UBC Investment Management Trust Inc. (“UBC IMANT”) is pleased to report it has committed $110 million to be managed by Impax Asset Management (“Impax”), a specialist asset manager which invests in opportunities arising from the transition to a more sustainable global economy.
The mandate uses Impax’s Global Opportunities Strategy, a global equity strategy that invests in companies possessing sustainable competitive advantages in order to achieve long-term capital growth, and that are set to benefit from the transition to a more sustainable economy. Environmental, social and governance (ESG) considerations are embedded within Impax’s investment process and failure of a company to reach the required ESG score will result in it being excluded from consideration.
The fund allotment represents approximately 20% of the global equity portfolios managed by UBC IMANT, or approximately 3% of the total long-term client investment portfolios. This transition of funds is part of UBC IMANT’s Responsible Investing Strategy and commitment to a low carbon, sustainable future.
UBC IMANT’s approach to responsible investing considers sustainability through incorporation of ESG into the investment process, active ownership and engagement by its fund managers. UBC IMANT selected Impax as part of a collaboration with another peer institution to create a sustainability-focused investment vehicle that would be cost effective for clients’ capital.
“Our partnership with Impax will improve risk and return characteristics while advancing our Responsible Investment commitments,” said Dawn Jia, President and CEO of UBC IMANT.
Kirsteen Morrison, Senior Portfolio Manager at Impax Asset Management who co-manages the strategy with David Winborne said, “As the transition to a more sustainable economy accelerates this creates opportunities for well-positioned companies. We believe that this transition provides a helpful backdrop to construct high conviction, low turnover global equity portfolios that are well positioned to achieve long-term capital growth.”
Reinforcing UBC’s commitment to address the global climate emergency, UBC IMANT expects its investment managers to consider ESG factors in all of their decision‐making – and is evaluating and holding fund managers accountable to this performance.
Responsible Investing progress planned for 2021 includes transferring additional funds to lower emission and fossil fuel free funds, establishing an active ownership policy, and incorporating climate risk analysis into portfolio analytics and asset mix study.
For more information about UBC IMANT’s Responsible Investing strategy, visit https://www.ubcimant.ca/investments/responsible-investing/.
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About UBC IMANT
UBC IMANT is responsible for the investment of the University of British Columbia’s Endowment Fund, Staff Pension Plan, Working Capital and other investment portfolios. UBC IMANT’s team of investment professionals is complemented by an independent Board of Directors.
Founded in 1998, Impax is a specialist asset manager, with approximately £27.7bn / US$38.6bn as of February 28, 2021 in both listed and private markets strategies, investing in the opportunities arising from the transition to a more sustainable global economy.
Impax believes that capital markets will be shaped profoundly by global sustainability challenges, including climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.
The company seeks to invest in higher quality companies with strong business models that demonstrate sound management of risk. Impax offers a well-rounded suite of investment solutions spanning multiple asset classes seeking superior risk-adjusted returns over the medium to long term.
Impax has 180 staff across six offices in the United Kingdom, the United States, Ireland and Hong Kong, making it one of the investment management sector’s largest investment teams dedicated to sustainable development.