21 May 2024 – Addressing the challenges and risk exposures resulting from fossil fuel divestment

Join us from 10:00-11:00 BST for an online morning coffee with Osmosis Investment Management.

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There is increasing pressure on institutional investors to cease investing in fossil fuels, but divestment decisions must be considered in the context of ‘fiduciary duty’. In a world where geo-political risks are rising and oil price volatility has become the norm, it is crucial investors seek to manage the financial and concentration risks from excluding non-renewable fuel sources from portfolios, not least the ability to weather asset price reflation in the energy sector. 

In this short session, Osmosis seek to address some of the challenges investors face in the energy divestmentHead of Quantitative Research, Dr Tom Steffen, will examine the financial and concentration risks of exclusion, the inadvertent exclusion of transitional companies, and the need to address the demand side of fossil fuel use across the broader economy as well as target the supply.   

Who should attend?

This event is open to asset owners such as pension fund trustees, in-house executives and independent advisers, professional trustees, government representatives and consultants. 

Register here

Speaker biographies

Dr Tom Steffen, Head of Quantitative Research, Osmosis Investment Management 

Dr Tom Steffen

Tom is head of Osmosis’s quantitative research function and is responsible for researching model improvements and identifying new alpha opportunities within sustainability data. Connecting both the research and investment functions, Tom’s work evidences the link between Resource Efficiency and stock returns in developed and emerging markets. His team studies the behaviour of Osmosis’s proprietary Resource Efficiency factor over time, across sectors and regions, as well as interactions with traditional style factors.  Prior to joining Osmosis, Tom was a postdoctoral fellow at the Geneva Finance Research Institute where he researched responsible investment strategies, their portfolio ESG footprints and risk-return profiles. He has also been a visiting researcher at the Chief Economist’s Department of the Financial Conduct Authority, studying fixed income and commodity derivatives. Tom’s research has been published in peer-reviewed academic journals. 

Tom holds a PhD in financial market microstructure jointly from the University of Edinburgh and Macquarie University, Sydney. He completed his MSc in Carbon Finance at the University of Edinburgh, focusing on sustainable and energy finance, and received his BSc in Business Administration from the University of Mannheim, which included a semester abroad at HEC Montreal. 

Anthony Chisnall, Head of Distribution. Osmosis Investment Management

Anthony Chisnall

Anthony has over 20 years’ experience in asset management and investment banking. Having spent most of his career as a fund manager, he has extensive investment and product knowledge, which he has successfully leveraged in his more recent client relationship and business development roles. Anthony was Head of Investor Relations at Gulf International Bank Asset Management, where he oversaw the Bank’s relationships with institutional investors, sovereign wealth funds, family offices and investment advisers. Prior to this, Anthony worked for Bank of Boston in the US, HSBC and Barclays. 

Anthony received a BA (Hons) in Business Studies from Kingston University, where he specialised in finance and quantitative methods. He wrote his dissertation on 'Short-termism in the UK stock market' which remains one of the biggest challenges to sustainable investment today. Anthony recently completed the CFA ESG Certificate.

Host

Karen Shackleton, Chair & Founder, Pensions for Purpose
Karen Shackleton

Karen has worked in the finance sector for over 30 years. As well as being Founder of Pensions for Purpose, she is Chair of the Strategic Investment Board for the Ministry of Justice and a Non-executive Director and Chair of the Board of Resonance Ltd, a social impact investment company. She sits on the Advisory Council of the Impact Investing Institute. 
 
Karen also provides independent investment advice to the London Boroughs of Islington, Camden and Hounslow through Apex Group. She was the Chief Executive/Managing Director of AllenbridgeEpic Investment Advisers from 2010 to 2013. Prior to that, she had ten years’ experience as a fund manager and director for County NatWest and BZW Investment Management (now BlackRock). 


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