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Mounting a passive offensive against climate change

PenSam, Denmark’s labour market pension fund for workers in elder care, cleaning, technical services and educational care, recently selected Amundi for a bespoke €2.6bn mandate benchmarked to the MSCI ACWI Climate Change index. Claus Jørgensen, PenSam, and Laurent Trottier, Amundi, discuss the partnership.

Claus Jørgensen, Chief Investment Officer, PenSam

and

Laurent Trottier,

Global Head of ETF,

Indexing & Smart Beta Management, Amundi

What made this new partnership compelling?

 

Claus Jørgensen : We appreciated Amundi’s scale and stability as the leading European asset manager. But this wouldn’t have been enough on its own. Amundi has a strong track record of managing ETFs and index assets, rock solid portfolio construction and a commitment to ESG.

 

Laurent Trottier : PenSam is a major player in Denmark’s pension landscape, itself the 6th largest in Europe by AuM,(1) so, it is an honour to be recognised by them as an index management expert. Their trust in us is also confirmation of our leadership in low-carbon indexing having pioneered the first Low Carbon index solutions back in 2014.

 

 

 

 

 

 

 

Why choose the MSCI ACWI Climate Change Index?

 

C. J. : It uses MSCI’s Low Carbon Transition score and other factors to increase exposure to opportunities and minimise risks associated with energy transition. Shifting from the MSCI AC to the Climate Change Index not only helped us lower the carbon footprint of our portfolios, but also provides a buffer against shocks and contributes to a mission-critical aspect of fighting climate change.

 

 

What’s the logic behind a bespoke index fund?

 

C. J. : It was crucial to be able to adjust for our own priorities. Construction and allocation choices become especially important when you take impact into account. Three things that Amundi stood out for were their ability to partner with Institutional investors to develop custom solutions, the depth of their index research capabilities and their emphasis on stewardship, important for us vis-à-vis our audience.

 

L. T. : Amundi may be the largest European asset manager, but we are very proud of our close relationships and bespoke support for investors at every stage in their ESG journey. Passive investing is a misnomer, as it actually calls for specific decisions to meaningfully reflect particular objectives, and that’s where experience comes in.

 

 

Do you have other projects together?

 

L. T. : Absolutely, we’re already discussing exciting new ideas.

 

C. J. : There is plenty more to do as we forge ahead making our investments even healthier for our beneficiaries, financially and for the planet.

 

(1) Source : IPE Top 1,000.

 

 

 

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