The Connecticut Retirement Plans and Trust Funds ("CRPTF") consists of six State Pension Funds and nine State Trust Funds. CRPTF has approximately 212,000 pension plan beneficiaries and participants which include state and municipal employees, teachers, retirees and survivorships, as well as for trust funds that support academic programs, grants, and initiatives throughout the State. As of December 31, 2018, CRPTF had $32.5 billion of assets under management.
As a signatory to the UN Principles for Responsible Investment, CRPTF only selects investment partners and money managers who carefully review the effect of ESG issues on companies. Additionally, CRPTF has implemented diversity principles to assess the diversity policies of its vendors, including asset managers. Further to that, CRTPF has launched a domestic equity brokerage program which sets targets for utilizing minority and women-owned, Connecticut-based, and emerging broker-dealers. Finally, CRPTF launched Connecticut Horizon Fund to create opportunities for minority-owned firms, woman-owned firms, Connecticut-based firms, and emerging firms with assets less than $2 billion.
Bloomberg: Matt Patsky confronts corporations on everything from their carbon footprints to the diversity of their workforces. But now, in the wake of racial unrest sweeping America, Patsky is having a reckoning of his own.
Institutional Asset Manager: An informal stakeholder group of investors, finance industry groups, and NGOs has set out ways to improve the reporting by businesses of environmental, social and governance (ESG) information, saying the world is “at a crossroads” for building a sustainable recovery from the coronavirus pandemic.
Financial Times: What can asset managers do to help during a pandemic? The answer is quite a lot.
Pensions & Investments: ERISA plan fiduciaries cannot invest in ESG vehicles that sacrifice investment returns or take on additional risk, a proposed rule says.
The Economist: In the mayfair office of Chris Hohn, the boss of TCI, a hedge fund, an enormous photograph of a melting iceberg hangs on one wall. Robert Gibbins, the founder of Autonomy Capital, another London hedge fund, says his desk is adorned with the deformed remains of a car bumper, melted by an Australian wildfire. [Full article available to The Economist subscribers]
Financial Post: Seven major European investment firms told Reuters they will divest from beef producers, grains traders and even government bonds in Brazil if they do not see progress in resolving the surging destruction of the Amazon rainforest.
Financial Times: More than half of the world’s largest pension schemes have made no allocation to climate-related passive funds in spite of mounting pressure on institutional investors to step up the fight against global warming. [Full article available to Financial Times subscribers]
Network for Business Sustainability: No company is safe from hedge fund activism. In 2019, activist hedge funds targeted 839 companies in 19 countries. Activist hedge funds control more than $146 billion in assets, part of the more than $3 trillion hedge fund market.
S&P Global: Prolonged working from home could reinforce exclusive behaviors and biases and undermine inclusive workplace cultures, which experts warn could have long-term implications for organizations that do not pay attention to the risks.