The UK has launched an impact investing organisation to help spur the growth of this increasingly popular and important area of asset management.
The Impact Investing Institute, backed by the government, will be led by former Allianz Global Investors CEO and vice-chair Elizabeth Corley and Harvey McGrath, ex-chairman at Man Group.
Corley (pictured) will chair the management board, while McGrath is chair of the advisory council; a CEO is yet to be appointed.
Speaking to the Financial Times, Corley said: "We see an enormous opportunity to collect money and direct it to some of the biggest social challenges we have. We will place the UK in a very strong position on the global stage."
Impact investing aims to bring positive social or environmental change along with investment returns, and the area has been gaining popularity over recent years. According to an estimate from the Global Impact Investing Network (GIIN), the impact investment market is now worth $502bn.
The newly-launched Impact Investing Institute will not manage assets, but it will advocate increased investment in the sector, especially from retail investors, and will conduct research, the FT reports.
The Institute unites two initiatives: the Implementation Taskforce, an advisory group chaired by Corley, and the UK National Advisory Board on Impact Investing, which includes such members as Hermes CEO Saker Nusseibeh.
The Impact Investing Institute is financed by the City of London Corporation and several financial groups, as well as the government.