Investment Banks focus on ESG investment
The former candidate for labor leader joins US investment bank JP Morgan and leads the European environmental, social and governance (ESG) mission.
Umunna, a former employment lawyer and Streamham MP, will take up the newly created position, as reported by the Financial Times.
Vis Raghavan, CEO of JP Morgan’s EMEA (Europe, Middle East, Africa), addressed US Bank employees via memo regarding their decision to hire Umunna.
“He has over 20 years of private and public sector experience in managing ESG issues at the advanced level and has recently been named one of the UK’s top five ESG influencers.
Raghavan wrote in a note to the staff of JP Morgan and looks forward to welcoming Chuka to the company and supporting his efforts as he strengthens his commitment.
Umunna is from Edelman, a global communications company that former MPs have co-directed the ESG consulting team.
This appointment comes as JP Morgan and its competitors step up their efforts in ESG investment.
After facing increasing pressure from shareholders and environmental activists, JP Morgan has called on its clients to adhere to its emissions targets and do the same.
ESG ETF grew exponentially in 2020, up 223% with nearly 200 new lists.
Anaelle Ubaldino, head of Trackinsight’s ETF Research and Investment Advisory, believes this is just the beginning.
“It is clear that 2020 was a much-anticipated turning point for ESG ETFs that have grown significantly in this sector. More over 2021 as a race to heat potentially trillions of dollars of new ESG assets We hope that the publisher of the company will enter the ESG ETF market.
At one point, Umunna, turned over as the future leader of the Labour Party, was a MP for nearly a decade. He never made it a cabinet, but Umunna served as a place for various shadow cabinets.
In September 2019, Umunna passed away from a worker to the Liberal Democrats and left her seat in the House. He competed for London and Westmaster seats in the general election, but lost to a conservative candidate with less than 4,000 votes.
