Calvert Investments

Last updated
Calvert Investments
Company type Subsidiary
Parent Eaton Vance
Website calvert.com

Calvert Research and Management, established in 1976, is an investment management company that is headquartered in Washington, DC, and led by John Streur, the firm's President and Chief Executive Officer. [1] [2] Calvert is one of the largest responsible investment companies in the United States. [3]

Contents

History

In 1976, Calvert's co-founders, Wayne Silby and John Guffey, launched the first variable rate fund in the US before introducing the Calvert Social Investment Fund (CSIF) in 1982. [1] [4] The Calvert Social Investment Fund (CSIF) was the first mutual fund to oppose Apartheid, and then one of the first groups to reinvest in free South Africa in 1994. [5]

In 1986, Calvert became one of the first mutual fund groups to sponsor a shareholder resolution. Calvert filed with the Angelica Corporation, identifying potential financial impact of labor management issue. [6]

Calvert Investments founded the Calvert Foundation, a separate 501(c)(3) nonprofit, in 1988. The goal of the foundation is to invest directly in underserved communities. [7] [8]

In 1992, Calvert launched World Values Fund, the first International SRI mutual fund. [1] Calvert also started a Special Equities Program for high impact social ventures. At the time, this program was one of the first of its kind in the responsible investing field.[ citation needed ]

In 1998, Calvert pursued an advisory opinion from the U.S. Department of Labor in support of the inclusion of sustainable and responsible investment options in defined contribution plans. In a letter to Calvert, [9] the Department of Labor stated that it believes sustainable and responsible investment options are not inconsistent with fiduciary standards.

In 2000, Calvert introduced The Calvert Social Index (renamed Calvert US Large Cap Core Responsible Index in June 2015), [10] which is an unmanaged index that measures the performance of large, U.S.-based sustainable and responsible companies. [11]

Calvert began expanding the number of investment strategies offered that addressed global sustainability challenges through favorable investment opportunities. In 2007, Calvert created the Global Alternative Energy Fund, an actively managed SRI fund. The Global Water Fund followed in 2008, and in 2011, Calvert launched the Emerging Markets Equity Fund. [12]

Calvert expanded its fixed-income mutual funds in 2013 with the launch of Calvert Green Bond Fund. [13]

John Streur was selected as Calvert's next CEO in 2014. [14] [15]

In 2015, Calvert launched the Principles for Responsible Investment, which the firm uses to guide investment decisions, balancing a commitment to the needs of financial and non-financial stakeholders. [16] Calvert's passive indices include companies on the basis of these principles and the results of a comprehensive research system, while Calvert's active investment strategies give priority to the principles as they seek superior risk adjusted financial returns relative to market benchmarks. In conjunction with the Principles for Responsible Investment, Calvert's research system developed an innovative, new method by coupling increasingly available ESG data and classic financial analysis. The Calvert Research System allows the firm to quantitatively rate and rank companies both inside their respective industry and across the entire investment universe in absolute terms. [17] [15]

Calvert Investment Management (CIM) was purchased by Eaton Vance in 2017 and was replaced with Calvert Research and Management (CRM). [18] [2]

In 2021, Morgan Stanley announced it was purchasing Eaton Vance for $7 billion. [19] The deal was completed on March 1, 2021. [20] [21]

The Calvert Foundation

The Calvert Foundation was founded in 1988 and is a Community Development Financial Institution (CDFI). Though the Calvert Foundation has a close relationship with Calvert Investments, the Foundation is a legally separate organization with its own operations and mission. Today, the Calvert Foundation works in approximately 80 countries in varied sectors such as affordable housing development, microfinance, women's empowerment, fair trade and sustainable agriculture. [22]

Related Research Articles

Passive management is an investing strategy that tracks a market-weighted index or portfolio. Passive management is most common on the equity market, where index funds track a stock market index, but it is becoming more common in other investment types, including bonds, commodities and hedge funds.

<span class="mw-page-title-main">Fidelity Investments</span> American multinational financial services corporation

Fidelity Investments, formerly known as Fidelity Management & Research (FMR), is an American multinational financial services corporation based in Boston, Massachusetts. Established in 1946, the company is one of the largest asset managers in the world, with $4.9 trillion in assets under management, and, as of December 2023, $12.6 trillion in assets under administration. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.

An exchange-traded fund (ETF) is a type of investment fund that is also an exchange-traded product, i.e., it is traded on stock exchanges. ETFs own financial assets such as stocks, bonds, currencies, debts, futures contracts, and/or commodities such as gold bars. The list of assets that each ETF owns, as well as their weightings, is posted on the website of the issuer daily, or quarterly in the case of active non-transparent ETFs. Many ETFs provide some level of diversification compared to owning an individual stock.

The Vanguard Group, Inc., is an American registered investment advisor based in Malvern, Pennsylvania, with about $7.7 trillion in global assets under management, as of April 2023. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock's iShares. In addition to mutual funds and ETFs, Vanguard offers brokerage services, educational account services, financial planning, asset management, and trust services. Several mutual funds managed by Vanguard are ranked at the top of the list of US mutual funds by assets under management. Along with BlackRock and State Street, Vanguard is considered to be one of the Big Three index fund managers that play a dominant role in corporate America.

A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. It is closely related with ecological economics, but has a more politically applied focus. The 2011 UNEP Green Economy Report argues "that to be green, an economy must not only be efficient, but also fair. Fairness implies recognizing global and country level equity dimensions, particularly in assuring a Just Transition to an economy that is low-carbon, resource efficient, and socially inclusive."

<span class="mw-page-title-main">Generation Investment Management</span>

Generation Investment Management LLP (Generation IM) is a financial services and investment management firm founded in 2004. It was co-founded by former US Vice President Al Gore and Goldman Sachs' Asset Management head David Blood, with a stated emphasis on sustainable investment options for their mutual funds and other investments.

<span class="mw-page-title-main">BlackRock</span> American investment company

BlackRock, Inc. is an American multinational investment company. It is the world's largest asset manager, with $10 trillion in assets under management as of December 31, 2023. Headquartered in New York City, BlackRock has 78 offices in 38 countries, and clients in 100 countries. BlackRock is the manager of the iShares group of exchange-traded funds, and along with The Vanguard Group and State Street, it is considered to be one of the Big Three index fund managers. Its Aladdin software keeps track of investment portfolios for many major financial institutions and its BlackRock Solutions division provides financial risk management services. As of 2023, BlackRock was ranked 229th on the Fortune 500 list of the largest United States corporations by revenue.

Pax World Funds are advised by Impax Asset Management LLC, formerly Pax World Management LLC, a sustainable investment firm. It sells mutual funds, as well as separately managed accounts.

State Street Global Advisors (SSGA) is the investment management division of State Street Corporation and the world's fourth largest asset manager, with nearly $4.14 trillion (USD) in assets under management as of 31 December 2021.

<span class="mw-page-title-main">Ceres (organization)</span> U.S. nonprofit organization

Ceres is a non-profit sustainability advocacy organization based in Boston, Massachusetts, and founded in 1989. As of May 2017, its president is Mindy Lubber.

Eaton Vance Corp. is an American investment management firm based in Boston, Massachusetts. It is one of the oldest investment companies in the United States, with a history dating back to 1924. Through five primary investment affiliates, Eaton Vance provides investment products to individuals, institutions and financial professionals in the US, including wealth management, defined contribution investment only and sub-advisory services. In 2005 it opened an office in London. In March 2021, Morgan Stanley completed its acquisition of Eaton Vance, a deal announced in October 2020. With the addition of Eaton Vance, Morgan Stanley now had $5.4 trillion of client assets across its Wealth Management and Investment Management segments.

<span class="mw-page-title-main">Socially responsible investing</span> Any investment strategy combining both financial performance and social/ethical impact.

Socially responsible investing (SRI) is any investment strategy which seeks to consider both financial return and social/environmental good. The areas of concern recognized by the SRI practitioners are sometimes summarized under the heading of environmental, social and governance (ESG) issues: environment, social, and corporate governance. Impact investing is subset of SRI that is generally more proactive and focused on the conscious creation of social impact through investment. Eco-investing is SRI with a focus on environmentalism.

<span class="mw-page-title-main">PGIM</span> American Investment Management firm

PGIM, Inc. (PGIM), formerly known as Prudential Investment Management, functions as the asset management arm of Prudential Financial, an American life insurance company.

Impact investing refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return". At its core, impact investing is about an alignment of an investor's beliefs and values with the allocation of capital to address social and/or environmental issues.

Environmental, social, and governance (ESG), is a set of aspects, including environmental issues, social issues and corporate governance that can be considered in investing. Investing with ESG considerations is sometimes referred to as responsible investing or, in more proactive cases, impact investing.

Eco-investing or green investing is a form of socially responsible investing where investments are made in companies that support or provide environmentally friendly products and practices. These companies encourage new technologies that support the transition from carbon dependence to more sustainable alternatives. Green finance is "any structured financial activity that has been created to ensure a better environmental outcome."

SBI Mutual Fund is an Indian asset management company introduced by the State Bank of India (SBI) and incorporated in 1987 with its corporate head office located in Mumbai, India. SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company. A shareholder agreement in this regard has been entered on April 13, 2011, between SBI & AMUNDI Asset Management. Accordingly, SBI currently holds 63% stake in SBIFMPL and the 37% stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding. SBI & AMUNDI Asset Management shall jointly develop the company as an asset management company of international repute by adopting global best practices and maintaining international standards.

Sustainalytics is a company that rates the sustainability of listed companies based on their environmental, social and corporate governance (ESG) performance. The company was born of a merger between Toronto-based Jantzi Research, which was founded in 1992 by Sustainalytics' current CEO Michael Jantzi, and its European counterpart. Following its acquisition of GES International on January 9, 2019, Sustainalytics had more than 600 employees with offices in 17 cities around the world and over 700 institutional investor clients. On April 21, 2020, Morningstar, Inc. acquired the remaining ~60% of Sustainalytics' shares to become the sole owner.

Wayne Silby is an American social investor and entrepreneur. He is the co-founder of Calvert Investments, one of the first and largest socially responsible mutual funds in the nation, and has been acting as the Founding Chairman until his recent retirement.

Acadian Asset Management LLC is an American investment management firm headquartered in Boston with additional offices in London, Singapore and Sydney. The firm is noted for its usage of Quantitative analysis and strategies when making investment decisions.

References

  1. 1 2 3 "CALVERT INVESTMENTS: ENVIRONMENTAL, SOCIAL, AND GOVERNANCE SUSTAINABILITY". www.coursehero.com. Retrieved 2024-03-22.
  2. 1 2 "Eaton Vance to buy Calvert Investment Management". Private Banker International. 2016-10-24. Retrieved 2024-03-22.
  3. ↑ Palmer, Kimberly (August 11, 2009). "Should You Invest in Socially Responsible Funds? - US News and World Report". Usnews.com. Retrieved November 11, 2012.
  4. ↑ "Calvert Investments, Inc". The Mutual Fund Wire. InvestmentWires, Inc. Retrieved 12 August 2015.
  5. ↑ Freeman, Bennett. "The Legacy Of Nelson Mandela And Responsible Investment". Financial Advisor. Charter Financial Publishing Network Inc. Retrieved 12 August 2015.
  6. ↑ Feigenbaum, Clif. "GreenMoney Interviews: Barbara J. Krumsiek, President & CEO, Calvert Investments". Greenmoney Journal. GreenMoneyJournal. Archived from the original on 2015-08-28. Retrieved 12 August 2015.
  7. ↑ "About Us". Calvert Impact Capital. Retrieved 2024-04-24.
  8. ↑ "Calvert Impact Capital (Calvert Foundation) | Devex". www.devex.com. Retrieved 2024-04-24.
  9. ↑ "PWBA Office of Regulations and Interpretations" (PDF). calvert.com. Archived from the original (PDF) on April 25, 2012. Retrieved November 11, 2012.
  10. ↑ "CALVERT U.S. LARGE CAP CORE RESPONSIBLE INDEX FUND Presented to: WISCONSIN DEFERRED COMPENSATION INVESTMENT COMMITTEE". etf.wi.gov. September 1, 2015. Retrieved 2024-04-23.
  11. ↑ "Calvert Social Index Fund: No-Action Letter dated September 4, 2001". www.sec.gov. Retrieved 2024-04-23.
  12. ↑ Makower, Joel. "Exit Interview: Bennett Freemna, Calvert Investments". GreenBiz. GreenBiz Group Inc. Retrieved 12 August 2015.
  13. ↑ "Calvert Investments Launches Green Bond Fund Meeting Investor Demand for Exposure to This Growing Space". Business Wire. 31 October 2013. Retrieved 12 August 2015.
  14. ↑ Holan, Mark. "Calvert Investments taps next CEO". Washington Business Journal. Retrieved 12 August 2015.
  15. 1 2 "With Calvert Acquisition, Eaton Vance Gets into ESG". Institutional Investor. 2016-10-21. Retrieved 2024-04-19.
  16. ↑ "Calvert Principles for Responsible Investment" (PDF). Calvert Investments. Archived from the original (PDF) on 25 July 2015. Retrieved 12 August 2015.
  17. ↑ "Calvert Responsible Index Series". Calvert Investments. Archived from the original on 13 August 2015. Retrieved 12 August 2015.
  18. ↑ "Eaton Vance Closes Assets Acquisition of Calvert Investment" . Retrieved 24 February 2017.
  19. ↑ Hoffman, Liz (2020-10-08). "Morgan Stanley to Buy Eaton Vance for $7 Billion". Wall Street Journal. ISSN   0099-9660 . Retrieved 2020-10-08.
  20. ↑ "Morgan Stanley Closes Acquisition of Eaton Vance".
  21. ↑ "Calvert seen as crown jewel in Eaton Vance acquisition" . Retrieved 2024-04-23.
  22. ↑ "History". Calvert Foundation. Retrieved 12 August 2015.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.