Environmental, Social and Governance (ESG)

Kimberly Redmond | |

Authorities in the US and Germany are investigating Deutsche Bank’s asset management arm DWS Group following allegations that the firm exaggerated the use of sustainable criteria to manage its assets.

The probe was launched after DWS Group’s former head sustainability officer, Desiree Fixler, told The Wall Street Journal earlier this month that the $1 trillion Frankfurt-based asset manager overstated its environmental, social and governance (ESG) investing efforts.

Reuters | |

Blackstone Group Inc said on Tuesday it will buy Sphera, a environmental, social and governance (ESG) software, data and consulting services provider, from private equity firm Genstar Capital in a $1.4 billion deal.

Chicago, Illinois-based Sphera has more than 3,000 customers and is present in over 100 countries. Its offerings allow organizations to measure and manage their performance and risk exposure pertaining to their ESG activities.

Kimberly Redmond | |

Several leading financial institutions, including UBS Group, DBS Bank, ABN AMRO Bank and Danske Bank, are hoping to accelerate the transition toward a sustainable economy by developing new impact-reporting standards that account for social and environmental factors.

As part of the Banking for Impact initiative announced Wednesday, the banks will team up with Harvard Business School and the Impact Institute to create a standardized method by the end of 2022 that tracks the impact of lending that isn't captured by traditional financial reporting.

Kimberly Redmond | |

JPMorgan Chase & Co has agreed to purchase San Francisco-based OpenInvest, a financial technology company that helps professionals customize and report on values-based investments.

Under the terms of the deal, OpenInvest will retain its own brand and be integrated into JPMorgan Chase’s private bank and wealth management client offerings, the companies said in a press release.

Reuters | |

Accounting firm PwC said on Tuesday it would invest $12 billion over five years to create 100,000 new jobs aimed at helping its clients grapple with climate and diversity reporting and also in artificial intelligence, as part of its new global strategy.

The new hires will come from mergers and acquisitions PwC completes and direct hires from competitors, Global Chairman Bob Moritz said in an interview. Of the 100,000 people PwC will hire, about 25,000 to 30,000 will be in the United States, and 10,000 of those will be from Black and LatinX communities, Moritz said.