News Brief: ESG 'reset needed' - Chief executive pay falls - Sustainability rules overhauled
Welcome back to the News Brief, a weekly summary of some of the most important stories on Ignites Europe.
Environmental, social and governance investing remains top of mind for many fund executives.
Asset management needs to "go back to basics" and "start again" on sustainable investing following an exodus by retail clients from ESG strategies, fund chiefs told attendees at the FundForum conference in Monaco this week.
Emmanuelle Mourey, chief executive of LBP Asset Management, says the industry has "done a very poor job at marketing" sustainability to retail investors. Mark Versey, CEO of Aviva Investors, says: "We've got to almost start again in our whole marketing and say 'how are we adding value?'" Amie Keeley has more.
Asset management bosses were paid €3.4m on average in 2023 amid a "changing of the guard" among industry leaders and continued outflows from mutual funds.
Total pay for the CEOs fell an average of 10 per cent compared with 2022 and is down 21 per cent over the past two years, Ignites Europe analysis of 18 listed asset managers in Europe, the UK and US shows. Chloe Leung has the details.
EU financial watchdogs have proposed the introduction of sustainable fund labels.
Europe's supervisory authorities recommend that Brussels addresses the Sustainable Finance Disclosure Regulation's shortcomings.
They say the European Commission should introduce "at least" two product categories of "sustainable" and "transition" in order to tackle greenwashing and mis-selling risks created by SFDR.
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Adrian Whelan, global head of market intelligence at Brown Brothers Harriman, says the proposals "will make product assessments much more intuitive to investors". Dom Lawson and Laura Miller report.
Graph of the week: Bright spot for active equity funds
Demand for active equity funds turned around in May after 14 consecutive months of outflows, bringing a much-needed sign of recovery for active managers, writes Chloe Leung.
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