In recent years, sustainable investing—which integrates environmental, social, and governance (ESG) concerns into investment decisions—has moved from a hot trend to a mainstream investment approach. Once associated primarily with equity strategies, consideration of ESG factors is now widespread in fixed income portfolios. Partly in response, commercial data vendors and regulators have created a host of ratings and labels. This prompted MacKay Shields to investigate with Kirstein what institutional investors want from their fixed income managers and whether the market is moving toward a homogenous approach to sustainable investing.
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