Many investors have concerns about the risks associated with investing in emerging markets (EMs). These can be related to data availability, geopolitical environments, currency and more, but are the actual levels of risk in line with the perceived levels in this area?
On the flipside, are there risks that we aren’t thinking about enough which could impact our decisions about allocating to EMs? If we zoom out to think about our risks on a portfolio level, there are clear diversification benefits from EMs.
However, what if we zoom out even further and consider risks on a systemic level. Some of the biggest long-term risks are associated with sustainability, risks we cannot hedge against or diversify away from. To address them we need to tackle the underlying issues. One way to do this is to achieve the UN sustainability development goals – but to do this, we need to allocate capital to impactful opportunities in EMs.
In this session, we talked about how we can redefine risks and opportunities in EMs.
We were delighted to be joined by a panel of speakers from the British International Investment (BII), Church of England Pensions Board, the Institutional Investors Group on Climate Change (IIGCC) and Ninety One.
Following the discussion, we moved to breakout rooms of mixed stakeholders, led by a number of our Community Partners, including Aberdeen Investments, Federated Hermes and Stewart Investors.
Who was this event for?
This event was open to all our members. If your organisation is yet to join Pensions for Purpose you may attend an event before deciding whether to sign up, so please register for a trial session.
Speakers
Jesse Baver, Director & Head of Innovative Finance for Mobilisation, British International Investment (BII)
Jesse Baver currently serves as Director and Head of Innovative Finance for Mobilisation at BII since May 2021, overseeing the deployment of a £100m Mobilisation Facility aimed at leveraging concessional finance for climate-friendly economic growth. Prior experience includes roles as Associate Partner and Sector Strategist in the Infrastructure & Climate Group at Dalberg Global Development Advisors, where Jesse managed multiple strategy consulting projects focused on innovative finance and agricultural development.
Previously, Jesse worked as Senior Project Manager at the Ethiopian Agricultural Transformation Agency and held various positions at Dalberg, First Access, and TechnoServe, emphasizing agricultural finance and development initiatives. Jesse's career began as a Consultant at Oliver Wyman, advising financial services firms on risk management and strategy. Educational credentials include a Master of International Affairs from Columbia University and a Bachelor of Architecture from the University of Pennsylvania.
Laura Hillis, Managing Director, Church of England Pensions Board
Laura is a sustainable finance expert with over fifteen years of experience working in financial services on issues such as climate change, nature, and human rights. Laura’s role involves leading stewardship and responsible investment integration at the Church of England Pensions Board. She previously led the Corporate Engagement team at the Investor Group on Climate Change, where she played a key role in the establishment and growth of Climate Action 100+.
Laura has a Master of Studies in Sustainability Leadership from the University of Cambridge. She currently serves on the Board of the Institutional Investors Group on Climate Change and co-chairs its Corporate Programme.
Valentina Ramirez, Head of Climate Strategy Implementation, Institutional Investors Group on Climate Change (IIGCC)
Valentina oversees IIGCC's work on implementing the Net Zero Investment Framework (NZIF), the Climate Resilience Investment Framework (CRIF), and the integration of nature, EMs and just transition elements into IIGCC’s tools and guidance. Previously, she led work on sovereign bonds, derivatives and hedge funds, and net zero benchmarks/index investing.
Valentina is an economist and CFA Charterholder, with an MSc in Philosophy and Public Policy from the London School of Economics, UK. She developed her initial career in Colombia's largest financial group, Grupo Bancolombia, in the asset management and investment banking teams.
Melissa Ventura, Director, Ninety One
Melissa is a Director on Ninety One’s Emerging Market Alternative Credit team, and has over a decade of industry experience. She is responsible for originating private credit opportunities across EMs, with a particular focus on sustainable finance transactions that support the Emerging Market Transition Debt Fund, a blended public-private credit strategy aimed at advancing the transition to net-zero carbon emissions.
Breakout room moderators
Toby Rockingham Director, UK Institutional Aberdeen Investments
Toby joined Aberdeen Investments (then Standard Life Investments) in February 2004 and is a senior member of the UK Institutional Business Development team. The team is responsible for delivering Investment and Pensions solutions to Corporate and Public Pension plans and Insurance companies. Toby’s experience spans 25 years in the industry, with time spent in Fixed Income, Sustainability and Client roles - working with clients across the UK, Europe and USA to build and develop bespoke investment solutions.
Toby is currently working on the project to raise investment for the Aberdeen Climate and Nature Strategy, which will drive investment in Nature Restoration through Scotland’s Nature Investment Partnership.
Douglas Anderson Head of International Consultant Relations Federated Hermes Limited
Douglas joined in February 2017 as Head of Consultant Relations. Prior to this, he was a consultant relations manager at Lazard Asset Management Limited for five years from 2011 and at Capital International for 11 years from 2000. He has also worked in consultant and actuarial roles at Bacon & Woodrow (now Aon Hewitt) and Hymans Robertson. Douglas holds the Investment Management Certificate (IMC) qualification and a BSc (Hons) in Mathematics from the University of St Andrews.
Harry Gladstone, Client Director, Stewart Investors
Harry joined Stewart Investors in June 2014 and has worked in a number of different client roles managing the relationship with institutional clients based in the UK and Scandinavia, including two investment trust boards, foundations and those from the pensions industry. Previously Harry worked as an infantry officer in the British Army, where he reached the rank of Captain.
He holds a BSc in Zoology from the University of Nottingham and the Investment Management Certificate from the CFA Society UK. He is a trustee for the Lady Flora Hastings Trust, a charity providing housing to armed forces community families in Edinburgh
Host
Laasya Shekaran, Director, Pensions for Purpose
Laasya is responsible for working with our Community, developing content and knowledge, and driving forward collaborative initiatives across the industry.
Laasya is passionate about approaching pensions and investment with a systems lens and understanding how these sectors interact with the wider social and environmental systems they exist within.
Laasya is a CFA charterholder with experience working with a range of asset owners as an investment adviser, with a focus on corporate defined benefit pensions. Laasya is a regular speaker at industry conferences and events, and is also an experienced podcast host, currently hosting the Pensions for Purpose podcast. Laasya is an advocate for diversity, equity and inclusion and is particularly passionate about anti-racism activism. She has previously won the Women in Pensions and Women in Investment Rising Star awards.
Pensions for Purpose
Pensions for Purpose exists as a bridge between asset managers, pension funds and their professional advisers, to encourage the flow of capital towards impact investment. Our aim is to empower pension funds to seek positive impact opportunities and mitigate negative impact risks.
Our Community allows members to learn from leaders in the impact investment industry. We provide a trusted environment to interact, collaborate and share knowledge. Members engage in a programme of activity to shape their strategy in ESG, sustainable and impact investments.
For more information, please email the Membership Manager.
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