Members of industry leading ‘UK Wealth Managers on Climate Group’ come together to initiate change

Date: 13 Nov 2024

Karen Jones

The UK Wealth Managers on Climate Group was formed in September 2023, with a collective objective of bringing together the UK wealth management industry to encourage asset managers to step up their climate change ambitions.

The UK wealth management industry controls over £1 trillion of assets and accounts for around 11% of the UK asset management industry assets under management (AUM)[1]. With climate change posing an unprecedented threat to global ecosystems, the Group aims to bring wealth managers together to speak with one voice. Cazenove Capital has played a leading role in coordinating and hosting the Group to bring about change.
Recognising the highly strategic position wealth managers have within the wider investment system, nine members of the UK Wealth Managers on Climate Group (Cazenove Capital, EQ investors, Paradigm Norton, Quilter Cheviot, Sarasin & Partners, Greenbank Investments, 7iM, LGT Wealth Management, Tribe Impact Capital) – representing a total of £165 billion AUM combined – have come together to sign a letter which outlines three clear requests for asset managers to take on net zero:

1 – Set a net zero commitment and ensure that targets are clear and transparent.   

2 – Communicate the approach clearly to both the business and clients.   

3 – Ensure that stewardship activities reflect net zero commitments and deliver tangible results. 
Catherine Hampton, Sustainable Investment Director, Cazenove Capital, commented: “The wealth management industry can play a significant role in addressing climate change. Through the ‘UK Wealth Managers on Climate’ group, we are taking a more joined-up approach with the asset management industry to influence change. This collaboration and collective force for good, will also help us meet our own targets and better help our clients understand the impact that their portfolios have on the environment.”
The “UK Wealth Managers on Climate” initiative is open to all wealth management firms in the UK that share a commitment to a more sustainable future. Interested parties are encouraged to join the movement and make their pledge towards climate action.

[1] https://www.theia.org; based on estimation that UK asset management industry is estimated at £9.1trn and the UK wealth management industry is estimated at £1.1trn as at December 2023.

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