Industry pledges support for social impact investing taskforce
Twenty-two leading financial services companies have so far pledged their commitment to help create a culture of social impact investing in the UK.
The signatories have pledged to work together to drive forward the key recommendations of the Advisory Group to Government on Social Impact investing. Earlier this month, The Prime Minister, Theresa May, asked Elizabeth Corley, vice chair of Allianz Global Investors, to lead an industry taskforce to progress the Advisory Group’s recommendations.
The statement of support asked industry leaders to commit to specific goals which will help to bolster the social impact investing landscape in the UK. These goals include:
- Improve deal flow and the ability to invest at scale;
- Strengthen competence and confidence within the financial services industry;
- Develop better reporting of non-financial outcomes;
- Make it easier for people to invest;
- Maintain momentum and build cohesion across initiatives.
The firms that have pledged their commitment so far include:
- Aberdeen Standard Investments
- Albion Capital
- Allianz Global Investors
- Big Issue Invest
- Big Society Capital
- CFA UK
- CFA Institute
- Columbia Threadneedle Investments
- Esmee Fairbairn Foundation
- Hermes Investment Management
- Janus Henderson
- Legal & General Group / LGIM
- M&S Bank
- M&G Investments
- Social Finance
- St. James's Place
- Triodos Bank UK
- Virgin Money
Commenting, Elizabeth Corley, vice chair of Allianz Global Investors and chair of the government backed industry taskforce on Growing a Culture of Social Impact Investing in the UK, said:
“Industry has a vital role to play in accelerating the development of social impact investing in the UK, so it is very encouraging to see so many firms pledging their support. To already have twenty firms on-board, with more in the pipeline, will help us accelerate our work and turn our advice into actions”.
“With research showing that more than half of people in the UK are interested in purchasing social impact investment products but that only 9% have done so, this is a market with enormous potential, waiting to be unlocked.”
The Taskforce is also holding a conference on Tuesday 12th June, held in collaboration with London Business School’s AQR Asset Management Institute, to explore the opportunities presented by impact investing.