{"id":46566,"date":"2023-03-07T11:10:12","date_gmt":"2023-03-07T16:10:12","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/morgan-stanley-is-doubling-down-on-esg\/"},"modified":"2024-09-13T19:34:35","modified_gmt":"2024-09-13T23:34:35","slug":"morgan-stanley-is-doubling-down-on-esg","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/morgan-stanley-is-doubling-down-on-esg\/","title":{"rendered":"Morgan Stanley is doubling down on ESG"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a07fe6dc4014]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a07fe6dc4014'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Morgan Stanley is doubling down on ESG<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a07fe6dcb376'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">March 7, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a07fe6dcdea1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Tim Quinson. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>Morgan Stanley\u00a0has picked an interesting moment to press ahead with expanding its offering of ESG-themed funds.<\/p>\n<p>Earlier this month, the New York-based investment bank introduced six ESG products. The equity and fixed-income exchange-traded funds are managed by Calvert Research and Management, a leader in environmental, social and governance investing that Morgan Stanley acquired in 2021 as part of its purchase of Eaton Vance Corp.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Insights for Quant and Data Professionals delivered to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3703265802147825008\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Morgan Stanley\u2019s decision is particularly notable given the increasing pushback against ESG by Republican\u00a0politicians, including some potential presidential aspirants,\u00a0and their fossil-fuel industry donors.<\/p>\n<p>John Streur, Calvert\u2019s chairman, accepts that the political environment is fraught. But he said \u201cwe\u2019re feeling pretty good\u201d about demand for the new products. The firm had net fund inflows last year, even as stock and bond markets recorded their worst year since the financial crisis of 2008.<\/p>\n<p>\u201cESG is all we do and we believe we have a better investment strategy than anyone else in the marketplace,\u201d Streur said.<\/p>\n<p>In fact, more companies are focused on reducing their exposure to financially material environmental, workplace and corporate governance risks than ever before, he explained.<\/p>\n<p>\u201cIt\u2019s not the greatest timing for ESG,\u201d said\u00a0Eric Balchunas, an ETF analyst at Bloomberg Intelligence. \u201cFlows have flat-lined with energy prices up and the anti-ESG backlash gaining momentum.\u201d<\/p>\n<p>But trying to time the market is futile, said\u00a0Anthony Rochte, Morgan Stanley\u2019s global head of ETFs. Decisions like these are made looking five to 10 years down the line, he explained.<\/p>\n<p>Rochte said the launch of the Calvert ETFs will be followed by offerings from some of Morgan Stanley\u2019s other non-ESG investment brands, including\u00a0Eaton Vance.<\/p>\n<p>Morgan Stanley has allocated $20 million of seed capital to each of the six Calvert funds, and there\u2019s also a group of outside investors that backed the launch, Rochte said. He declined to identify them.<\/p>\n<p>To put Morgan Stanley\u2019s investment\u00a0in perspective, ESG-labeled ETFs in the US attracted a net $2.9 billion in total last year, down from a record $36 billion in 2021, data compiled by Bloomberg show.<\/p>\n<p>Balchunas contends the Calvert funds may struggle to win investors in the short term, even with all of Morgan Stanley\u2019s marketing muscle behind them. \u201cIt\u2019s a tough environment,\u201d he said.<\/p>\n<p>Nevertheless, Balchunas added that Calvert has been \u201cthe least worst in terms\u201d of investment flows among all of Morgan Stanley\u2019s brands during the past year, and that ESG metrics are here to stay despite the issue\u2019s politicization from the right.<\/p>\n<p>The new products are the Calvert International Responsible Index ETF (ticker\u00a0CVIE), the Calvert US Large-Cap Core Responsible Index ETF (CVLC), the Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI), the Calvert US Mid-Cap Core Responsible Index ETF (CVMC), the Calvert US Select Equity ETF (CVSE), and the Calvert Ultra-Short Investment Grade ETF (CVSB).<\/p>\n<p>The way in which Morgan Stanley is pricing these funds gives them a better chance of succeeding, Balchunas said. The passive products\u2014CVIE, CVLC, CDEI and CVMC\u2014carry expense ratios of 20 basis points or cheaper, while its active ETFs\u2014CVSE and CVSB\u2014will charge below 30 basis points.<\/p>\n<p>\u201cThese funds are legitimately low-cost,\u201d he said. \u201cThey\u2019ll likely attract\u00a0some assets over time.\u201d<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a07fe6dd3db9]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a07fe6dd3db9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    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