Mariner Investment Group Sees Value in Ethical Investment

投资管理人员提供阿尔法的能力 - 即非市场驱动的投资回报 - 如图所示亚博赞助欧冠九月封面功能“是alpha死了?” But at least one hedge fund manager thinks it has a fresh edge. New York–based hedge fund and alternative investment firm Mariner Investment Group believes there is value to be found in monitoring how companies handle issues relating to ESG: the environment; social responsibilities, such as human rights and employee diversity; and corporate governance.

传统上，ISG指标被制度投资界认为非金融因素与公司的底线无直接相关。虽然机构投资者开亚博赞助欧冠始更多地关注ESG，但与环境有关的关注措施特别通知，仍然是金钱经理的罕见和对冲基金经理尤其使ESG成为他们的投资过程。

大多数货币管理公司那么练习所谓的社会负责投资往往会集中在股票上。Marineris among a handful of firms that are starting to view the investment landscape very differently and see opportunities in using ESG analytics not just in股票而且还在整个投资宇宙中。

Mariner合作伙伴和首席执行官Bracesbridge Young Jr.说他认为，在他公司的投资过程中包括ESG考虑将提高结果。“我们的投资组合管理人员将拥有此附加信息，其中包括对ESG的安全性评估，”他说。“我相信这将为我们提供更好的风险调整回报。”但是，他补充道，“我们是一个投资驱动的公司。”

In September Mariner, which together with its associated advisers has $10 billion in assets,宣布it was becoming a signatory to the United Nations–endorsed Principles for Responsible Investment (PRI), one of the few hedge fund managers to have signed onto the principles, which commit signatories to integrate consideration of ESG factors and sustainable investing practices. In addition, Mariner is working with New York–based indexing and investor analytics company MSCI, using the ESG-related research, ranking and screening tools MSCI has developed. Notably, Mariner, which has the majority of its assets infixed income，将使用MSCI的研究不仅适用于股票，而是跨越所有资产课程和投资策略，包括信贷和卖空。

年轻人说，随着ESG数据的质量改善，资金管理人员的价值也是如此。他发现投资者 - 特别是基于欧洲和美国的投资者 - 对负责任资产分配表现出特别的兴趣。“在我谈论的客户上，我与客户交谈，这已成为对话的一部分，”年轻人说。由于投资者对那些被认为是气候变化等领域的良好行动者的公司的价值越来越多，与ESG原则的基金应该表现出更好的表现，他争辩，创造一个先进的优势，以及一个信息优势像水手一样。

对冲基金与负责任投资之间的关系仍然是一个不安的 - 一切都是因为许多对冲基金管理人员往往比其他资产经理更短的投资视野。一个2012年讨论文件主题，由PRI的实施支援负责人撰写的前言，Katie Beith发现了关于对冲基金经理的ESG信息的相关性的达成，并“如何有意义地适用于不同的对冲基金投资以及存在的广泛不同的策略”。在水手之外，最高调的对冲基金公司在ESG数据中看到价值为272亿美元的基于伦敦的GLG合作伙伴，是一个全资附属公司男人组本身,革命制度党签署。

对冲基金管理人员能力与凭借明确的社会有意识的授权的公司的业务目标相结合的对冲基金管理人员能力在作品中处于作品中。基于1872年的U.K.的合作银行品牌作为“道德”银行，不会借给某些业务，例如参与武器贸易和化石燃料提取的企业。11月4日，债券持有人的联盟，包括格林威治，基于康涅狄格州的对冲基金公司银点资本和纽约的Aurelius资本管理，同意向银行提供多达25亿美元的救援融资。如果银行正在崩溃的银行并被U.K.政府筹集新资金，则仍然可以看出，可以在坚持信仰的同时为贷方提供利润。

That same day, U.S. lawmakers and Stamford, Connecticut–based hedge fund firmSAC Capital Advisors宣布，他们已达成暂定达成协议，有关内部交易调查的公司和三个子公司。

It was in search of an investment edge that allegedly led certain SAC portfolio managers and analysts to turn to insider information. In a press conference to announce SAC’s historic agreement with law enforcement officials, in which SAC and related entities pleaded guilty to five counts of insider trading and agreed to pay a record $1.2 billion in fines, Preet Bharara, U.S. Attorney for the Southern District of New York said, “Greed sometimes is not good,” playing off the famous Gordon Gekko line from the movie华尔街. April Brooks, the special agent in charge at the New York field office of the Criminal Division of the FBI, went further, saying, “Principles are just as important as your profit. How your employee makes money is just as important as how much they make.”

Mariner的可持续投资的拥抱表明，原则可以成为他们自己的利润来源。