UBS’ wealth management unit has put together a new team for diversity and inclusion related investment strategies, reported Bloomberg News.
The new group offers investments that seek to advance equality, expand opportunities and enhance outcomes for underrepresented or marginalised groups with the aim of generating returns as well as social benefits.
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Led by Karen Sunderam, the inclusive investing team will also help clients invest in minority-owned asset management firms as well as in products led by portfolio managers, who identify as women, LGBTQ individuals, veterans, people with disabilities, and racial or ethnic minorities.
The move comes as the wealth management space witnesses growing demand from clients for investments that fit their personal values and social good.
UBS Global Wealth Management head of sustainable and inclusive investing solutions Lynette Jefferson told the news agency that its customers have been “very specific about the types of investments that they’re looking for to promote social objectives.”
Besides UBS, other large banks have also formed teams within their wealth management businesses to drive investments linked to diversity and inclusion.
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By GlobalDataLast year, JPMorgan Chase & Co.’s established an inclusive investing team under its wealth unit to cater to women and other underrepresented communities. This team is led by general manager Jeanne Sun.
Recent moves by UBS
Last week, a report by Bloomberg said that UBS is slashing jobs linked to equity capital markets due to a decline in revenues after a slowdown in deal-making across the industry.
Last month, the Swiss bank decided to offer full-time remote work option for some of its US employees as part of its Virtual Worker Framework initiative.
The same month, UBS Asset Management signed an agreement to divest its holding in the Japanese real estate joint venture to private equity firm KKR in a $2bn deal.
