7IM has joined forces with partners across the wealth management industry through the ‘UK Wealth Managers for Climate’ group to encourage asset managers to embrace net zero.
As a founder member of ‘UK Wealth Managers for Climate’ 7IM aims to create positive impact through its focused environmental goals. Recognising the industry’s potential to leverage positive action, the group’s nine members, which have a combined total AUM of £165bn, have come together to sign a letter outlining three clear climate change ambitions for asset managers:
Set a net zero commitment and ensure that targets are clear and transparent.
Communicate the approach clearly to both the business and clients.
Ensure that stewardship activities reflect net zero commitments and deliver tangible results.
These ‘asks’ reflect 7IM’s own sustainability goals including a drive towards cleaner investments and commitment to a 30% reduction in the carbon intensity of its Strategic Asset Allocations (SAAs) by 2026. Since 2021, the business has pledged to being carbon neutral through sustainable choices.
These include its partnership with the World Land Trust to offset its carbon footprint, the consolidation of office space to decrease its carbon intensity and reducing journeys by air to less than 1% since 2022. 7IM has also been a signatory to the UK Stewardship Code by the Financial Reporting Council (FRC) since 2021, which sets high standards for asset managers around accountability and responsible investing.
Jack Turner, head of ESG Portfolio Management at 7IM said: “The industry has a responsibility to champion the best ethical and environmental standards for our customers and future generations. At 7IM, we are committed to making a positive impact, creating long term value for clients as well as sustainable benefits for society, the economy and the wider environment thorough our responsible management of capital.
“We are proud members of ‘UK Wealth Managers for Climate’ and by signing this letter, we hope to encourage more wealth management firms to commit to a more sustainable future and join us in delivering positive change.”
