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Alternative Market Briefing

State Street launches its first ESG money market fund

Wednesday, July 03, 2019

Laxman Pai, Opalesque Asia:

The investment management division of State Street Corporation, State Street Global Advisors (SSGA) has launched the State Street ESG Liquid Reserves Fund, which seeks to apply financially material environmental, social, and governance (ESG) scores to the management of the fund.

The Fund is the first money market fund to offer a portfolio composed entirely of investments that meet ESG criteria at the time of purchase, said a press note from SSGA, which has nearly $2.8tn in assets under management.

"We're proud to apply State Street Global Advisors' longstanding ESG commitment to the launch of this fund, which provides the first fully ESG-focused money market fund option by incorporating sustainable investing within a cash strategy," said Pia McCusker, global head of Cash Management at State Street Global Advisors.

The Fund uses R-Factor, State Street Global Advisors' new ESG scoring system that draws on multiple data sources and leverages widely accepted and transparent materiality frameworks to generate a unique ESG score for issuers.

In particular, R- Factor leverages the Sustainability Account Standards Board's (SASB) and country-specific corporate governance frameworks and provides transparency into how and what State Street Global Advisors considers to be financially material ESG factors.

The Fund invests in prime money market instruments that meet State Street Global Advisors' ESG criteria. The portfolio construction p......................

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