Goldstein is a co-founder of ImprintCapital, which managed $550 million in assets when it wasacquired by Goldman in 2015. Since then, he has helped build the ESG and impactinvesting business within Goldman’s investment management division to more than$27 billion in assets.
The newgroup “will coordinate sustainability across financing, advisory, riskmanagement, asset management and investing,” Goldman said in a statement that offered little detail.“In the months ahead, we will develop specific goals and objectives for ourwork in this area,” the firm said.
In hisnew role, Goldstein says, “I’m still going to bike the kids to school andmyself to work (always) and meetings (when I can). What’s new is getting todraw from and contribute to a broader set of clients and colleagues.”
· Sustainability alpha. One of Goldstein’s jobs “is to help Goldman’s investors do better atdoing what they do by incorporating environmental, social and governance intohow we invest for all our clients,” Goldstein told ImpactAlpha in a podcast that was part of ourBeyond Tradeoffs series with Omidyar Network. “That’s not for clients who careabout these factors, but for clients who care about making money onrisk-adjusted basis,” he says (read, and listen, to ImpactAlpha’s podcastinterview with Goldstein, “Goldman Sachs: Big investors pressasset managers to integrate ‘ESG’ and impact across portfolios”).
· ESG in the C-Suite. In the last few years, the firm has gotten more sophisticatedquestions on ESG and sustainable finance from its largest clients, and seniorcolleagues at Goldman, Goldstein says. “These questions had risen to theC-suite and those executives wanted the same rigor, insight, and capabilitiessupporting them on ESG and impact that they sought on any other business orinvestment topic.”
· Agents of impact. The new group will include Kyung-Ah Park, whowill continue to lead the firm’s environmental markets and innovative financework. Kara Succoso Mangone will serve as chiefoperating officer.
Source: https://impactalpha.com
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