The Swiss bank is tasking its sustainable and impact investment boss a bigger chunk of responsibility for its efforts in the area. The move comes after UBS' new CEO defined it as a pillar of his strategy.
Zurich-based UBS is naming Michael Baldinger as its first sustainability chief, effective from June, it said in a statement on Wednesday. Baldinger, a Swiss ex-CSFB proprietary trader, already holds a very similar role at UBS, but the new set-up appears to grant him a bigger say in the wider bank's organization.
In the new job, he will oversee all projects and activities related to sustainable investing and steer how the strategy is adopted throughout UBS. The appointment comes one week after CEO Ralph Hamers laid out sustainability as a key tenet of his strategy for the $4.31 trillion Swiss wealth manager.
Converted Advocate
The bank had hired Huw van Steenis as its chair of sustainable finance two years ago; the former Bank of England adviser remains a senior adviser to Hamers following the changes, according to a memo seen by finews.com. A well-known City veteran, van Steenis will pitch in on a sustainability institute team which UBS plans to detail in coming weeks.
Baldinger, who converted to an advocate for sustainability and impact investing more than ten years ago, ran specialist firm Robeco SAM before UBS poached him in 2016. He will report to asset management chief Suni Harford, instead of to the units investments chief Barry Gill, as he has until now.
Mirrors Credit Suisse
The move mirrors Credit Suisse's appointment of Lydie Hudson as CEO of sustainability, research, and investment solutions last year. However, Hudson also sits within the Swiss bank's 12-person top management.
UBS also named Phyllis Costanza as the head of its social impact efforts. She is UBS' chief philanthropist and oversees its foundation, Optimus. The Swiss bank will sharpen charitable efforts in the areas of health and education in particular, it said.
