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Sustainable Investing for Institutional Investors: Risk, Regulations and Strategies


Praise for Sustainable Investing for Institutional Investors

"Mirjam Staub-Bisang and her contributors have written a valuable primer on sustainable investment for institutional investors interested in a practical approach to the investment fundamentals and products available to European investors. She navigates the core issues with clarity and introduces the reader to a sophisticated summary of strategies for integrating environmental, social, and governance issues into structured portfolios. This is a real resource for portfolio advisors eager to get started in sustainable investment."
Melissa Brown, Director, Responsible Research

"Sustainable investment: the investment theme of the future or a niche for tree huggers? Mirjam Stuab-Bisang gives a compelling argument for sustainable investment, discussing the pertinent global issues and strategies in a manner that is both informational and captivating. This book serves as an excellent guide for practitioners by identifying realistic sub-categories such as asset classes, regions, and themes, and by providing linkages to academic research and tangible case studies. A must-read for investors engaged in responsible investment."
Wolfgang Engshuber, Chairman of UN Principles for Responsible Investment

"Mirjam Staub-Bisang could not have been more topical and timelier with her book. Players around the globe in corporations (whether for profit or not), policymaking, politics, and academia grapple with the pressing social and environmental challenges of our time. Nowhere is this more evident than at the large multilateral gatherings such as the WEF or the G20. Investors, too, increasingly seek to become part of the solution. For institutional investors aiming to align their investment strategies with the issues at hand to become responsible investors, Mirjiam Staub-Bisang's book provides an excellent overview of various alternative approaches and practical examples that demonstrate that responsible investing can be done and makes a difference."
Cecilia Reyes, CIO, Zurich Financial Services Group

"This book provides an excellent framework and highly relevant case studies for practitioners and scholars interested in finance and sustainability."
Iris Bohnet, Professor of Public Policy and Academic Dean, Harvard Kennedy School

"This is the most comprehensive work on sustainable investing at present."
Dr. Joachim Faber, Head of Allianz Global Investors, Member of the Executive Board of Allianz SE

Mirjam Staub-Bisang, PHD, is the managing partner and CEO of Independent Capital Management AG, an asset management and real estate investment company based in Zurich, Switzerland. She holds an MBA from INSEAD and a doctorate in law from the University of Zurich, and is licensed to practice law. She has occupied senior management positions in asset management, private equity, and corporate finance/M&A activities, including posts at Commerzbank and Merrill Lynch in London and at Swiss Life Private Equity Partners in Zurich. She serves on the management boards of various companies and charitable institutions and was honored with the title of "Young Global Leader" by the World Economic Forum in 2009.

Foreword xi
Prof. Dr. Klaus Schwab

Foreword xii
Dr. Joseph Ackermann

Preface xiii

Acknowledgments xv


Chapter 1 An Introduction to Sustainable Investments 3

Chapter 2 What Does Sustainability Mean? 9

Chapter 3 Sustainable Investment Strategies  15

Chapter 4 The Market for Sustainable Investments 43

Chapter 5 Risk and Return 55


Chapter 6 Legal Framework 79

Chapter 7 Implementation in the Institutional Investment Process 97


Chapter 8 Fixed Income 125
Rolf D. Hässler and Annette Krauss

Chapter 9 Equities 143
Ingeborg Schumacher-Hummel

Chapter 10 Real Estate 153
Erika Meins and Sven Bienert

Chapter 11 Private Equity/Venture Capital 169
Andrew Musters

Chapter 12 Real Assets 175
Tobias Reichmuth, Otto von Troschke, Victor Weisberg, Reinhold Glauner and Bernd Schanzenbächer

Chapter 13 Commodities 201
Ivo Knoepfel and Peter Brabeck-Letmathe

Chapter 14 Hedge Funds 211
Peter Meier


Chapter 15 Pension Funds 221

Chapter 16 Insurance Companies 243

Chapter 17 Charitable Foundations and Trusts 265

Chapter 18 Family Offices 281

Appendix 291

Notes 295

Readings 301

About the Authors 311

Index 317