Live Blogging: ESG Panel at Fi360 National Conference in San Diego

We just wrapped up our panel discussion on ESG considerations for ERISA fiduciaries. Jason Blackwell of Mercer (left) and Ali Caffery of Envestnet (center) joined me to discuss how advisers can account for ESG factors through the prism of a fiduciary. We started with the confusion over what is meant by ‘ESG,’ why the DOL worries about fiduciaries pursuing objectives unrelated to financial performance, how the brand new DOL guidance preserves the concept of an ESG factor creating alpha opportunities (and why that direct link to investment performance matters from a legal perspective), the different tools and indices that are out there, how ESG can be incorporated into an IPS, how managers can demonstrate their ESG stripes, DOL’s concerns about ESG-themed QDIAs, and shareholder engagement. Blaine Aikin, Executive Chairman of Fi360, is also pictured (far right) and deserves a ton of credit for allowing us to do this panel at such an important event!

Blog Authors

Sara P. Crovitz

Sara Crovitz, most recently Deputy Chief Counsel and Associate Director of the U.S. Securities and Exchange Commission’s Division of Investment Management, provides counsel on all aspects of investment company and investment adviser regulation. She worked at the SEC for 21 years, including 17 years in the Division of Investment Management focusing on issues under the Investment Company and Investment Advisers Acts of 1940. While in the Division, Sara supervised the provision of significant legal guidance to the investment management industry through no-action and interpretive letters, exemptive applications, IM guidance updates and other written and oral means.

William T. Mandia

William Mandia represents financial institutions and insurers in complex commercial and class action litigation. He regularly defends and advises life insurers, intermediaries, banks, broker-dealers, investment advisers, and other financial services providers in connection with sales practices claims arising from a wide range of financial and life insurance products, including, but not limited to, claims for alleged breach of fiduciary duty, fraud, and violations of state consumer protection laws.

Peter M. Hong

Peter Hong uses his many years of service at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to guide clients through the various regulatory requirements involved in the offer of financial services and products. His practice includes the registration and regulation of investment advisers, broker-dealers, commodity trading advisers, commodity pool operators, and introducing brokers under federal and state laws, as well as the formation and ongoing compliance obligations of registered and private investment companies.