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ARTICLE · 04 MARCH 2019

MFA Cautions Against Requirement For Asset Managers To Include ESG Factors

Hogan Lovells Cadwalader
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In the end, perhaps the goal should be more modest.

United StatesFinance and Banking
Robert Zwirb
Robert Zwirb
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The Managed Funds Association ("MFA") cautioned against measures that would require asset managers to incorporate "overly prescriptive" environmental, social and governance ("ESG") factors into investments.

In a comment letter, the MFA addressed the European Securities and Markets Authority's ("ESMA") proposal to integrate "sustainability risks" into the UCITS/AIFMD Consultation and the MiFID II Consultation. The MFA contended that asset managers should discuss with their clients whether the manager's products and services satisfy the client's ESG factors. Using this approach, the MFA noted, will better ensure that asset managers include ESG factors and considerations to the extent they align with the client's investment goals.

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