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Responsible investment: an element of portfolio optimization

Metzler berücksichtigen bei der Unternehmensanalyse finanzielle und ESG-Indikatoren gleichermaßen

In addition to assessing purely financial criteria, Metzler Asset Management GmbH aims to determine whether and in what way companies consider environmental, social and governance aspects. A broader database aims to improve company stock picking and thus the risk-return profile of the portfolio.

ESG in the investment process

ESG is short for “Environment, Social and Governance.” The sustainability aspects that we at Metzler Asset Management GmbH include in our investment process are exclusionary screening, ESG integration and engagement, as well as ESG controlling and reporting. 

For all equity and corporate-bond investments, exclusionary screening is applied based on 120 international norms and conventions. The data stems mostly from MSCI ESG Research. In cases of “very severe controversies,” i.e. serious infringements of these standards, companies are excluded from our investment universe. Upon client request, we also take other aspects into account in the investment process, such as conclusions drawn from data provided by ISS-oekom.

Goal: better risk/return profile

The aim of ESG integration is to improve the risk/return profile by integrating sustainability aspects into the traditional investment analysis process.

For example, we evaluate the economic impact of the following aspects on a company’s business success:

  • ESG scores issued by MSCI ESG Research
  • Sector-specific key performance indicators (KPIs)
  • ESG aspects of company business models.

Metzler Asset Management GmbH has entered into a cooperation agreement with Bank of Montreal Global Asset Management (BMO GAM). BMO and the portfolio managers themselves discuss business-relevant ESG challenges in their talks with companies. BMO also exercises voting rights. BMO's reports on voting rights and engagement milestones are partially included in the ESG reporting for our clients. 

Information on proxy voting:

ESG controlling and reporting of Metzler Asset Management's portfolios

Through ESG controlling, we continuously improve ESG integration. For Master KVG (capital management companies), special alternative investment funds (“Spezialfonds”) and retail mutual funds, Metzler Asset Management also provides evaluation of ESG issues such as greenhouse gas emissions.

Associations and partners

On matters of engagement, Metzler Asset Management GmbH has commissioned Bank of Montreal Global Asset Management

The team at Metzler Asset Management GmbH consults regularly on ESG issues with other members of the BVI’s ESG Working Group. This includes integrating the guidelines for responsible investing into the BVI Rules of Good Conduct.

As of 1 August 2018, Metzler Asset Management GmbH is a full member of CRIC e.V. The association's main areas of activity include engagement, research and the creation of awareness for responsible investments in society, politics and business.

Since 2002, Metzler has been a member of Forum Nachhaltige Geldanlagen (FNG), an industry association promoting sustainable investment. This association aims to raise awareness of sustainable solutions in investing and applying them to make a positive impact on the direction of social and environmental change.

Metzler Asset Management GmbH works with ISS-oekom to develop ethical and/or sustainable exclusionary screening for individual clients and/or “best-in-class” approaches to the management of institutional funds.

Metzler Asset Management GmbH procures ESG integration data and assessments of ”very severe controversies” primarily from MSCI ESG Research.

The Accelerating Sustainable Finance initiative was launched on 23 May 2017. It was established by Deutsche Börse Group along with major stakeholders from the Frankfurt/Main financial centre. On 5th February 2018, Emmerich Müller, personally liable partner of Metzler Bank, signed the "Frankfurt declaration" on behalf of Bankhaus Metzler. The Frankfurt declaration is a general letter of intent about the creation of sustainable infrastructures in the financial sector. It demonstrates the signatories’ intention to define the framework conditions for sustainable finance and to put concrete initiatives in place in the Frankfurt financial centre. These are directed towards the identification of innovative business areas and the responsible handling of risks, among other things.

In 2012, Metzler Asset Management GmbH was one of the first German asset managers to sign the Principles for Responsible Investment (PRI), a voluntary commitment by signatories established in 2005 on the initiative of the United Nations. More than 1,400 members from 50 countries, representing over USD 59 trillion in invested capital, have now joined this initiative. For more information, please click here.

Sustainalytics is an independent private provider of Responsible Investment Services and acts as data provider for Sustainable Development Key Performance Indicators (SD-KPIs).

Reports and publications

Important note

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Conditions of Use and Legal Notes

The contents published on the Metzler website are intended solely for information purposes.

Please note that the documents provided on this website regarding investment funds administered by Metzler Ireland Limited are a non-binding English translation of the original German documents.

Please also read the important information below in which the contractual, legal and regulatory conditions applicable to investments in investment funds are explained.

By accessing the Metzler website, users declare their agreement with the legally binding conditions of use and with the liability exclusion.

General restrictions
The Metzler website contains information on various investment funds administered by capital management companies in a number of countries. These investment funds can be distributed in different countries under certain circumstances. Details on the distribution licenses of individual investment funds can be found in the relevant sales documents and in the fund factsheets. This information is intended solely for investors in countries where the fund concerned is licensed for distribution. The information below is not intended for publication or for use by any person or company in a country in which a fund is not licensed for distribution or in which the publication or use of the information below would contravene statutory regulations or administrative procedures. In particular, this information and the investment fund shares are not intended for distribution in the United States of America or for persons who are nationals of the United States of America, companies domiciled there, or agents acting on behalf of such persons or companies. The information contained in the following pages does not constitute an offer or solicitation to acquire or dispose of any investment shares in one of the listed funds in a country in which the making of such an offer or solicitation would contravene the law; nor is the aforesaid information intended for such persons or companies to whom or to which the making of an offer or solicitation would be in contravention of the law; nor is it intended for agents acting on behalf or in favor of such persons or companies.

Liability for contents
Metzler Asset Management GmbH permanently examines and updates the information on its website. However, it cannot guarantee that these web pages are permanently updated; nor can it accept any guarantee for the correctness or completeness of the contents provided in these pages. Unless proof of willful misconduct or gross negligence can be provided, no liability claims can be accepted in respect of damages whether of a material or immaterial kind. All offers are non-binding and subject to confirmation. Metzler reserves the right to make unannounced alterations, supplements or deletions to parts or all of the web pages and to temporarily or finally suspend publication thereof.

Links
Our website contains links to external websites of third parties, the contents of which we are unable to influence. For this reason Metzler is unable to accept any guarantee for these external contents. The provider or operator of these linked web pages is responsible at all times for the contents of these pages. At the time the links were established, an examination was made to discover any potential legal violations. No unlawful contents were recognized at the time of linking. However, a permanent control of the contents of linked pages cannot be reasonably expected unless a concrete suspicion of a legal violation exists. We shall immediately remove any links if we receive knowledge of legal transgressions.

Subscribing shares or units – no investment advice
The contents of the Metzler website do not constitute investment advice; nor do they constitute a concrete recommendation or solicitation to acquire or dispose of shares or units in funds; nor are the contents intended to form the basis of a contract or component of a contract. The sole binding foundation for subscribing shares or units in a fund are the documents stated in the subscription application of the investment fund (e.g. the sales prospectus, the key investor information document, contractual conditions, annual and interim reports, company’s memorandum and articles of association or other applicable documents and provisions). These documents may be obtained free of charge from:

Metzler Asset Management GmbH

Untermainanlage 1
60329 Frankfurt/Main
Postfach 20 01 38
60605 Frankfurt/Main
Germany

Phone: (+49 - 69) 21 04 - 14 14
Fax: (+49 - 69) 21 04 - 73 92

Please read these documents carefully before you make an investment decision/recommendation as they contain precise information on the investment goals of the funds and the risks accompanying these goals. If you are unclear as to the significance of the information stated here or the contents of the aforementioned documents, please seek advice from your independent financial advisor or another qualified person before making your investment decision.

Orders for Metzler Fund Xchange are carried out solely in execution-only transactions without any investment advice provided by Metzler. Investment advice is provided by your independent financial advisor solely on the basis of agreements between the client and the aforesaid independent financial advisor. The independent financial advisor does not act as an agent for Metzler and is not authorized by Metzler to collect funds.

Copyright
The contents and items compiled by Metzler on this website are subject to German copyright and trademark law. Any copying, processing, distribution or other form of exploitation beyond the copyright limits of the copyright and trademark law require the written consent of Metzler. Downloads and copies of this website are only permitted for private, non-commercial use.

Place of jurisdiction
Place of jurisdiction is Frankfurt/Main, Federal Republic of Germany.

Risk note
Please be aware of the risks associated with every investment decision. Please bear in mind that past performance and profits are not necessarily an indication of future performance and that no guarantee or assurance can be given for an investment’s future success. The value of the investment units and their returns are subject to a number of risks, such as stock market or exchange rate risks, and can thus rise or fall. It is possible that an investor might not get back the amount invested or might even sustain a loss. Please also bear in mind that an investment in funds is also subject to a vast range of other risks in addition to stock market and exchange rate risks (examples are investment focus, fund management, price developments, general economic developments etc.) which make it impossible to guarantee the success of an investment. The fiscal treatment of your investment fund distributions can be subject to changes by the legislator or to differing interpretations on the part of the fiscal authorities.

Status: July 2018