It can have these consequences for the industry

new York Asset managers have to adapt to fundamental changes in their sustainable investment (ESG) business. According to experts, this is a consequence of the scandal at the Deutsche Bank fund subsidiary DWS.

ESG stands for investments according to ecological, social and ethical standards. But these three areas “are so different that they don’t really belong together,” said former Blackrock manager and ESG critic Tariq Fancy in an interview with Handelsblatt. Sasja Beslik, who heads the Sustainable Financial Development department at the Swiss private bank J. Safra Sarasin, also expects many companies to change course. He assumes that providers of ESG products will be much more careful in the future when it comes to marketing. The DWS management will present themselves to their shareholders at the general meeting on Thursday.