IMT Gruppe

Key information

  • Publication date:07 July 2025
  • Workload:100%
  • Contract type:Unlimited employment
  • Place of work:Vaduz

Job summary

IMT Gruppe in Liechtenstein focuses on sustainable investing.

Tasks

  • Explore the growing demand for sustainable investment options.
  • Discuss the importance of ESG criteria in investment decisions.
  • Highlight various approaches and challenges in implementing sustainable investing.

Skills

  • Experience in finance or asset management preferred.
  • Strong analytical skills with a focus on ESG factors.
  • Effective communication skills for client engagement.

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IMT Gruppe
Austrasse 56, P.O. Box 1235
9490 Vaduz, Liechtenstein
Tel.: +423 2381717 · Fax: +423 2381720 E-Mail schreiben · www.imt.li
IMT-BLOG
THE ESSENTIALS OF SUSTAINABLE INVESTING
25 February 2020
The subject of "sustainable investment" is gaining in importance. Demand among investors is growing, many asset managers are taking sustainability criteria increasingly into consideration, and the legislators too are putting forward proposals for new regulation.
The following blog post provides a concise overview of the topic and discusses the most important aspects of sustainable investment.
We will be pleased to answer any questions you may have.
1
Luca Liepert, MSc
Junior Portfolio Manager at IMT Asset Management AG
+423 238 17 59 | E-Mail schreiben
1 We also wish to thank Lukas Salcher, MSc for his much appreciated contribution to this blog post.
IMT BLOG 25 February 2020
THE ESSENTIALS OF SUSTAINABLE INVESTING
THE ESSENTIALS OF SUSTAINABLE INVESTING
What is meant by sustainable investing?
the companies they invest in and move them to at- The basic idea is to take ethical and ecological criteria tach greater importance to ESG factors. into consideration when making investments. What
The thematic approach involves attempting to we call the ESG, standing for environment, social and achieve specific ecological or social objectives by ingovernance, factors form the basis for the best vesting in, for example, offshore wind parks, fair cofknown concepts. The environmental factor takes in fee production or sustainable mobility. issues like CO
2 emissions, depletion of raw materials,
Finally, investors taking the impact-investing apwaste disposal and pollution of air and water. The soproach aim to generate financial returns and at the cial factor involves evaluating the way in which comsame time have a favorable social impact. The idea is mercial companies interact with their various staketo produce positive, measurable effects on the enviholders, such as employees, customers and suppliers. ronment and/or society. One well-known example is
The governance factor entails scrutiny of companies' microfinance funds, which grant loans to micro-eninternal control mechanisms, decision processes and terprises in emerging economies, which do not have the way the companies deal with conflicts of interest. access to the capital market. Alongside positive re- Although the fundamental idea behind sustainable inturns, the aim is to help combat poverty. Investments vesting is easy to describe, its implementation is in this area are normally less liquid and are often in fraught with many and varied questions, and as yet the private equity or private debt segments. there is no uniform, generally accepted approach.
No uniform standards
Ways of realizing sustainable investment
In implementing approaches to sustainable investing,
Essentially, five possible ways of implementing susan assessment of the companies with regard to ESG tainable investment can be identified. criteria comes to bear. In this regard, a number of rat- The approach based on is intended ing services have established themselves in the marexclusion criteria to ensure that no investments are made in companies ket, among the most important of which are MSCI, or countries which fail significantly to fulfil the ESG
S&P Global, Bloomberg, Sustainalytics, RepRisk and criteria. As a result, whole industries and sectors,
ISS . But no uniform standards have emerged as yet, such as armaments, tobacco, alcohol, gambling etc., so that there can be striking differences between the are barred. ratings coming from the individual rating providers.
This observation is confirmed by a series of studies
When the best-in-class principle is adopted, the best pointing up fundamental differences in assessments companies are selected from every sector on the baissued by the different rating services. sis of set ESG criteria. In some cases, controversial
One example is given by the ratings for Google's parsectors like the oil industry are considered for selecent company, Alphabet. While the index provider tion. In the best-in-class category the socially respon- MSCI rates Alphabet as an ESG pioneer in the indussible investment (SRI) approach is particularly strintry, the Bloomberg rating service gives Alphabet a begent, making good ESG ratings the focus of its investlow-average ESG rating. ment strategy.
In addition, ESG ratings are prone to a number of dis- Investors taking the commitment approach utilize tortions. Large companies, for instance, tend to retheir shareholder rights to try to exert influence on ceive better ratings than small ones. One reason for
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IMT BLOG 25 February 2020
THE ESSENTIALS OF SUSTAINABLE INVESTING
this may be that big corporations have more re- EU action plan for sustainable finance sources at their disposal for the partly very time-con- In view of the wide variety of rules and methods being suming and expensive process of producing the reapplied to ESG, the EU Commission has recognized quired documentation. Apart from that, European that regulatory action needs to be taken. The Comcompanies seem to be given better ratings than commission has accordingly drawn up an EU action plan parable companies in the USA or in emerging econofor sustainable finances, which is also intended to be mies. deployed as a political control instrument.
The implications of this EU plan of action for financing
The impact of ESG on performance sustainable growth are many and varied. The package
A large number of studies have investigated how payof measures for implementing the key actions coning attention to ESG criteria influences portfolio pertains, for example, regulations for creating an EU clasformance. The results are not unequivocal, so that in sification system for sustainable economic activities scientific terms the studies have yielded no conclu- (taxonomy), regulations governing obligatory disclosive answer to the question. We can make the fundasure with regard to sustainable investments and susmental point, however, that an ESG approach which tainability risks, and also adaptation to the benchseverely restricts the investment universe is more mark regulatory instruments MiFID II, UCITS, AIFMD, likely to have poorer risk-return characteristics.
IDD, Solvency II etc.
ESG criteria from the risk management per- Summary and conclusions spective
Up to the present, no uniform ESG standards have
There is no doubt that the reputational and legal risks been drawn up. For this reason the ESG ratings so far associated with the ESG factors have risen sharply in available should be viewed with great caution. Furthe last few years. Both the public and jurisprudence thermore, a range of varying means is available for are taking an increasingly hard line against infringerealizing sustainable investment. ments of regulations in the ESG area. So for both
As a general rule such investment may be associated companies and also investors it has become much with higher risk, for instance if the investment unimore important to take ESG risks into consideration verse is too severely restricted or highly specific funds when making any decision. are invested in. We therefore strongly urge our clients to clearly define their objectives for sustainable
ESG and asset classes investing and to discuss possible conflicts of objec- So far the ESG rating services have focused mainly on tives with their advisors. assessing companies (in particular big companies)
The number of sustainable investment products is risand to some extent countries. Therefore it is relaing rapidly, with the result that an ever more sharply tively easy for equity funds, especially in the field of focused implementation of ESG strategy is made poslarge cap stocks, to obtain an ESG rating. But for many sible. Nevertheless, in the field of sustainable investbond funds, alternative investment funds and funds ing, careful attention to due diligence, taking the trapursuing niche strategies, the common ESG analyses ditional risk-return factors into consideration, reare completely inapplicable. Thus, it is often impossimains indispensable. ble for such funds to be rated in ESG terms.
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IMT BLOG 25 February 2020
THE ESSENTIALS OF SUSTAINABLE INVESTING
ABOUT US
Our first IMT Group Company was founded more than
Since the time of our company's foundation, we have thirty years ago. Since then we have grown steadily successfully adapted to the changing legal and ecointo a group of companies, a boutique with four businomic framework, always keeping our clients' interness divisions. Each division has its own field of comests in the foreground. We share their entrepreneurial petence. spirit, and we are happy to support them in drawing
We adhere to the highest ethical, professional and up and realizing their objectives. business standards. Competence, efficiency and
We take care of all the values of our clients, not transparency are of the greatest importance for us merely their material assets, and we aim to help preand our clients. We provide comprehensive advice to serve them for future generations. our clients, and together with them we draw up a medium- to long-term investment strategy based on the values of the family concerned.
DISCLAIMER
The above blog post is for information purposes only.
IMT is not liable for any direct, indirect or incidental
It contains data and information generated by IMT or loss incurred on the basis of the information in this an IMT Group Company ("IMT"). Although IMT takes blog post. All opinions represented solely reflect those care to ensure that the information is correct at the of IMT or specified third-party authors at the time of time of collection, IMT neither explicitly nor implicitly publication (subject to modifications). provides any assurance or guarantee of accuracy, reliability or completeness and assumes no liability or responsibility for its own or third-party publications.
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