Blackrock的Deborah Winshel：大量影响需要大数据

最后5月，当Blackrock宣布它已经聘请了Deborah Winshel来抬起Blackrock Impact，其新的影响投资业务，新闻在紧密针织影响投资界中引发了混合感受。

Practitioners and supporters of impact investment were delighted to see New York–based BlackRock, the world’s largest money manager, with $4.5 trillion in assets, enter the fray. They were also impressed that the firm tapped someone with the stature of Winshel, who had previously served as president and chief operating officer of罗宾汉基金会那the antipoverty nonprofit founded by hedge fund manager Paul Tudor Jones.

尽管贝莱德进入没有影响a gives the nascent sector a serious shot of mainstream credibility, some wondered what Winshel’s bosses, BlackRock CEO Laurence Fink and global head of multiasset strategies Richard Kushel, knew about impact investing or what the firm could bring to a sector still dominated by not-for-profits and early adopters.

Quite a bit, it turns out.

BlackRock has about $200 billion in assets that fall under the oversight of BlackRock Impact. The vast majority of those funds are invested in public securities and screened to exclude issuers involved in activities that investors want to avoid for religious, ethical or other reasons. The total also includes some so-called ESG funds, which actively consider environmental, social and corporate governance factors in investment decisions. And BlackRock has some traditional impact investments, which direct capital to solve specific social or environmental problems. The last category can include infrastructure investing and renewables.

WinShel是一个充满激情的倡导者进行测量。罗宾汉基金会可能最为罕见地将华尔街式数据分析应用于捐赠和监测授予的过程。WinShel看到ESG数据扮演公司和投资者的类似作用。随着报告和透明度标准的全球改进，“聚光灯在公司上报告，”Winshel说。“检查策略框不会是投资者的足够信息。”

这不仅是衡量环境因素ing on investment decisions. The recent actions of large corporations — Dow Chemical Co., IBM, American Airlines, PayPal and Apple, among them — to oppose anti-LGBT legislation in states such as North Carolina are a sign that more companies understand that they need to take a public stand on社会问题。雇主评级网站GlassDoor等在线论坛可以提供数据饥饿的投资者，如Blackrock真正洞察大公司员工多样性和工人保留等问题。

随着公众和私人市场的数据和报告，所以，Winshel认为，投资者能够衡量其资金影响的能力。亚博赞助欧冠高级作家Imogen Rose-Smith今天坐在Winshel下，地球日 - Blackrock的影响推出了一个新的可持续发展交易所交易基金 - 在这份工作中讨论她的第一年。

亚博赞助欧冠机构投资者：为什么决定将非营利部门迁移到营利资产管理行业中？

Winshel:I started out at J.P. Morgan, so the for-profit sector is not new to me. Robin Hood was very much about measurement and metrics and how you could bring those disciplines to fighting poverty. When I started talking to BlackRock about impact, it seemed like a remarkable opportunity to take all that I cared about and learned with Robin Hood and at the Metropolitan Museum of Art [where she was chief financial officer for eight years] and bring it to scale.

冲击投资在Blackrock意味着什么？

We decided early on to define impact in very broad terms: what you could call sustainable investing with a focus on outcomes, measurement and producing competitive financial returns. We have three different businesses: screening; ESG, which has taken on significant relevance to more and more investors; and impact. We talk about how we integrate ESG across all our platforms, and we develop ESG strategies. That is also true of impact in general. Some qualities, especially around transparency and reporting metrics, we are extracting to integrate into our existing portfolios. Our long-term objective is really to build strategies across all asset classes.

影响投资者面临的真正挑战之一是如何衡量其美元的所需社会或环境影响，以及投资的经济回报率。这是Blackrock Impact何时才能解决的问题吗？

我们查看的一切，我们退后一步，然后，我们可以介绍哪些度量，我们可以介绍和合并？'，我们最近开始与客户开发基础设施投资的影响指标。由于这些测量更加精致，我们可以考虑将它们用作屏幕。这是Blackrock的影响很大。我们还在寻找我们的定量投资者可以利用其大数据分析能力来获得额外见解，超越标准公司报告和披露。我们在Blackrock也有一个巨大的风险管理平台，阿拉丁。我们已将ESG数据纳入其中，因此我们所有的投资者都可以在投资组合中看到ESG。

您是否看到了很多投资者对气候相关的策略？

是。气候是将指标的最简单的地区之一，现在对我们来说是非常重要的。除了我们现有的资金，如CRBN，我们的低碳目标ETF，我们最近推出了我们的第二次可再生能源基金。四年前，当我们推出全球可再生能源时，该产品非常受欢迎，但如果您谈到了“气候变化”，投资者对此并不感兴趣。现在已经改变了。与此同时，我们希望单独比气候变化更广泛。例如，今天，在地球日，我们正在推出与之相关的ETFU.N.可持续发展目标。我们也看到了多种社会领域的机会，如多样性和健康。我们还看到机会转移我们在股票市场所做的内容到固定收入。我们的研究端口从一个资产类到另一个漂亮的洞察力。

Among what groups of investors are you seeing the most interest?

我们与之合作的几乎所有类型的投资者都有口袋和感兴趣的元素。家庭办公室对影响感兴趣。一些基础和禀赋已经这样做了一段时间。其他人只是浸入水中。在零售方面，我们发现有一种广泛的兴趣。这不仅仅是筛选，虽然这是我们的增长领域。管理自己财务状况的千禧一代和妇女往往会关心这些问题。

Insurers are another group showing interest in impact investing, particularly when it comes to climate change. Some insurers are starting to look at climate as a very real risk, and that is starting to cross over to their investing. Interest also varies by region. The European pension investor is looking to make sure asset managers are integrating ESG. Meanwhile, the Department of Labor announcement this past fall concerning the consideration of so-called nonfinancial factors in investment decision making is spurring similar activity from U.S. pensions.

BlackRock Impact itself does not manage money. So how does the fund development process work?

We partner with people inside the different business units. We have a lot of volunteers around the firm. This has generated a lot of enthusiasm; it is catching on with management and also Millennials. Every week I have someone contacting me asking to go for coffee. By starting with partners in areas in which our interests are naturally aligned, the development got to be almost contagious.

你的第一年在你的第一年感到惊讶的是影响投资？

It is evolving much faster than I predicted. A couple of things have happened, including the climate agreement in Paris and the announcement in late September of the U.N. Sustainable Development Goals, that are making it move more quickly. By starting the platform last year, we were well positioned to respond to these events. The level of support we have received internally across the entire organization has been tremendous.

Follow Imogen Rose Smith on Twitter at@Imogennyc。