Allianz Global Investors is installing new managers on its £1.3bn ($1.78bn) Global Sustainability strategy as portfolio leads Paul Schofield and Jeremy Kent gear up to leave the business at the end of Q1, as reported by ESG Clarity Asia‘s sister publication, Portfolio Adviser.
The fund house confirmed Schofield (pictured) and Kent would be leaving to “pursue other opportunities” at the end of March. Schofield has spent the last 20 years at Allianz GI, while Kent has 13 years under his belt at the asset manager.
Schofield has been involved with the Global Sustainability fund since 2001, with Kent stepping on as deputy manager in 2013 after nearly five years as an ESG analyst.
The €1.4bn Sicav has delivered lacklustre returns compared with peers in the FO Equity – Ethical sector over the past year, managing gains of 7% versus the average fund’s 15.5% return, according to data from Trustnet.
On a three- and five-year view, returns are consistent with the sector average at 34.8% and 107.3%.
The pair will be replaced on the fund by global director of research Gunnar Miller and portfolio manager Robbie Miles. Allianz GI said Schofield and Kent would be working closely with the incoming managers in the interim to “ensure a smooth handover”.
Allianz GI stressed Miller and Miles’ “global and ESG research credentials”.
“Gunnar is not only very familiar with global equity markets but also with the sustainable investing approach of Global Sustainability,” the firm said.
“As the global director of research, he has been instrumental to integrating the analysis of environmental, social and governance factors across the investment platform.”
Miles has over 10 years of sustainable investing experience and was previously part of the research team, the firm added. He will be relocating back to London from San Francisco following his appointment.