SPAIN - Innovest Strategic Value Advisors has opened a Spanish office in a bid to capitalise on the increasing demand for socially responsible investment (SRI) products from institutional investors.
The office in Madrid will be headed by Carlos Bendito, who has previously worked with the UN, the Council of Europe Development Bank and PriceWaterhouseCoopers
Bendito said: “The Spanish market for sustainable investment is just about to take off. Dominated by ethical products, which are mostly based on negative screening criteria, the current market is only partially addressing the needs of Spanish institutional investors.
“In the wake of corporate scandals such as Parmalat, Enron and WorldCom, environmental and social factors have become strategic risk variables with real direct and bearings on financial performance. If fiduciaries are to deliver optimal returns they are no longer in a position to ignore the risks posed by factors such as climate change, strategic governance malpractices and violation of human rights.”
The company said that with its new Madrid presence, it would build on its already strong position in other parts of Europe and expects to pioneer sustainable investment in Spain by integrating environmental, social and governance risk assessment into mainstream asset management.
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