(Paul Fahey, head of investment data science, asset servicing, Americas, Northern Trust, took questions from FTF News about the concerns that operations staff have about the environmental, social, and governance [ESG] data and factors that they are likely to encounter as part of their support for the investment process. In his post at Northern Trust,… Read More >>
Firms Want More ESG Data: Report
“More than nine in 10 executives plan to increase ESG data spend, but data linkage and managing multiple vendor feeds dilute value,” according to a recent survey by market data and news giant Bloomberg and market research firm Adox Research. Adox provides “advice and marketing for banks, asset managers, custodians, and tech providers.” “ESG,” as… Read More >>
Group Proposes Standards for the ‘E’ in ESG
While a major backlash is underway against investment strategies based upon environmental, social, and governance (ESG) issues, the International Sustainability Standards Board (ISSB) released in late June a proposal for global sustainability disclosure standards that could bring some clarity to investing based on environmental concerns — the “E” of ESG. If adopted, the standards will… Read More >>
Goldman Sachs Settles Gender Bias Case for $215M
Goldman Sachs and the law firms representing 2,800 women — Lieff Cabraser Heimann & Bernstein, and Outten & Golden — announced that they have resolved a gender discrimination class action lawsuit for $215 million, ending a legal action that began in 2010 and would have gone to trial next month, officials say. A lawyer for… Read More >>
Broadridge’s NYFIX Links to Linedata OMS & Other News
Broadridge Expands Partnership with Linedata The NYFIX Matching solution from Broadridge Financial Solutions will be integrated with the Longview order management system (OMS) from Linedata to provide more automation for NYFIX’s middle- and back-office functions, officials say. To make more automation possible, Broadridge expanded its partnership with Linedata, a provider of asset management and credit… Read More >>
ESG Spurs Wolters Kluwer to Combine Four Divisions
Wolters Kluwer will combine four global enterprise software businesses into a new division, dubbed Corporate Performance & ESG, because environmental, social, and governance solutions are driving growth for the provider of professional information, software solutions, and services, officials say. In March, these four software businesses will be combined: CCH Tagetik (including U.S. Corporate Tax): Corporate… Read More >>
NY Pension Portfolio Companies Will Face DEI Probes
Thomas P. DiNapoli, the comptroller for the state of New York, is challenging the portfolio companies of the New York State Common Retirement Fund on several diversity, equity, and inclusion (DEI) fronts via a series of shareholder proposals and related initiatives. The New York State Common Retirement Fund (the Fund) was valued at $242.3 billion… Read More >>
Should Banks Disclose Climate Targets of Portfolio Companies?
As global climate instability rocks regions and countries, we know what Greta Thunberg would say. Young people may not have any future at all, the famous Swedish teen eco-activist and climate sybil would exclaim, because “that future was sold so that a small number of people could make unimaginable amounts of money.” Presumably, Ms. Thunberg… Read More >>
GSAM Settles ESG Policy Woes Case for $4M
The Securities and Exchange Commission (SEC) has charged Goldman Sachs Asset Management, L.P. for its “policies and procedures failures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance (ESG) investments.” GSAM officials neither admit nor deny the SEC charges. However, to settle the case, it will “consent to… Read More >>
DOL Updates ERISA Rules for ESG Investing
The U.S. Department of Labor is hoping that it is providing clarity for Employee Retirement Income Security Act (ERISA) plan fiduciaries that want to make investments based upon environmental, social and governance (ESG) concerns. On November 22, Labor Department officials released a final rule “by clarifying that fiduciaries may consider climate change and other environmental,… Read More >>
