The Untold Story of Community Foundations and Manulife Investment Management’s climate focused funds
Community Foundations of Canada (CFC), Manulife and their subsidiary Manulife Investment Management have worked side by side for over seven years. Through a relationship grounded in shared values, we have built experiences and opportunities that benefit community foundations and the communities they serve.
Manulife Investment Management is a familiar face in the community foundation network. They have connected in person with community foundations at every biennial conference since 2015 and Manulife was the seed funder for the Welcome Fund for Syrian Refugees that enabled over 40 community foundations to support Syrian refugees in 27 communities across Canada. What is less well known is how community foundations and CFC played a key role in the creation of Manulife Investment Management’s global climate strategy, including the development of mutual funds available to retail investors.
In June 2019, Manulife Investment Management was the Sustainable Development Goals (SDG) Partner at the Community Foundations All In Conference in Victoria, BC. There, Manulife Investment Management hosted a session called “SDGs and Responsible Investing”. Following the conference, CFC and Manulife Investment Management came together again to explore our future. How might we build on the momentum around sustainability and the SDGs together? Could CFC and community foundations contribute to the development of a meaningful and sustainable product?
These questions led us to hosting a design lab with community foundations on a wintery day in February 2020. Little did we know how the world would change in mere weeks! Community foundation leaders gathered to discuss responsible investing and to explore concepts for a product that would integrate the themes communities care about.
The COVID-19 pandemic forced everyone to pivot and focus on the immediate needs in our communities. Still, CFC and Manulife Investment Management recognized that the importance of sustainability was greater than ever, and in March 2021, community foundations, Manulife Investment Management and CFC reconvened in a follow up discussion.
The follow up design lab showed how Manulife Investment Management integrated community foundations’ feedback to design new investment products which shared companies that have clear plans to reduce their carbon footprint. Community foundations shared afterwards that this detailed presentation was helpful for their board and investment committees.
A short month later, Manulife Investment Management officially launched a new global climate strategy that included various vehicles available to retail and institutional clients. The strategy uses science based targets as a framework to ensure that it supports companies who are committed to a sustainable future.
At the 2021 All In Virtual Conference, Manulife Investment Management sponsored several sessions on responsible investing, continuing their conversation with community foundations.
Today the global climate strategy holds $123 million in assets and has invested in more than 50 companies that are making positive contributions to climate change mitigation as of March 31, 2023.
“The development of our global climate strategy involved many stages and stakeholders, including the lab we convened in 2020 with Community Foundations of Canada. Our discussion with this community around sustainability, and specifically about climate, helped to shape and advance our efforts, leading to the launch of this important investment strategy.”
Adam Neal, Global Head of Strategic Partnerships, Manulife Investment Management
This is just the beginning. CFC and Manulife Investment Management continue to work together to explore ‘what’s next’ to advance a just and sustainable future, and to engage the wisdom and expertise from the leadership of community foundations from coast to coast to coast.
CFC is excited to have Manulife Investment Management join us at the RECONNECT 2023 conference in Tkaronto | Toronto June 1 - 2 2023!
This blog was written by Dana Decent, who was involved in the discussions since 2019 with Manulife Investment Management and loves that community foundations had a role to play in the development of this important product in the responsible investing landscape.
