Members of industry leading ‘UK Wealth Managers on Climate Group' come together to initiate change
Recognising the highly strategic position wealth managers have within the wider investment system, nine members of the UK Wealth Managers on Climate Group have come together to sign a letter which outlines three clear requests for asset managers to take on net zero.
The UK Wealth Managers on Climate Group was formed in September 2023, with a collective objective of bringing together the UK wealth management industry to encourage asset managers to step up their climate change ambitions.
Today, the UK wealth management industry controls over £1 trillion of assets and accounts for around 11% of the UK asset management industry assets under management (AUM)1. With climate change posing an unprecedented threat to global ecosystems, the group aims to bring wealth managers together to speak with one voice. Cazenove Capital has played a leading role in coordinating and hosting the group to bring about change.
Recognising the highly strategic position wealth managers have within the wider investment system, nine members of the UK Wealth Managers on Climate Group (Cazenove Capital, EQ investors, Paradigm Norton, Quilter Cheviot, Sarasin & Partners, Greenbank, 7iM, LGT Wealth Management, Tribe Impact Capital) – representing a total of £165 billion AUM combined – have come together to sign a letter which outlines three clear requests for asset managers to take on net zero:
- 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.
To read the letter, see here.
Catherine Hampton, Sustainable Investment Director, Cazenove Capital, commented:
"The wealth management industry can play a significant role in addressing climate change. Through the ‘UK Wealth Managers on Climate’ group, we are taking a more joined-up approach with the asset management industry to influence change. This collaboration and collective force for good, will also help us meet our own targets and better help our clients understand the impact that their portfolios have on the environment.”
The "UK Wealth Managers on Climate" initiative is open to all wealth management firms in the UK that share a commitment to a more sustainable future. Interested parties are encouraged to join the movement and make their pledge towards climate action.
For more information about the initiative and how to join, please contact prudence.johnson-hill@cazenovecapital.com.
ENDS
1 https://www.theia.org; based on estimation that UK asset management industry is estimated at £9.1trn and the UK wealth management industry is estimated at £1.1trn as at December 2023.
For further information, please contact:
Estelle Bibby
Head of Marketing and Communications
+44 20 7658 3431
estelle.bibby@cazenovecapital.com
Laura Keeble
Marketing Manager
+44 20 7658 1615
laura.keeble@cazenovecapital.com
Notes to editors
About Cazenove Capital
Cazenove Capital is a leading provider of personalised wealth management services to ultra- high-net-worth and high-net-worth clients, family offices and trusts. As well as discretionary and advisory investment services, we offer wider wealth management services such as advice on philanthropy and impact investment, wealth planning, cash management, deposit-taking and lending.
As the UK’s largest manager of charitable assets, our charity team provides a range of specialised services to a wide range of endowments, foundations and other charity clients. We also work in partnership with financial advisers to provide discretionary fund management to their clients.
Cazenove Capital is a subsidiary of Schroders plc, a major FTSE 100 company. The Schroder family still own a significant percentage of the company, having founded it over 200 years ago. This enables us to take a long-term view and to continue investing in our people, systems and services to deliver the high standards that we set of ourselves and that our clients expect of us.
For more information on our ultra-high and high-net-worth business in the UK, please visit cazenovecapital.com.
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Schroders Wealth Management, including Cazenove Capital, has £119.5 billion in assets under management globally across all Wealth Management offices (including Benchmark Capital, part of wealth management) as at 30 June 2024.
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