A new UK organisation has launched with the specific aim of helping investors to invest their cash to benefit communities and society.
The Impact Investing Institute is being jointly led by City of London veteran Liz Corley, the former chief executive officer of Allianz Global Investors [pictured], and hedge fund millionaire Sir Harvey McGrath, chairman of Big Society Capital.
In an announcement on Monday, the Institute confirmed it is being formed by the merger of the UK National Advisory Board on Impact Investing and the Implementation Taskforce.
“The Impact investing market has grown rapidly in the UK and around the world,” explained Corley, a long-time champion of investments with a wider social impact. “Investing for positive impact goes beyond avoiding harm and mitigating risks, and is at the centre of a wider movement towards more responsible investing.
“The Institute will play a significant role in ensuring the UK continues to stay at the forefront of innovation in Impact Investing, enabling UK savers to invest in line with their values and have increased ownership over the social outcomes that their money generates.”
The Institute has already attracted considerable support from businesses and government. In launching, the organisation said it will be supported by private firms and foundations, together with the Department for Digital, Culture, Media and Sport, the Department for International Development and the City of London Corporation.
“The UK is well-placed with its long running history in impact investing and as a global financial hub to accelerate the next wave of growth and innovation in impact investing,” explained Sir Harvey McGrath, chairperson of Big Society Capital and the Impact Investing Institute’s Advisory Council.
“Big Society Capital is pleased to show its support to the newly formed Institute. Bringing together the UK NAB and Implementation Taskforce will create a group with impressive convening power and world-class knowledge of both mainstream and social investment.”