Federated Hermes are all signatories of the UN Principles for Responsible Investment (PRI), meaning they have made a public commitment to investing responsibly and building a more sustainable financial system,

Nathan Fabian, chief responsible investment officer at the PRI, told ESG Clarity the organisation wants signatories to make sure its associates’ values align with their own.

“The PRI expects all signatories to regularly review their commitments to external membership bodies and associations and to ensure any activity in this vein is consistent with signatories’ own commitments to responsible investment,” Fabian said.

A UN white paper on the Global Compact and Sustainable Development Goals (SDGs) makes the argument that groups can’t offset promotion of harmful activities.

“Neglecting the responsibilities attached to such social and environmental principles cannot be offset by any effort to promote these same principles – as an advocacy or public relations effort – or through philanthropic or related ‘do-good’ programs that while perhaps advancing some aspect of sustainable development do not respect basic due diligence and do-no-harm principles,” that paper read. “In other words, a company could be, knowingly or unknowingly, ‘giving with one hand and taking with the other.’”

‘Supporting climate denial’

“Instead of recognising the need for climate financial regulation to protect financial stability, achieve a green transition and stabilize inflation, SFOF sponsors are supporting climate denial and delay, revealing that they view ESG as little more than a PR exercise,” David Barmes, senior economist at campaign group Positive Money, said in an email.

“Fossil fuel giants understand that sensible financial policy focused on managing climate risks and supporting a green transition would impede their access to capital, so they and their financiers are bankrolling anyone with the power and inclination to stall action.”

‘Greed trumps principle’

Chris Welsford, managing director at sustainability-focused Ayres Punchard Investment Management, said in an email he is not surprised some asset managers have associated themselves with SFOF.

“Our research overwhelmingly tells us that most fund managers are motivated by short-term financial gain and that includes many who have positioned themselves as sustainable or impactful,” Welsford said.

“There is widespread – and in my view, inappropriate – use of use of the mantra ‘don’t let perfection become the enemy of good’ to justify investment in companies that we feel are evidentially inappropriate for principles-based impact investment.

“They use the principles when it suits them. When it doesn’t, they don’t. Take Schroders’ inability to live up to their own promises of support for the Living Wage and their vote at Sainsbury’s AGM.”

He also pointed out the responsibilities of fund managers like Federated Hermes that present themselves as a key part of the climate transition and align themselves with the SDGs, the PRI and the Ten Principles of the UN Global Compact.

“They should be using their considerable financial clout and presence to oppose climate denial, factional greed and the views of organizations like SFOF, rather than materially supporting them,” Welsford said.

“Engagement with such organisations hasn’t changed them. In fact, it’s emboldened them. There is no good argument to defend any financial institution that supports SFOF, but we should not be surprised, because they want to be all things to all people and ultimately greed trumps principle in today’s financial system.”

Access to state leaders

Federated Hermes is among the asset managers listed as a “gold sponsor” of SFOF on its website. SFOF sponsors gain direct private access to elected officials.

“At our national meetings, corporate partners sit and participate side-by-side with our state leaders,” the SFOF states on its site.

In its statement, Federated Hermes addressed how its sponsorship of SFOF aligns with its publicly stated ESG objectives.

“We work with a range of clients who hold different views on ESG. We engage with all, listening to their views and putting forward our capabilities to meet needs consistent with their convictions. Meeting fiduciary standards is enhanced by not removing ourselves from this process and the forums where issues are discussed,” the firm stated. “Responsible investing is not about promoting a specific political agenda.”

The company added that it participates in hundreds of events around the world with different organizations for which it does not set the agenda, noting that “our participation does not serve as an endorsement of any organisation’s particular perspective on any issue.

“Listening to different points of view is critical to the engagement process. Diversity of thought and respect for the views of others, no matter how they differ from our own, is critical to long-term consensus building and the betterment of our world.”

It also reaffirmed it supports enhanced climate disclosure, but is mindful of “the need for a just [energy] transition that does not ignore the need for job security.”

In a statement, Invesco confirmed that it was “one of the sponsors of SFOF – a conference of current and potential clients.”

Fidelity Investments and JP Morgan declined to comment. ESG Clarity US has also approached the SFOF for comment.

For more insight on the ESG sector, please click on https://esgclarity.com/

The fund manager has hired Matthew Beesley as chief investment officer.

He is succeeding Stephen Pearson, who is retiring following a 35-year career in the industry including nearly two decades at Jupiter.

Beesley will join the company in January 2022 from Artemis Investment Management, where he was chief investment officer.

Artemis said it will announce Beesley’s successor in due course.

IQ-EQ

The financial services provider has named Joanna Macleod as group chief operating officer.

She was previously chief transformation officer at American Express Global Business Travel.

Close Brothers Asset Management (CBAM)

The UK firm has appointed Paul Spann as an investment director in its Manchester office.

Spann joins from Brown Shipley, where he has spent the previous six years.

Franklin Templeton

Mark Dunn, head of UK retail, is exiting the business as part of a shake-up of the team following the Legg Mason acquisition.

In his place, Alex Barry will become head of UK wholesale, a newly-created role that will consolidate its retail sales and strategic client channels in the UK.

Barry had joined Franklin Templeton from his role at Legg Mason in 2020 and been head of UK strategic client group.

Patronus Wealth Privé (DIFC)

Olivier Meynet has been named as chief investment officer of the wealth manager.

Meynet was most recently with Banque Internationale à Luxembourg, Dubai as head of investments advisory, Middle East executive director.

Unicorn Asset Management

The independently owned fund management business has appointed Alisdair Hinton as director of operations.

Hinton joined from LGBR Capital as sales director.

The firm has also promoted Simon Correya to risk officer.

Federated Hermes

The global investment manager has hired Olivia Lankester as responsible investing and sustainability director to its global emerging markets equities team.

Lankester was most recently as senior director, social impact and responsibility at the Lego Group.

Roland Matt is set to become LGBT Bank’s chief executive and a member of the board of LGT Private Bank, effective from 1 January 2022.

He will succeed Roland Schubert, who will take on a directorship role at the bank.

Matt joins from Liechtensteinische Landesbank, where he served as a board member since 2009 and as group chief executive since 2012.

Financial Services Compensation Scheme (FSCS)

The UK lifeboat scheme’s first chief operating officer, Jimmy Barber, will step down in April 2021.

He took on the c-suite position in January 2016.

As of 1 February 2021, head of operational support Sarah Marin took on the role of interim chief customer officer.

Stonehage Fleming

The international family office named Doris Sommavilla as client relationship director within its UK operation.

She joins from Blu Family Office, where she served as principal and was responsible for providing investment advice on alternative assets as well as for business development in the UK, Italy, Germany and Monaco.

Perspective Financial Group

The financial planning and wealth firm has recruited Dan Stokoe as principal designate for its office in Chorley, Lancashire.

He was previously head of central and east region at Schroders Personal Wealth.

Just Group

Paul Fulcher has become group capital and investment executive at the financial services firm.

He was previously principal at life and financial services consulting firm Milliman.

Lombard International Assurance

Andreas Kollienz has taken on the role of senior relationship manager, based in Zurich.

He will be tasked with the expansion of Lombard International Assurance’s relationships with asset managers, private and custodian banks, family offices, brokers, wealth advisers and planners.

Most recently, Kollienz was a senior investment consultant at Mercer.

River & Mercantile

The investment consulting firm hired Roger Lewis as group head of ESG.

He joins from Aviva Investors, where he served as real assets ESG and business manager.

DWS

Joe Kiwan will take on the tole of head of sales for Middle East and Africa at the asset management firm.

He will be based in Paris and be responsible for building the company’s footprint in the Mena region, focusing on active and alternative strategies.

Kiwan was previously at Tobam where he spent eight years leading business development activities across the Middle East, Switzerland, Italy and Spain.

Federated Hermes

The international business of the investment management firm has appointed Vivienne Aiyela as head of inclusion.

She joins from the National Emergencies Trust, where she worked as head of equity, diversity and inclusion.

Aiyela will be tasked with the management and implementation of diversity and inclusion activities across the company, as well as develop policies and infrastructure to support them.

Alpha FMC

The wealth management consulting firm has hired Troy Mortimer as head of sustainability and responsible investment.

Most recently, he held a similar position at KPMG.

Mortimer will be responsible for supporting clients in the development of responsible investment in every area of their business.

Global investment manager Federated Hermes surveyed 200 UK IFAs and found 85% have seen a rise in client requests to allocate capital to ESG-integrated funds since the start of the coronavirus outbreak.

Some 82% reported an uptick in enquiries from investors about how their capital can be committed to combat the effects of climate change, raise governance standards and improve human rights.

Interest has come from investors across a range of demographics; as 42% advisers receiving enquiries from clients aged under 40, while 36% have received them from those aged 40 or over.

Future outlook

Eight-in-10 IFAs (82%) said that the current crisis and its impacts will result in more individuals investing in pursuit of ESG goals in the future.

They also said that companies’ actions during the pandemic will also play a part in clients’ strategy, as 78% believe that investors would choose to divest from businesses they deem to have failed to support their employees and wider society through the crisis.

Harriet Steel, head of business development for the international business of Federated Hermes, said: “The covid-19 crisis is driving seismic change across markets, the economy and society, so it is no surprise to see that investors are reassessing the long-term aims and outcomes of their investments.

“The pandemic has radically reconfigured concepts of sustainability, reinforcing our long-held belief that investment and value creation must deliver more than just strong financial returns.

“These findings make clear that the crisis will be a catalyst for change as individual investors ascribe more weighting to the importance of ESG factors, and scrutinise the purpose of companies, and what they deliver for society, to an ever-greater extent.”

Sector views

This survey comes several months after International Adviser interviewed Colin Dyer, head of proposition and private client management at 1825, who said demand for ESG will “accelerate exponentially over the next few years” and there are a lot of ESG products “coming down the conveyor belt”.

But this differs from a recent Square Mile survey which found only 22% of IFAs said more than half of their clients would wish to invest in a portfolio with an ESG steer or positive impact.