Investment firm Fidelity International has hired two directors of sustainable investing, based in London. They join Chief Sustainability Officer Jenn-Hui Tan, who was appointed last August.
Phil Cliff was previously Head of Climate at M&G Investments (which is also undergoing a sustainability governance shake-up), where he led the climate strategy and transition plan, including the creation of the firm’s net zero investment framework, portfolio analytics tool, scenario modelling and climate reporting. He will focus on reducing Fidelity’s corporate and portfolio emissions in line with the company’s climate targets.
Meanwhile Aaron Hay joins from Federated Hermes, where he was Director of Engagement and Strategy, sustainable fixed income. He is tasked with integrating ESG into private credit strategies.
Both report to Jenn-Hui Tan, Chief Sustainability Officer. Tan was promoted from Global Head of Stewardship & Sustainable Investing to the newly created CSO role in August 2023, and oversees both the company’s sustainable investing activities and its corporate sustainability department.
Fidelity International, which manages more than US$700 billion for almost 3 million clients globally, is in a race to reduce corporate and portfolio emissions, and recently purchased a London office building to refurbish it in line with net zero carbon targets.
Made as part of Fidelity’s new European Real Estate Climate Impact Fund, this is exactly the type of investment CCP Investments’ Chief Sustainability Officer Richard Manley expects to generate a green premium.
The firm is aiming to achieve net zero corporate emissions and halve its portfolio’s carbon footprint by 2030, and to reach net zero for all scopes by 2050. It recently launched a number of new products in its sustainable investment suite, including two sustainable fixed-income exchange-traded funds (ETFs) listed on the London Stock Exchange, a Global Future Leaders Fund to invest in promising small and mid-cap equities in developed markets.
“The sustainability landscape is evolving at an ever-increasing pace. In order to ensure we are at the forefront of this change, we continue to invest in talent to drive innovation and best practice at Fidelity,” Tan said. “Phil and Aaron have extensive experience in their respective fields of knowledge and will add bench strength to the ESG team’s existing deep global expertise.”
Fidelity International also publishes regular research on the sustainable investment landscape: its latest survey, conducted in partnership with Coalition Greenwich, found that less than half of investors are familiar with the concept of a ‘just transition’.