Tariq Fancy

Last updated
Tariq Fancy
Born1978
Education
Known for The Rumie Initiative

Tariq Fancy is a Canadian entrepreneur. A former investment banker and private equity professional, he is best known for founding The Rumie Initiative, a non-profit organization that aims to educate children in underserved communities using affordable technology. Tariq was the Chief Investment Officer for Sustainable Investing at BlackRock leaving in late 2019 due to both family obligations and his disillusionment about the real-world social impact of sustainable investing.[ citation needed ]

Fancy is a speaker on applying social innovation to education and development, including appearances on CNBC [1] and at the United Nations. [2] His financial commentary has appeared regularly in the Financial Post, [3] [4] and his economic research on innovation policy with the C.D. Howe Institute was cited in the Canadian Federal Budget to support policy changes. [5] [6]

Fancy's work on the Rumie Initiative [7] has received widespread coverage in the mainstream media, including CNBC, [1] The Toronto Star, [8] CBC, [9] Quartz, [10] and Forbes. Both INSEAD [11] and the Harvard Business School [12] have published case studies or profiles on Fancy's work with the Rumie Initiative. In 2017, he was selected to Canada's 40 Under 40. [13] [14]

In Recent News

Tariq Fancy, former BlackRock CIO of sustainable investing, wrote an op-ed stating that "the financial services industry is duping the American public with pro-environment, sustainable investing practices." Stating there is no evidence ESG investing has any social impact via a CNBC Exclusive [15] In the USA Today article 'Financial world greenwashing the public with deadly distraction in sustainable investing practices' he claims "Wall Street is greenwashing the financial world, making sustainable investing merely PR, which is a distraction from the problem of climate change." [16] He subsequently wrote a longer, three-piece article, published by Medium, elaborating and substantiating further the points he sketched in his op-ed and providing details of the interactions he had while he worked at Blackrock with different parties in the sustainable investment world. [17]

Related Research Articles

<span class="mw-page-title-main">INSEAD</span> International business school

INSEAD, a contraction of "Institut Européen d'Administration des Affaires" is a non-profit graduate-only business school that maintains campuses in Europe, Asia (Singapore), the Middle East, and North America. INSEAD offers a full-time Master of Business Administration, an Executive MBA (EMBA), a Master of Finance, a PhD in management, a Master in Management, Business Foundations Post-Graduate degrees, and executive education programmes.

<span class="mw-page-title-main">Accion International</span> International nonprofit organization

Accion is an international nonprofit. Founded as a community development initiative serving the poor in Venezuela, Accion is known as a pioneer in the fields of microfinance and fintech impact investing.

<span class="mw-page-title-main">Sun Life Financial</span> Canadian insurance company

Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company.

The CFA Institute is a global, not-for-profit professional organization that provides investment professionals with finance education. The institute aims to promote standards in ethics, education, and professional excellence in the global investment services industry. Since 1945, the institute has published the peer-reviewed, quarterly journal, the Financial Analysts Journal. It also publishes the Enterprising Investor blog.

<span class="mw-page-title-main">BlackRock</span> American multinational investment management corporation

BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with USD 9.74 trillion in assets under management as of December 31, 2022. BlackRock operates globally with 70 offices in 30 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. BlackRock is ranked 184th on the Fortune 500 list of the largest United States corporations by revenue.

Sustainability reporting refers to the disclosure, whether voluntary, solicited, or required, of non-financial performance information to outsiders of the organization. Generally speaking, sustainability reporting deals with information concerning environmental, social, economic and governance issues in the broadest sense. These are the criteria gathered under the acronym ESG.

Corporate Knights is a media and research company based in Toronto, Canada, focused on advancing a sustainable economy. The company publishes a magazine,  Corporate Knights, and produces global rankings, research reports, and financial product ratings based on corporate and environmental sustainability performance, including the "Global 100 Most Sustainable Corporations in the World" and the "Best 50 Corporate Citizens in Canada".  

<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), social investment, sustainable socially conscious, "green" or ethical investing, is any investment strategy which seeks to consider both financial return and social/environmental good to bring about social change regarded as positive by proponents. Socially responsible investments often constitute a small percentage of total funds invested by corporations and are riddled with obstacles.

Principles for Responsible Investment is a United Nations-supported international network of financial institutions working together to implement its six aspirational principles, often referenced as "the Principles". Its goal is to understand the implications of sustainability for investors and support signatories to facilitate incorporating these issues into their investment decision-making and ownership practices. In implementing these principles, signatories contribute to the development of a more sustainable global financial system.

The Office of Social Innovation and Civic Participation was an office new to the Obama Administration, created within the White House, to catalyze new and innovative ways of encouraging government to do business differently. Its first director was the economist Sonal Shah. The final director was David Wilkinson.

A Green bond is a fixed-income financial instruments (bond) which is used to fund projects that have positive environmental and/or climate benefits. They follow the Green Bond Principles stated by the International Capital Market Association (ICMA), and the proceeds from the issuance of which are to be used for the pre-specified types of projects.

Environmental, social, and corporate governance (ESG), also known as environmental, social, governance, is a framework designed to be embedded into an organization's strategy that considers the needs and ways in which to generate value for all organizational stakeholders.

<span class="mw-page-title-main">United Nations Environment Programme Finance Initiative</span>

The United Nations Environment Programme Finance Initiative is a partnership between the United Nations Environment Program (UNEP) and the global financial sector to catalyse action across the financial system to align economies with sustainable development. As the UN partner for the finance sector, they convene financial institutions on a voluntary basis to work together with them, and each other, to find practical solutions to overcome the many sustainability challenges facing the world today. UNEP FI does this by providing practical guidance and tools which support institutions in the finance sector to find ways to reshape their businesses and commit to targets for limiting greenhouse gas emissions, protecting nature, promoting a circular economy and supporting financial inclusion to address inequality. The solutions developed effectively form a blueprint for others in the finance sector to tackle similar challenges and evolve their businesses along a sustainable pathway. The creation and adoption of such a blueprint also informs policy makers concerned with sustainability issues about what would constitute appropriate regulation for the finance sector at large. Founded in 1992, UNEP FI was the first organisation to pioneer engagement with the finance sector around sustainability. The Finance Initiative was responsible for incubating the Principles for Responsible Investment and for the development and implementation of UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance as well as the UN-convened net-zero alliances. Today, UNEP FI provides sustainability leadership to more than 400 financial institutions, with assets of well over $80 trillion headquartered around the world.

ESG Quant is an investment strategy, developed by Arabesque Partners, which involves quantitative equity investing while utilizing ESG information, often referred to as "non-financial" information. ESG Quant strategies are implemented within systematic trading or quantitative trading approaches that leverage a large and growing collection of commercial ESG, alternative and non-profit or academic datasets. As such, there is no human judgment or discretionary buy-sell decision making; rather, “in a pure quant model the final decision to buy or sell is made by the model” or through the “utilization of an expert system that replicates previously captured actions of real traders.”

Wealthsimple Inc. is a Canadian online investment management service. The firm was founded in September 2014 by Michael Katchen, Brett Huneycutt and Rudy Adler and is based in Toronto. As of November 2021, the firm holds over C$15 billion in assets under management. It is primarily owned by Power Corporation indirectly at 42.5% through investments made through their holdings in Power Financial, IGM Financial and Portag3.

The Rumie Initiative (Rumie) is a non-profit based in Toronto, Ontario, Canada. The organization develops and delivers low-cost technology that enables the distribution of digital learning resources to communities with limited Internet access.

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.

Sustainable finance is the set of financial regulations, standards, norms and products that pursue an environmental objective. It allows the financial system to connect with the economy and its populations by financing its agents while maintaining a growth objective. The long-standing concept was promoted with the adoption of the Paris Climate Agreement, which stipulates that parties must make "finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development." In addition, sustainable finance had already a key role to play in the European Green Deal and in other EU International agreements, but since the COVID-19 pandemic its role is even more important.

<span class="mw-page-title-main">Environmental policy of the Joe Biden administration</span> The US federal executives anti-pollution measures

The environmental policy of the Joe Biden administration includes a series of laws, regulations, and programs introduced by United States President Joe Biden since he took office in January 2021. Many of the actions taken by the Biden administration reversed the policies of his predecessor, Donald Trump.

<span class="mw-page-title-main">DWS Group</span> German investment management firm

The DWS Group commonly referred to as DWS, is a German asset management company. It previously operated as part of Deutsche Bank until 2018 where it became a separate entity through an initial public offering on the Frankfurt Stock Exchange. It is currently headquartered in Frankfurt, Germany and is a constituent member of the SDAX index.

References

  1. 1 2 "This start-up aims to bring education to the world's poor". CNBC. Retrieved 2017-07-27.
  2. "NEXUS Global Summit Agenda" (PDF).
  3. "Greece's 'internal devaluation'". Financial Post. 2015-07-16. Retrieved 2017-08-08.
  4. "Greece's best option: Quit the euro". Financial Post. 2011-09-08. Retrieved 2017-08-08.
  5. "Can Venture Capital Foster Innovation in Canada? Yes, but Certain Types of Venture Capital Are Better than Others". C.D. Howe Institute. Retrieved 2017-08-09.
  6. Finance, Government of Canada, Department of (21 March 2013). "Budget 2013 - Budget Plan: Chapter 3.4 - Investing in World-Class Research and Innovation". www.budget.gc.ca. Retrieved 2017-08-09.
  7. "Rumie Initiative". Rumie Initiative. Retrieved 2021-03-17.
  8. "Bringing education to the world's poor children | Toronto Star". thestar.com. 28 December 2014. Retrieved 2017-08-08.
  9. "CBC Metro Morning". www.cbc.ca. Retrieved 2017-08-08.
  10. "Help Syria's refugee children by assigning them homework". Quartz. Retrieved 2017-08-08.
  11. "INSEAD Entrepreneurship Profile" (PDF). 14 August 2015.
  12. Kim, John J.-H.; Migdal, Amram (2016-01-19). "Rumie: Bringing Digital Education to the Underserved".{{cite journal}}: Cite journal requires |journal= (help)
  13. "Canada's 2017 Top 40 Under 40 - Article - BNN". BNN. 2017-06-28. Retrieved 2017-08-08.
  14. "Canada's Top 40 Under 40® 2017 Honourees Announced". www.newswire.ca. Retrieved 2017-08-08.
  15. "Fmr. BlackRock executive: ESG investing doesn't have any social impact". CNBC. 2021-03-16. Retrieved 2021-03-17.
  16. Fancy, Tariq. "Financial world greenwashing the public with deadly distraction in sustainable investing practices". USA TODAY. Retrieved 2021-03-17.
  17. Fancy, Tariq. "The Secret Diary of a 'Sustainable Investor'". Medium.com. Retrieved 2021-08-28.