|
The Corporate Social Responsibility Newswire
Service |
|
|
11/19/2004
Press
release from: Generation Investment Management
Generation
Announces Plans For New Investment Management Firm
A new
investment management firm dedicated to the principles
of long-term investing, integrated sustainability
research, and client alignment
Founding Partners include David Blood, ex-CEO of Goldman
Sachs Asset Management, and Al Gore, former Vice
President of the United States
(CSRwire)
London - Generation Investment Management ("Generation") announced it
intends to launch as an independent, employee owned
investment management firm focusing initially on long
only global equities. Generation will integrate rigorous
traditional fundamental equity analysis with
sustainability research to create a new approach to
long-term investing.
David Blood, ex Chief Executive of Goldman Sachs Asset
Management, is a co-founder and the Managing Partner of
Generation. He said today: "Investors are clearly
looking for a money management firm dedicated to
long-term investing and whose interests are aligned with
clients. Generation was founded with these principles in
mind."
Long term investing implies identifying companies with
an enduring capability to create value and sustain
competitive advantage. To identify these companies,
Generation's integrated sustainability research will
take into account a broader range of issues than
traditional equity analysis can capture. Generation
believes social, environmental and geopolitical issues
can materially impact a company's ability to sustain
returns. Generation will invest in companies that will
enhance shareholder value by managing the risks and
seizing the opportunities that these long-term economic,
environmental, social and geopolitical challenges offer.
Generation brings together a proven team of equity
analysts with leaders from the sustainability research
field. Blood added: "Combining fundamental equity
analysis and sustainability research at the beginning,
middle and end of the investment process is just a more
sensible way to invest and deliver superior returns to
our clients. Sustainability combines the principles of
economic growth, environmental stewardship and social
accountability. Companies that embrace these principles
by managing risks and investing in the future offer
genuine long-term rewards for their shareholders."
Al Gore, formerly Vice President of the United States
and author of the critically acclaimed book, "Earth in
the Balance" is Chairman of Generation. He commented:
"I'm delighted to join David Blood in founding this
firm. The issue of sustainability has always been a
passion of mine. Helping to establish the competitive
business advantages of sustainability in an investment
context with this exceptional team is a very exciting
challenge.
Transparency, innovation, eco-efficiency, investing in
the community, nurturing and motivating employees,
managing long term risks, and embracing long-term
opportunities are integral parts of a company's enduring
capability to create value. Business leaders who align
their business strategy and technical development with
sustainability and social accountability will deliver
superior long-term results to shareholders."
Generation will launch with four other founding
Partners:
- Mark Ferguson, previously co-Head of
Pan-European Research at Goldman Sachs Asset
Management and a Global Equities Portfolio Manager,
is Chief Investment Officer.
- Peter Harris, previously head of International
Operations for Goldman Sachs Asset Management, is
Chief Operating Officer.
- Peter S. Knight, formerly Managing Director Met
West Financial, lawyer, Chief of Staff for Senator
Al Gore (D-TN) from 1977-1989, and Campaign Manager
for President Clinton's successful re-election in
1996, is President of Generation U.S.
- Colin le Duc, previously Director of Research
for SAM Sustainable Asset Management (Zurich) and an
international strategy consultant for Arthur D.
Little in London, is Head of Research.
Mark Ferguson, Chief Investment Officer of Generation,
added:
"Our team is a blend of traditional investment
management and sustainability experts. The composition
of our investment team provides us with a unique ability
to integrate fundamental equity analysis with an
understanding of how companies embrace the principles of
sustainability. This will allow us to deliver superior
financial returns to clients over the long term."
Colin le Duc, Head of Research for Generation, said:
"I am delighted that former Vice President Gore will
serve as our Chairman. As a broad thinker with the
ability to analyze long-term sustainability themes and
how they will impact business competition, he brings a
unique perspective to the firm.
"In every sector, there are long-term challenges which
present risks and opportunities for a company's enduring
capability to create value. We believe that research
into the implications of these business risks and
opportunities is, by and large, unsophisticated. There
is therefore a significant opportunity for Generation to
deliver long term research that enables the team to
select the stocks that will create long term value for
our clients."
Generation is based in London, with its U.S. offices in
Washington, DC. The firm will manage the assets of
institutional investors such as pension funds,
foundations and endowments, as well as those of select
high net worth individuals. Generation expects to make
extensive use of long-term performance based fees.
Generation will begin its investment management business
in early 2005.
Notes To Editors - About Generation's Founding
Partners
Hon. Al Gore, Chairman
Mr. Gore served as the Vice President of the United
States of America from 1993 to 2001. Mr. Gore spent 24
years as an elected official, serving 8 years in the US
House of Representatives and 8 years in the US Senate
before his election as Vice President. Since leaving
government, Mr. Gore has been involved in teaching at
the university and post-graduate level and in private
business in the fields of financial services and
technology. He is on the Board of Apple Computer and has
served for four years as Senior Advisor to Google. He is
also Chairman of INdTV.
Mr. Gore is the author of the critically acclaimed book,
"Earth in the Balance" and took the lead on
environmental issues for the Clinton-Gore White House,
including breaking the deadlock to secure international
agreement on the Kyoto Treaty. For 8 years, he also
chaired the President's Council for Business and
Sustainable Development and co-chaired, with the Premier
of China, the US-China Bi-National Commission on
Sustainable Development. He is a graduate of Harvard
University.
David Blood, Managing Partner
Prior to co-founding Generation, David served as the
co-CEO and CEO of Goldman Sachs Asset Management from
1999 to 2003. His responsibilities included all aspects
of the global business including portfolio management,
sales and client service, risk management and
infrastructure (approximately 1600 people and $325
billion in assets under management). From 1985 to 1999,
David served in various positions at Goldman Sachs
Group, Inc. including Head of European Asset Management,
Head of International Operations, Technology and
Finance, Treasurer of the Goldman Sachs Group, L.P. and
Head of Global Private Capital Markets. He was also a
member of the Partnership Committee and the European
Management Committee. David was the first recipient of
the John L. Weinberg Award in 1990, an award given to a
professional in the investment banking division who best
typifies Goldman Sachs' core values.
David received a B.A from Hamilton College in Clinton,
N.Y. and an MBA from the Harvard Graduate School of
Business. He is a member of the Board of Trustees of
Hamilton College, New Philanthropy Capital, and SHINE.
In addition, David serves on the Board of Directors of
Greystone Capital Management and is a member of
investment or advisory committees for four family
offices or endowments with approximately $3.0 billion of
assets under management.
Mark Ferguson, Chief Investment Officer
Mark has worked in the asset management business for
over ten years. He worked at Schroder Investment
Management from October 1993 until February 1999. While
at Schroder Investment Management he was rated as Number
One European Fund Manager in the 1999 Reuters Survey. In
February 1999, Mark joined Goldman Sachs Asset
Management. He has held various positions at Goldman
Sachs Asset Management including co-Head of Financials
Research Team, Member of Pan European Stock Selection
Group, co-Head of Pan European Research and Global
Equity Portfolio Manager.
Mark holds a BSc (Hons) in Urban Land Economy from
Sheffield Hallam University and an MBA in International
Finance from the European University in Paris. Mark
speaks fluent French.
Peter Harris, Chief Operating Officer
Peter has over 25 years operations and administration
experience in the asset management industry. He worked
for CIN Management Limited (CINMan) for 19 years where
he established the Marketable Securities Division
Operations Department, providing control and support to
the investment management process for the British Coal
Pension Schemes. In 1996 CINMan was acquired by Goldman
Sachs. Peter joined the Asset Management Division of
Goldman Sachs (GSAM) where he was responsible for global
projects that designed and implemented GSAM’s global
operations infrastructure and systems. In 2000 he
transferred to New York to manage GSAM’s North American
operations, with responsibility for over 100 staff. He
moved back to London in 2003 where he managed GSAM's
international operations, including responsibility for
the London, Frankfurt and Tokyo operations teams. Peter
is a qualified accountant.
Peter S. Knight, President, Generation US
Peter was a Managing Director of MetWest Financial, a
Los Angeles-based financial services company from 2001
to 2003. Peter started his career with the Antitrust
Division of the Department of Justice. From 1977 to
1989, Peter served as Chief of Staff to Mr. Gore when
Mr. Gore was a member of the U.S. House of
Representatives and later the U.S. Senate. Peter served
as the General Counsel of Medicis Pharmaceutical from
1989 to 1991, and then established his law practice
representing numerous Fortune 500 companies as named
partner in a Washington D.C. law firm. Peter has held
senior positions on the last four presidential
campaigns, including serving as the campaign manager for
the successful 1996 re-election of President Clinton.
Peter currently serves as a director of Medicis
Pharmaceutical, Entremed and Par Pharmaceuticals. He is
also a director of Schroders' mutual fund and hedge fund
family, a member of the board of Duke University's Terry
Sanford Institute of Public Policy, a member of the
Cornell University Council and the Cornell University
Advisory Board for the College of Arts and Sciences. He
received his B.A. from Cornell University, his J.D. from
the Georgetown University Law Center in Washington, D.C.
Colin le Duc, Head of Research
Colin’s career has focused exclusively on the interface
of business/finance and sustainable development. He
worked for Total, the French energy company, in London
and Paris as a corporate strategy analyst for 3 years.
He then worked for Arthur D. Little Inc. in London for 5
years as a strategic management consultant. As part of
ADL's Global Energy Practice, Colin advised blue chip
clients globally, with a focus on energy, corporate
strategy and sustainability. Subsequently, he spent 3
years with Sustainable Asset Management ("SAM") in
Zurich. At SAM, he ran the 15 person analyst team
conducting sustainability research on large cap
companies globally with the aim of selecting companies
for the Dow Jones Sustainability Indexes and SAM's
actively managed investment funds.
Colin holds a BSc in International Management and Modern
languages from University of Bath, UK and has completed
the Corporate Finance Programme at London Business
School. Colin speaks fluent French and conversational
German.
|
