New ESG product review process

Standard Chartered Private Bank announced Tuesday that it is launching ESG Select, a new review process on all wealth solutions that seek to be positioned as a sustainable or environmental, social and corporate governance (ESG) product on the Standard Chartered platform.

Standard Chartered explained that the new process will enable ESG products to be properly evaluated for retail banking clients, as sustainable investing becomes increasingly mainstream, and ESG-themes products proliferate. ESG Select will aid clients in managing the negative impact of ESG risks and spot opportunities to drive positive impact.

Growing interest in ESG from high net worth clients

Eugenia Koh, Head of Sustainable Investing and Strategic Engagement at Standard Chartered Private Bank said:

“We have seen increased interest from many of our high-net-worth clients to include a sustainable element in their investment portfolio. Our open architecture approach, which is product agnostic, coupled with our Impact Philosophy allow our bankers to recommend ESG products that address clients’ impact needs. Launching ESG Select will help us address green washing concerns and we are confident that our clients will benefit from a more rigorous and systematic investment decision journey.”

Standard Chartered Private Bank provides private banking services to clients across Asia, Africa, the Middle East and Europe. The company began incorporating ESG scores in its wealth management investment advisory trade noted last year. The company is adding ESG Select to add “to the rigour of our sustainable investing proposition, allowing our clients to factor ESG considerations into their investment decisions.”

As reported at ESG Today, several asset management firms have launched ESG-themed products in the past several days, including Canada’s BMO, India’s Axis, and Hong Kong-based Mirae.