programme impact investing conference final · 2014. 6. 4. · programme impact investing...

Smith School of Enterprise and the Environment

Impact Investing Conference 5th-6th June 2014 St Hugh’s College - University of Oxford

08 Fall

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Programme Impact Investing Conference Oxford 2014

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The Conference

Impact investing is on the rise. High-net-worth individuals and wealthy families are increasingly becoming active in

impact investing to solve some of the major global challenges such as poverty and climate change. Yet, today

there is hardly any academic research investigating the real effects of impact investing, mostly due to the lack of

reliable data. Further, it is still not clear how and whether impact investors could collaborate more closely with the

financial industry to promote their impact ideas to address real societal needs.

This conference brings together leading academics, impact investors, and institutional investors to discuss and

address exactly these issues. The aim is to (1) provide different perspectives on social and environmental impact

investing, (2) discuss potential collaborations between impact investors and (mainstream) institutional investors,

and (3) illustrate the resulting implications for big institutional investors, family offices, and pension funds who

would like to become active impact investors.

The Sustainability, Financial Markets & Investment Programme at SSEE

The Sustainability, Financial Markets & investment Programme at the Smith School provides outstanding quality

research to financial institutions and corporations on sustainable finance and sustainable investing. The goal of the

programme is to provide rigorous academic research to emphasize the importance of sustainable finance for the

on-going business of financial institutions: Sustainability in financial markets matters for client relationships,

financial product design, and the long-term investing strategies of major financial institutions.

About the GPC

The Stanford Global Projects Center (GPC) is an interdisciplinary research center at Stanford University that seeks

to facilitate understanding of the financing, developing and governance of strategic assets that underpin dynamism

and competitiveness in today's global economy. The GPC conducts interdisciplinary research on the many

"projects" to develop these strategic assets and facilitates engagement among academic, government and

industry leaders. GPC also provides education to current and future leaders.


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Conference Agenda

Day 1: Thursday, 5 June 2014

10:00 Registration Coffee, Tea, refreshments

11:00 Conference opening and Welcome

Gordon L. Clark

Director, Smith School of Enterprise and the Environment, University of Oxford

11:05 – 12:30 Session 1: Setting the Agenda In this session, the agenda for the conference will be set. Top academic speakers will

discuss impact investment from a research perspective. Since there is a lack of empirical

evidence available on impact investment, this session will emphasize the academic

relevance of the topic, its economic relevance, and also its relation to mainstream finance.

The goal of this session is to highlight the fact that more collaborative efforts between the

financial industry and the academic world are needed in order to deliver high quality

research on the lifecycle of impact investment, its risk-return characteristics, and its

economic relevance for society.

Session Chair and Commentator:

Gordon L. Clark

Director, Smith School of Enterprise and the Environment, University of Oxford

Speakers:

John Hoffmire

Director, Saïd Business School Impact Bond Fund

Tessa Hebb

Director of the Carleton Centre for Community Innovation, Carleton University Ashby Monk

Executive Director of Global Projects Center, Stanford University

12:30 – 13:30 Lunch


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13:30 – 14:30 Session 2: Keynote Address: “New Paradigm Investing”

Saker Nusseibeh

Chief Executive Officer and Head of Investment, Hermes Fund Managers

The keynote address discusses impact investment from the perspective of an institutional

investor with a long-term mandate and a concern about investing sustainably. Does such an

investor incorporate impact investment into his asset allocation? How does impact

investment fit into the long-term investment strategy of this institutional investor? These are

some of the key questions that Saker will address.

Response:

Sandra Carlisle

Head of Responsible Investment, Newton Investment Management

14:30 – 16:00 Session 3: Long-Term Investing Institutional investors such as pension funds, asset managers, and insurance companies are

long-term investors. Their aim is to deliver long-term performance. But: How does the

concept of impact investment fit into the framework of long-term investing? Which

investments can and should be considered to be real impact investments? Given that

literally every investment has an impact, these questions are of utmost importance when it

comes to the relation between long-term and impact investing. Other questions, which we

would like to address, are for example: Is impact investment considered to be a type of a

longer-term investment strategy? How is it conceptualized? What are current practices in

the industry? How do stranded assets fit into the overall concept of impact investment?


Ashby Monk

Executive Director of Global Projects Center, Stanford University

Speakers:

Julie Hudson

Managing Director, UBS and Business Fellow at the Smith School Samuel Mary

Sustainability Research Analyst, Kepler Cheuvreux Seb Beloe

Partner and Head of Sustainability Research, WHEB Asset Management


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16:00 – 16:30 Coffee Break

16:30 – 18:00 Session 4: Catalytic Investment Family offices and foundations are especially interested in impact investment. Such

investments fit their objective of creating societal and environmental value in addition to the

financial return. But how exactly do family offices and foundations go about impact

investment? Is there a consensus approach? How do family offices and foundations evaluate

the ‘impact’ they make with their investments? Impact investment is about making a

difference; it is about strategic investments in projects that are transformative. But how

exactly do family offices and foundations do it? What is required or could be done to make

investments even more transformative? These are some of the key questions of this session.


Paul Simon

Advisor to the Sainsbury Family Charitable Trusts

Speakers:

Elliott Donnelley

Founder and Principal Managing Director, White Sand Investor Group, L.P. Danyal Sattar

Social Investment Manager, Esmee Fairbairn Foundation Pamela Hartigan

Director of the Skoll Centre for Social Entrepreneurship, Saïd Business School, University of Oxford

18:00 – 19:00 Drink Reception

19:00 – 20:45 Dinner – Hosted by Ashby Monk (Stanford University)

Dinner Keynote Speaker:

Nick O’Donohoe

Chief Executive Officer, Big Society Capital

Nick O’Donohoe will provide an overview of Big Society Capital. He will present the

institution, its objectives and ambition to make an ‘impact’.


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Day 2: Friday, 6 June 2014

08:30 – 09:00 Arrival Coffee, Tea, refreshments

09:00 – 10:30 Session 5: Institutional Investors as Partners Institutional investors become more and more interested in impact investment. Driven by

client demand, they are keen to launch new investment products which have an ‘impact’.

But how exactly is this done? In which way are impact investment products designed? How

are they structured? And more importantly, how can impact investment become a part of

the asset allocation framework and portfolio- building approach of institutional investors?

How can the interests of the institutional investors and their clients be aligned when it

comes to impact investment? How can the financial industry upscale impact investment

from individual project financing to programmes?


Richard Brass

Head of UK Clients, Berenberg Bank

Speakers:

Andreas Ernst

Head of Impact Investing, UBS Rebeca Ehrnrooth

Principal, Equilibrium Capital Othmar Lehner

Professor of Finance and Risk Management, Visiting Fellow, Saïd Business School, University of Oxford

10:30 – 11:00 Coffee Break

11:00 – 12:30 Session 6: Measures of Impact, Risk and Success In this session, the panelists will present their views on questions such as ‘What is a

successful impact investment project?’ ‘What are appropriate measures of success, risk, and

eventually impact and how can one quantify those?’ Given that the major players in the

impact investing space are so diverse in their nature (e.g. mainstream institutional investors,

family offices, foundations, and philanthropists), this session will also shed some light on the

different definitions of successful impact investment: ‘What do we mean by "success" from


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a community impact perspective?’ and also ‘…from an investment perspective?’. Ultimately,

this session will try to answer the question ‘What challenges must be overcome to identify

good investments and generate the best social outcomes?’.

Session Chair and Commentator: Alex Nicholls

Professor of Social Entrepreneurship, Fellow in Management, Harris Manchester College, University of Oxford

Speakers:

Lisa Hagerman

Director of Programs, DBL Investors Clara Barby

Partner and Head, IMPACT+ David Robinson

Founder of ‘Community Links’ and chair of the Early Action Task Force

12:30 – 14:00 Lunch

Lunch keynote address (Session 7): “Roadmap to Stanford”

Gordon L. Clark

Director, Smith School of Enterprise and the Environment, University of Oxford Tracey Durning

Founder and President, 49 prince street; Chief Strategist, Planet Heritage Foundation

In this outlook and concluding session, Tracey Durning will sum up and present the main

conclusions of the conference, as well as provide her view on the future of impact

investment as a viable strategy in solving global challenges. She will present her vision of

where the space needs to develop new initiatives in order to deliver on the impact promise,

including a meditation on the role of collaboration and partnerships between mainstream

investment and impact investors, and the critical areas where thought needs to be given so

as to resolve outstanding issues endemic to the industry. She will also elaborate on where

links between universities and the impact investment space could be strengthened to

provide the necessary empirical data to promote rigor and perspective, as well as ensure

the development of impact strategies that address real needs and offer genuine solutions.


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Biographies

Clara Barby Partner and Head of IMPACT+

At Bridges Ventures, Clara takes the lead on the fund’s IMPACT strategy throughout the investment cycle - from defining the strategy and process for selecting impact investments, to engaging with portfolio companies to create additional value through environmental and social factors, to tracking and reporting results to our investors and other stakeholders. In addition to growing impact through our own funds, Clara leads IMPACT+, Bridges’ advisory efforts to promote the growth of the wider sustainable and impact investment sector. Before joining Bridges, Clara focused her career on investing in innovative high-impact businesses – most recently on the management team of AyurVAID Hospitals, an India-based healthcare chain and Acumen Fund portfolio company. Clara previously worked for Acumen Fund’s Capital Markets team in New York where she played a lead role in designing an innovative investment vehicle and later co-led the Acumen energy portfolio in India. Before Acumen, Clara worked in Bogota, promoting socially responsible investment. Clara is a member of the Standards Advisory Council of the Global Impact Investing Rating System (GIIRS) and on the Admissions Panel of the Social Stock Exchange. She holds a BA (Hons) from Oxford University and an MBA from INSEAD.

Seb Beloe Partner, Head of Sustainability Research, WHEB Asset Management

Seb is Head of Sustainability Research and leads the integration of sustainability analysis within the investment process, as well as overseeing engagement activities. Previously, Seb was Head of SRI Research at Henderson Global Investors where he led on the identification and analysis of sustainability themes and company-level corporate responsibility analysis. Prior to Henderson, Seb was the Vice President of Research and Advocacy at SustainAbility. He has published several reports on sustainable business, and has been a member of numerous corporate advisory boards and awards panels. Seb has two degrees in environmental science and technology, from the University of East Anglia and Imperial College and is a Chartered Environmentalist.


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Richard Brass Head of UK Clients, Berenberg

Richard is the Head of UK Clients at Berenberg, Private Banking since joining in June 2011 from Schroders Private Banking. Richard started his career in corporate finance having initially qualified as a chartered accountant at KPMG. He went on to co-found the European office of the transatlantic corporate finance firm, Compass Advisers before spending two years in emerging markets with Montpelier Asset Management. Richard is the founder of Impact Ventures UK, an award winning growth capital impact fund that invests in businesses with specific and measurable positive social impact and a sustainable financial model in the UK. He is a Director and non-family trustee of The Montpelier Foundation, a UK charity aiming to make sustainable improvements to people’s lives and their communities, primarily in the World’s developing economies and the UK. He is a member of Social Investment Business’s Investment Panel for the Cabinet Office’s Investment Contract and Readiness Fund. Richard is a Board Director and member of the Advisory Council of the London Philharmonic Orchestra. He sits on the Advisory Council of the Institute for Family Business.

Gordon L. Clark Director, Smith School of Enterprise and the Environment Professor Gordon L. Clark is the Director of the Smith School of Enterprise and the Environment with cross-appointments in the Saïd Business School and the School of Geography and the Environment. He holds a Professorial Fellowship at St Edmund Hall, is the Sir Louis Matheson Visiting Professor at Monash University’s Faculty of Business and Economics (Melbourne) and is a Visiting Professor at Stanford University. An economic geographer, he is interested in the responsibilities and behaviour of investors as regards long-term sustainable investment. He is an advisor to companies on issues such as long-term environmental performance and the nature and scope of investment in the context of long-term environmental change. His interest in these issues has involved research on institutions' proxy-voting, strategies of corporate engagement, the sensitivity of firms to brand image and reputation, and the regulation of corporate disclosure on issues related to environmental liabilities and social responsibility. His current research focuses upon the governance and management of investment in the context of market volatility and long-term obligations.


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Sandra Carlisle Head of Responsible Investment at Newton

Sandra manages the team which ensures the integration of environmental, social and governance issues into Newton’s fundamental research process. Prior to joining Newton, Sandra was a director at F&C Investments, responsible for the sales, marketing and business development of F&C’s ethical and sustainable investment products. She also built the sustainability and climate change practice at Brunswick and ran the specialist climate change, clean energy and thematic sustainability investment team at Citigroup. While at Citigroup, Sandra co-founded Citiwomen, a group-wide diversity network which won a BITC Opportunity Now award in 2001. Prior to joining Citi, Sandra worked in Paris and London for Deutsche Bank and SG Warburg Bacot Allain as a European equity specialist and she spent several years at JP Morgan in the sovereign debt restructuring team.

Elliott Donnelley Founder and Principal Managing Director, White Sand Investor Group, L.P.

Elliott Donnelley II is a founding general partner of the White Sand Investor Group, LP a fifth generation family investment partnership of the Chicago based RR Donnelley family. As an investor of both his personal and family’s assets, Mr. Donnelley has increasingly focused on the nexus between investment for financial return and investment for social and environmental impact. Mr. Donnelley serves as Chairman Emeritus and past Co-Chairman of the Philanthropy Workshop West, a leading program in donor education focusing on strategic philanthropy and impact investing; he serves as a member of the board of Stanford’s Global Project Center, of the LGT Venture Philanthropy Foundation, Synergos, the World Affairs Council of Northern California and as Executive Vice Chairman of the Organizing Committee of the China Philanthropy Forum; Mr. Donnelley is a member of the Global Philanthropists Circle and has appeared as a featured speaker at numerous conferences including most recently the China Philanthropy Forum, the Bo Ao Forum, the San Ya Forum, Credit Suisse Philanthropist Forum in Singapore and the UBS Art of Philanthropy Conference in Beijing. Mr. Donnelley is a graduate of Yale University and lived and worked in China from 1989 to 1991; he now spends most of his time between the San Francisco Bay Area, Europe and Beijing where, in addition to making investments through his family’s investment partnership, he is passionate about promoting and supporting best models and practices in philanthropy and impact investing.


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Tracey Durning Founder and President, 49 prince street

Tracey Durning is the founder and CEO of 49 prince street, which catalyzes and supports projects and organizations aimed at large-scale social impact. 49's projects are always collaborative in nature and typically involve cross-sector partnerships including the public and private sectors, the nonprofit world, communications and philanthropists/impact investors. Under the 49 umbrella, she helps drive and manage philanthropic investments for Planet Heritage Foundation, as well as works alongside a variety of philanthropists around their key issues.

Tracey is the Co-founder of Oceans 5, an international funders' collaborative committed to protecting the five oceans of the planet. Oceans 5 collectively leverages funders assets (funding, expertise, networks and influence) for more impact and scale. She is also a Co-founder and board member of the Energy Options Network, an innovative new nonprofit organization comprised of a cross section of global Best in Class do'ers (entrepreneurs, engineers, finance, policy, legal) created to catalyze the expansion of key low-carbon energy technology options that have the potential to address climate change on a global scale, and she is the Co-founder and CEO of the Target Zero Institute, an ngo also comprised of Best in Class leaders who systematically bring US cities from high kill shelter euthanasia rates to zero kill, with the goal of ending euthanasia nationwide by 2025. Tracey co-developed the Electrification Coalition in 2009, a nonpartisan group of industry leaders committed to transportation electrification in the US at mass scale, and began working with actor and philanthropist Edward Norton in 2009 to help grow capacity for the Maasai Wilderness Conservation Trust (MWCT), recognized internationally for its outstanding work in biodiversity conservation.

Rebeca Ehrnrooth Principal, Equilibrium Capital

Rebeca started her career in the M&A team at Merrill Lynch Europe and worked in investment banking in London and Frankfurt. She subsequently joined Fitch Ratings as a Director in the Energy & Utilities team covering a Northern European companies, followed by several years at Morgan Stanley as a Vice President in the Credit Rating Advisory team covering numerous sectors including renewable energy. She switched to focus on capital raising at Pantheon, one of the largest global private equity fund-of-funds based in London, as Principal in the Clients Services team and served as Pantheon’s global co-head of Responsible Investing. Immediately before joining Equilibrium, she was Head of Distribution at the Swedish hedge fund Rational Asset Management-RAM. Rebeca holds a Master of Science in Economics and Business Administration from Stockholm School of Economics. She completed a CEMS-degree including an exchange at the Erasmus Universiteit in the Netherlands. She also completed a MA course in Middle Eastern studies at Hebrew University in Jerusalem.


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Andreas Ernst Head, Impact Investing, Executive Director, UBS Wealth Management

Andreas started his career at UBS in 2004 as deputy head of the philanthropy services team. After a 3 years stint at a Family Office in Geneva, where he was in charge for impact investing, he returned to UBS in 2011 and built the impact investing offering.

Prior to joining UBS, Andreas worked in management consulting and the United Nations, where he was involved in trade facilitation for SMEs in Cambodia, Laos and Vietnam. Andreas has also given University courses at the University of Geneva on Impact Investing.

Andreas holds a Master in Business Administration and a B.A. in Political Science from the University of Hamburg.

Lisa Hagerman Director of Programs, DBL Investors

Lisa Hagerman, Ph.D., is the Director of Programs at DBL Investors, a double bottom line venture capital firm in San Francisco, where she leads the strategy and implementation of double bottom line practices working with DBL Investors’ portfolio companies across workforce development, environmental stewardship, community engagement, and public policy.

Lisa was previously the Director of More for Mission at the Harvard Kennedy School, a research and advocacy initiative promoting mission investing, in which she built a network of over 90 foundations representing over $38 billion in total assets. In May of 2012, More for Mission merged with PRI Makers to form Mission Investors Exchange. Prior to her role at More for Mission, she completed her doctorate in economic geography. Her doctoral thesis was in economic geography on Public Pension Fund Investment in Urban Revitalization, a project supported by the Ford and Rockefeller Foundations. She was previously a Vice President of Economic Innovation International. In addition, Lisa has ten years of banking experience, three of which were with Wells Fargo Bank in Government Relations where she worked with the community development department and promoted the Bank’s minority lending initiatives. She worked at Citibank for seven years in the Latin American Marketing Division. Lisa holds a Visiting Research Associate position at Oxford University, School of Geography and the Environment. Lisa received her Bachelor of Arts from Bucknell University and her Master of Arts in political science from the University of North Carolina at Chapel Hill.


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Pamela Hartigan Executive Director, Skoll Centre at Oxford University's Saïd Business School and Founding Partner of Volans

Pamela is the Director of the Skoll Centre at Saïd Business School. From 2000-2008, she was the first Managing Director of the Schwab Foundation for Social Entrepreneurship. She has held leadership positions in multilateral organizations, educational institutions and entrepreneurial ventures, conceptualizing and creating new organizations, departments or programs. Dr. Hartigan is a frequent lecturer on social entrepreneurship and innovation at graduate schools of business around the world and is an Adjunct Professor at the Columbia Business School. Her book, The Power of Unreasonable People (2008), co authored with John Elkington, is a primer for social entrepreneurship and has been translated in 11 languages.

Tessa Hebb Director, Carleton Centre for Community Innovation Carleton University, Ottawa, Canada

Dr. Hebb is the Director of the Carleton Centre for Community Innovation, Carleton University, Canada. Her research focuses on Responsible Investment and Impact Investment and is funded by the Social Sciences and Humanities Research Council, Government of Canada. The Carleton Centre for Community Innovation is a leading knowledge producer on these topics together with non-profit and philanthropic leadership, northern communities and community economic development. Dr. Hebb received her Doctorate from Oxford University.

Dr. Hebb has is chair of the steering committee of the UN- backed PRI Academic Network. She also serves on the Heartland Network, Canadian Business Ethics Research Network, the Canadian Responsible Investment Association and the Impact Investing Policy Collaborative. She led a four year research project on US Public Sector Pension Fund Investment in Urban Revitalization based at Harvard University and funded by the Ford and Rockefeller Foundations (2004-2008). She is a frequent guest speaker on responsible investment issues in both Canada and the US. She has published many books and articles on responsible investing and impact investing policies including the volumes Working Capital: the Power of Labor’s Pensions; No Small Change: Pension Fund Corporate Engagement; The Next Generation of Responsible Investing; and SRI in the 21st Century: Does it make a Difference to Society.


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John Hoffmire Director, Entrepreneurs in Residence Programme Saïd Business School

John’s background involves a twenty-year career in impact investing, venture capital, consulting and investment banking. His work has had a particular focus on Employee Stock Ownership Plans and their use to make impact investing even more impactful. John left American Capital as Senior Investment Officer when the company reached $1 billion in assets. After leaving American Capital, John was Vice President at Ampersand Ventures, formerly Paine Webber's private equity group. Earlier in his career, after he finished his Ph.D. at Stanford University, he was a consultant at Bain & Company. John created the first known Employee Stock Ownership Plan for a microfinance institution when he helped the employees of K-REP buy part of their bank. He also directs the Impact Bond Fund, a $5,000,000 fund that allows students to learn through doing. He also directs the Center on Business and Poverty at the University of Wisconsin-Madison. He serves on the board of directors of two companies in the media and finance industries. John was awarded the Darwin Nelson Community Impact Award for his efforts to help business work for more people.

Julie Hudson Managing Director, UBS and Business Fellow at the Smith School

Julie Hudson, CFA, is a Managing Director of UBS, where she heads up (having also

founded) the Global SRI & Sustainability team, established by UBS within its Equity Research division in 2004. The team launched major UBS publications on SRI in 2005,

water in 2006, climate change in 2007, corporate governance in 2008, and ESG (environmental social and governance) ’integration’ in 2010. The arguments in support

of Responsible Investing are presented in a monograph entitled The Social Responsibility of the Investment Profession (Research Foundation of CFA Institute,

August 2006).

During her seventeen year career with UBS, Julie has been involved in a number of diversity-related initiatives including All Bar None, UBS’s women’s business network,

as well as representing UBS on the board of the City Women’s Club, a network for senior City women sponsored by UBS. She is also currently a member-nominated

director of the UBS Pension Trustee Company. Julie holds a BA in Modern Languages from Oxford University, a London University (SOAS) MSc. in Financial Economics, and

a City University MSc. in Economic Regulation and Competition. She has also just completed an MA in English Literature with Warwick University.


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Othmar Lehner Professor of Finance and Risk Management Fellow, Saïd Business School, University of Oxford

Prof. Othmar M. Lehner is currently a visiting academic at Saïd Business School,

Oxford. He is also a professor of Finance at the University of Applied Sciences Upper

Austria. His research interests are social and sustainable finance; more specifically the

motivations and the interplay of the different players in the field, and moreover the

impact of public policy and accounting instruments on its formation. In 2011 he was a

guest at Harvard in the research group assisting the Obama administration in creating

the JOBS act with legislation on Equity Crowdfunding. He serves as director at the

ACRN Oxford Research Network, and currently leads a consortium aiming to explore

and to provide advisory services to policy leaders on the dimensions of social finance

and Crowdfunding. He is also the permanent chair of the annual FRAP conference

series of Finance, Risk and Accounting Perspectives, and serves as associate editor of

the Routledge Journal of Sustainable Finance & Investment and of the Journal of

Social Entrepreneurship. His latest project is the editorship of the Taylor and Francis,

Routledge Handbook of Social and Sustainable Finance, forthcoming in 2015.

Samuel Mary Sustainability Research Analyst, Kepler Cheuvreux

Samuel Mary is an ESG & Sustainability Research analyst at Kepler Cheuvreux, a leading equity broker. He is responsible for the sustainability-themed and impact investing research product and also develops methodologies to integrate ESG risks into fundamental equity analysis within specific sectors. Prior to joining Kepler Cheuvreux, he worked as a researcher at UKSIF, the UK Sustainable Investment and Finance association, and as a credit analyst for the microfinance programme of a Peruvian NGO. Samuel holds a Master’s in Management from ESCP Europe, with a specialisation in finance.


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Ashby Monk Executive Director, Stanford University’s Global Projects Center

Dr. Ashby Monk is the Executive Director of Stanford University's Global Projects Center. He is also a Senior Research Associate at the University of Oxford and an Advisor at AIMCo. Dr. Monk has a strong track record of academic and industry publications. He was named by aiCIO magazine as one of the most influential academics in the institutional investing world. His research and writing has been featured in The Economist, New York Times, Wall Street Journal, Financial Times, Institutional Investor, Reuters, Forbes, and on National Public Radio among a variety of other media. His current research focus is on the design and governance of institutional investors, with particular specialization on pension and sovereign wealth funds. He received his Doctorate in Economic Geography at Oxford University and holds a Master's in International Economics from the Universite de Paris I - Pantheon Sorbonne and a Bachelor's in Economics from Princeton University.

Saker Nusseibeh Chief Executive Officer and Head of Investment, Hermes Fund Managers

Saker was appointed Chief Executive of Hermes Fund Managers in May 2012 (having been Acting CEO since November 2011) after joining in June 2009 as a main Board Director and Head of Investment. He is responsible for leading the firm’s growth strategy, whilst ensuring that all Hermes’ investment capabilities continue to deliver excellence; enabling the firm to compete at the highest levels in the third party market and meet the needs of its clients.

Prior to Hermes, Saker joined Fortis Investments USA in 2005 as CIO Global Equities, latterly becoming Global Head of Equities, responsible for managing the company’s 12 equity centres. Before this he was CIO Global Equities and Head of Marketing for SGAM UK where he re-orientated the company offering to include high-alpha UK strategies and a global offering. His role at SGAM UK came after the acquisition of Trust Company of the West (TCW) where Saker was Managing Director, running various global and international strategies as well as TCW’s London office. He started his career at Mercury Asset Management (MAM) in 1987.

Saker is Chairman of the 300 Club; a group of leading investment professionals from across the globe who have joined together to raise awareness about the potential impact of current market thinking and behaviours, and to call for immediate action. Saker is also a member of the CFA Future of Finance Council and a public member of Network Rail.

Saker has a BA and PhD in Medieval History from Kings College, University of London.


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Alex Nicholls Professor of Social Entrepreneurship, Saïd Business School, Fellow in Management, Harris Manchester College, University of Oxford

Professor Alex Nicholls MBA is the first tenured professor in social entrepreneurship appointed at the University of Oxford and was the first staff member of the Skoll Centre for Social Entrepreneurship in 2004. His research interests range across several key areas within social entrepreneurship and social innovation, including: the nexus of relationships between accounting, accountability, and governance; public and social policy contexts; social investment; and Fair Trade.

Nicholls has held lectureships at a wide variety of academic institutions including: University of Toronto, Canada; Leeds Metropolitan University; University of Surrey; Aston Business School and the University of Oxford. He has been a Fellow of the Academy of Marketing Science and a Member of the Institute of Learning and Teaching. Nicholls also sat on the regional social enterprise expert group for the South East of England and is a member of the Advisory Group for the ESRC Social Enterprise Capacity Building Cluster. He is an Honorary Fellow at the Third Sector Research Centre at the University of Birmingham and a Research Fellow at the Centre for Social Impact, University of New South Wales. Prior to returning to academic life, Nicholls held senior management positions at the John Lewis Partnership, the largest mutual retailer in Europe. He also currently acts as a non-Executive Director for a major Fair Trade company.

Nick O’Donohoe Chief Executive Office, Big Society Capital

Nick O’Donohoe is Chief Executive Officer of Big Society Capital. BSC was established in 2012 by the UK Government as the world’s first social investment wholesaler. It is capitalised with £600m from dormant bank accounts and from the four largest UK Banks. Before becoming BSC’s first CEO in 2011, Nick was at JP Morgan, latterly as Global Head of Research. He was a Member of the Management Committee of the Investment Bank and the Executive Committee of JP Morgan Chase, as well as the senior sponsor for JP Morgan’s Social Finance Unit. Nick co-authored “Impact Investments: An Emerging Asset Class”, published by JP Morgan and the Rockefeller Foundation in November 2010. Prior to JP Morgan he worked at Goldman Sachs. He is a board member of the Global Impact Investing Network (GIIN), Chairman of the WEF Social Innovation Council, Chairman of the G8 UK Social Investment Advisory Group and a member of Investment Committee of the Women’s World Banking Microfinance Fund (ISIS). He has an MBA from the Wharton School and a BA in Mathematical Economics and Statistics from Trinity College, Dublin.


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David Robinson Founder, Community Links, and Chair, Early Action Task Force

David has lived and worked in east London all his life. He is a community worker and the co founder of Community Links and of the Children’s Discovery Centre. Community Links, where David is now Senior Adviser, works with more than 16,000 people a year and shares the local experience with policy makers and practitioners nationally through publications, training and consultancy.

David currently leads the Early Action Task Force working across the sectors for a society that prevents problems from occurring rather than, as now, one that deals with the consequences. It has published “The Triple Dividend” and “The Deciding Time” and is working for changes like Ten Year Planning and early action as a statutory duty.

David is a leading figure in social investment in the UK, an architect of the Social Impact Bond, chair of the Social Impact Bond advisory group, a non-executive director of Social Finance and a trustee of the Big Society Bank. David was also an early thinker and practitioner of behavioral insight as a tool for social change. He founded and now chairs We are What we Do, working on projects like the million selling book “Change the world for a Fiver”.

Previously David led the PMs Council on Social Action for Gordon Brown and before that worked with the then Chancellor on the book - "Britain's Everyday Heroes".

Danyal Sattar Social Investment Manager, Esmee Fairbairn Foundation

Danyal Sattar is Social Investment Fund Manager at Esmee Fairbairn Foundation, responsible for the overall strategy relating to social investment. He is currently on secondment to Big Society Capital, advising the investment team. Prior to this, he managed Esmee’s impact investments as Fund Manger. Previously he was Programme Director Environment for the Foundation, where he has worked for the last nine years. Before joining Esmee Fairbairn, he worked for Charity Bank, and in Brussels for INAISE, a network of international social and environmental lenders. His early career was with the think tank New Economics Foundation, followed by the start up phase of the UK Sustainable Investment Forum and Aston Reinvestment Trust, a loan fund for inner city Birmingham. Outside of work, he is involved in a small social enterprise teaching T'ai Chi. He holds a BA, MA and MSc and more recently completed the IMC.


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Paul Simon Special Adviser to Lord Fink and Sainsbury Family Charitable Trusts

Paul manages the family office of Lord Stanley Fink, former CEO of Man Group Plc. He is a Trustee of the Ashden Awards for sustainable energy and a special adviser to the Ashden, JJ and Mark Leonard Sainsbury Family Charitable Trusts on their impact investing strategies and allocations. He is an adviser to ‘Solar Mosaic’, an innovative peer-to-peer lending platform to finance renewable energy projects in North America.

Paul has 13 years experience in investment banking and private equity with a particular focus on emerging markets, forestry and cleantech venture capital investing and is a frequent speaker to the family office community on matters of sustainability, venture philanthropy and impact investing.

Paul has been involved in a number of environmental philanthropic schemes, particularly in Africa. He is also engaged in running a network of schools in socially deprived areas in the UK and on the board of a Children’s Museum initiative in London. Paul is a Swedish national and holds a BA Hon in economics and history from Oxford University and an MSc with distinction in political economy from the London School of Economics.


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List of Participants

Marta Aguiar, Saïd Business School, University of Oxford

Tony Armstrong, Armstrong Clancy

Daniel Baltzer, Smith School of Enterprise and the Environment, University of Oxford

Clara Barby, IMPACT+, Bridges Ventures

Seb Beloe, WHEB

Lisa Brandstetter, University of Applied Sciences Upper Austria

Richard Brass, Berenberg

Ben Caldecott, Smith School of Enterprise and the Environment, University of Oxford

Sandra Carlisle, Newton Investment Management

Audrey Chang, University of Oxford

Christopher Chew, Oxford Uehiro Centre for Practical Ethics

Gordon Clark, Smith School of Enterprise and the Environment, University of Oxford

Peter Clark, Stanford University

Elaine Craig, Smith School of Enterprise and the Environment, University of Oxford

Elliott Donnelley, White Sand Investor Group LP

Tracey Durning, 49 prince street

Rebeca Ehrnrooth, Equilibrium Capital

Najat El Mekkaoui De Freitas, University Paris Dauphine

Jakob Engel, University of Oxford

Andreas Ernst, UBS

Nathalie Fontana, University of Oxford

Lisa Hagerman, DBL Investors


21

Elizabeth Harnett, Smith School of Enterprise and the Environment, University of Oxford

Pamela Hartigan, Saïd Business School, University of Oxford

Tessa Hebb, Carleton Centre for Community Innovation

John Hoffmire, Saïd Business School, University of Oxford

Julie Hudson, UBS

Christopher Hunter, Impact Ventures UK

Hubert Jeaneau, UBS

Molly Johnson-Jones, University of Oxford

Othmar Lehner, Saïd Business School, University of Oxford

Lu Liu, University of Oxford

Amaad Mahmood, Harvard University

Edward Mallinckrodt, Mallinckrodt Foundation

Samuel Mary, Kepler Cheuvreux

Caitlin McElroy, Smith School of Enterprise and the Environment, University of Oxford

Sarah McGill, Smith School of Enterprise and the Environment, University of Oxford

Alex Money, Smith School of Enterprise and the Environment, University of Oxford

Ashby Monk, Stanford University

Trude Myklebust, University of Oslo

Joseph Nam, Saïd Business School, University of Oxford

Jay Newmark, Ask the Circle

Alex Nicholls, University of Oxford

Miwako Nitani, Telfer School of Management, University of Ottawa

Saker Nusseibeh, Hermes Fund Managers


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Nick O’Donohoe, Big Society Capital

Seth Peyla, University of Oxford

Ian Pitfield, UBS Global Asset Management

Adriana Reino, University of Oxford

Allan Riding, Telfer School of Management, University of Ottawa

David Robinson, Community Links

Anita Roithmeier, University of Applied Sciences Upper Austria

James Ryan, University of Oxford

Danyal Sattar, Big Society Capital / Esmee Fairbairn Foundation

Paul Simon, Lord Fink Family Office

Raj Thamotheram, Preventable Surprises

Daniel Vasquez, Vasquez & Co

Michael Viehs, Smith School of Enterprise and the Environment, University of Oxford

Nick Wright, UBS

Omar Zulaica, University of Oxford

programme impact investing conference final · 2014. 6. 4. · programme impact investing...

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