US - Former US vice-president Al Gore has teamed with five investment management and sustainability experts to launch a fund management firm that will invest in long only global equities.
London-based Generation Investment Management has its US offices in Washington DC and plans to begin its business in early 2005.
The firm will combine traditional equity analysis with sustainability research, with the belief that social, environmental and geopolitical issues can materially impact a company’s ability to sustain returns.
Al Gore, who is author of the book “Earth in the Balance” and chairman of Generation said: “The issue of sustainability has always been a passion of mine. Helping to establish the competitive business advantages of sustainability in an investment context with this exceptional team is a very exciting challenge.”
Ex-chief executive of Goldman Sachs Asset Management and co-founder David Blood told IPN Generation was set up in response to a demand for a firm offering long-term investing and whose interests are aligned with clients.
“The subject of long-term sustainability, enhanced analytics, non-tangible research as well as client alignment are all subjects that are getting a great amount of focus in the investment management industry both here in Europe as well as around the world,” he said.
“We’re not going to judge ourselves on assets under management, what we’re more focussed on is the quality of our investment results and the value we add for our clients.”
Blood, who is the managing partner of Generation, said the firm would target pension funds across Europe, the US, Australia and New Zealand as well as the high network marketplace.
Generation may look expand its invest focus to European equities, corporate bonds or private equity in the future.
“We’re really focussed on large cap equities to get right first and then we’ll think about fixed income or private equity in subsequent days and years and months,” Blood said.
Other founding partners include chief investment officer Mark Ferguson and chief operating officer Peter Harris, both formerly of Goldman Sachs Asset Management, head of research Colin le Duc, previously of SAM Sustainable Asset Management in Zurich and president Peter S Knight, formerly of Met West Financial and chief of staff for Al Gore from 1977 – 1989.
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