Singaporean bank DBS has incorporated MSCI ESG Ratings into its wealth management business in response to increasing demand for ESG investing.

The ratings will be used for the bank’s wealth products. These include advisory, as well as discretionary, portfolio services.

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MSCI ESG Ratings is used to detect risks and opportunities related to ESG and score firms depending on their risk management ability and ESG risk exposure.

The ultimate aim is to enable investors make better decisions during the investment process.

DBS Wealth head of managed solutions, balance sheet products and investment governance Marc Lansonneur said: “Encouraged by growing evidence of the correlation between robust ESG practices and strong corporate financial performance, more are expressing interest in incorporating ESG into their decision-making processes.

“However, they are often hampered by the lack of historical ESG data or a recognised sustainability benchmark. By adopting MSCI ESG Ratings and enabling transparent comparability, we hope to address this gap and drive growth in the ESG investing space.”

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Customers of the bank’s wealth management business can access the ratings on request.

In this context, the bank cited a 2017 study by FactSet. According to the study, 90% of the HNW millennials intend to raise responsible investment allocations in five years.

Lately, various major financial firms have stepped up their ESG game.

In September 2019, Credit Suisse Asset Management announced plans to incorporate ESG factors into its investment process.

In the same month, BNP Paribas Asset Management deepened its ESG push by making its flagship fund range completely sustainable.

A month later, Lyxor Asset Management, a unit of Societe Generale, announced its climate policy that included plans to launch ESG-focused offerings.