City Hive unveils The ACT List - over 50% growth in Signatories
For immediate release - 27 January 2025
Think tank and advocacy group City Hive is proud to announce The ACT List - a definitive lineup of investment management firms dedicated to embracing transparency in corporate culture and values.
The ACT List includes all companies that have been a Signatory since ACT was formed in 2022, and recommitted for 2025. There are now 27 Signatories to ACT, with firms representing $6.6trn in assets under management, showing the growing dedication in the industry to cultural accountability. Over the past year, 10 new firms across the investment management space have signed up to ACT, representing an impressive 58.88% surge in firms.
The ACT List
Aviva Investors (2022)
CCLA Investment Management (2023)
EdenTree (2023)
Evenlode (2024)
Federated Hermes (2022)
Findlay Park (2024)
First Sentier Investors (2024)
FSSA Investment Managers (2024)
Invesco (2022)
Jupiter Asset Management (2024)
Legal & General Investment Management (2022)
Liontrust (2023)
Lombard Odier Investment Management (2022)
M&G (2022)
Mirabaud Asset Management (2022)
Morgan Stanley Investment Management (2024)
Nedgroup Investments (2024)
Ninety One (2024)
Premier Miton Investors (2024)
Rathbones Asset Management (2023)
RBC Bluebay (2022)
Redwheel (2023)
River Global (2022)
Schroders (2022)
Stewart Investors (2024)
TT International (2022)
WHEB Asset Management (2022)
(As at 31 December 2024)
*(Date) joined as ACT Signatory Member *2024 firms highlighted.
Growth in ACT Signatories:
2022
12 Signatories
£4.8trn AUM of Signatory firms
2023
17 Signatories
41.66% growth in Signatory firm numbers
£5trn AUM of Signatory firms
2024
27 Signatories
58.88% growth in Signatory firm numbers
£6.6trn AUM of Signatory firms
The ACT Corporate Culture Standard is a disclosure framework that is providing a standardised way for investment companies to understand, create and progress cultural change - and be able to communicate progress effectively via reporting.The Signatory firms are contributing to a growing body of data on firm approaches and industry practice.
Following the huge growth in Signatory numbers over 2024, City Hive is now aiming to secure 50 Signatories by the end of 2025 in response to a target set by the ACT Stewardship Council of fund gatekeepers (responsible for over £2trn in assets under advice) who monitor which firms are joining or leaving the list. This provides an extra level of governance to their investment due diligence.
City Hive will be publishing The ACT List twice a year in response to feedback from the ACT Stewardship Council who view the ACT Standard as a ‘hygiene factor’ when selecting investments.
In the current climate, commitments on sustainable investment, diversity and culture are being downplayed - ‘greenhushing’ - as some view it as a fad or trend. City Hive and the ACT Stewardship Council reinforces the view that those genuinely and authentically committing to these areas will provide better financial outcomes for their clients and shareholders.
Signatories on The ACT List have committed to:
- Annually completing ACT reporting on the DOOR platform, enabling the Framework to be used as a tool to assess, measure and catalyse progress on culture.
- Senior accountability towards policy, action and practice that supports alignment of internal values and external commitments relating to inclusive culture.
- Demonstrable evidence that value creation and stewardship of wealth is in responsible hands because they are a responsible business.
- Embrace the opportunity to share ACT disclosures with clients, share ACT status and ACT Mark with stakeholders via media, website, factsheets etc.
- Update progress (at least) annually.
To view Signatories for previous years:
Co-CEOs of City Hive, Bev Shah and Mandy Kirby, commented on publishing the full ACT List for the first time: “The steep increase in ACT Signatory numbers shows firms recognise the value of transparency with their clients about their values and culture. Understanding and assessing the corporate culture of those managing your assets is essential for mitigating risk.”
Evenlode CEO Rob Harris commented on becoming an ACT Signatory:
“Evenlode's unique, employee-owned culture thrives on a shared sense of purpose. As an ACT signatory, we are committed to upholding inclusivity, transparency and alignment with clients and colleagues alike.”
Andy Clark, CEO at EdenTree Investment Management, said:
“As a responsible business, we view a healthy corporate culture as both an employee and client interest. We believe culture speaks volumes, and we are committed to holding ourselves to the same high standards we expect of those companies in which we invest.
“The ACT Framework is a hugely valuable tool, helping us to demonstrate and communicate this commitment to clients, enhancing transparency and cementing trust.”
Rose Vangerven, CEO designate for Findlay Park, commented on the group’s new Signatory status: “We see culture as a critical factor to consider when we invest. But we also know culture is very hard to gauge, especially in smaller firms. So we completely understand the value ACT brings to our investors, as a window into investment firm culture.
“We believe our culture, partnership structure and active (and therefore human-centred) investment approach have all been key to our long-term success. Our hope is that becoming Signatories to ACT underlines this, while also prompting us to continue to focus on our culture in the spirit of continuous improvement.”
Jonathan Willcocks, global head of distribution at Premier Miton Investors, added:
“Premier Miton are delighted to become Signatories to ACT, which is recognised across the asset management and wealth management industries as a beacon for improving culture and transparency.
“Having the right culture across the organisation is an integral ingredient for success, but it is also increasingly becoming an important criteria for fund selectors and investors alike when looking at asset managers. In addition, being transparent about what you do as an organisation is crucial when building trust with clients.”
Apiramy Jeyarajah, chief commercial officer at Nedgroup Investments, said: "At Nedgroup Investments, we believe that by creating the right culture, you nurture sustainable growth and long-term outperformance. It's our view that true transformation and diversity go beyond numbers and should be a deeply embedded approach to creating the right environment for excellence to thrive. We take this approach across all areas of our business including the way we champion boutiques. By signing up to ACT, we are reinforcing our commitment to go beyond just meeting targets and to genuinely drive innovation and growth through diversity of thought."
Dani Hristova, chief executive officer for the Independent Investment Management Institute (IIMI), commented on the new boutique Signatory firms: “We are excited to see that IIMI members Findlay Park Partners and Evenlode Investment have become Signatories to City Hive's ACT.
“Putting client outcomes first and fostering an inclusive, innovative and progressive culture is within the DNA of these businesses and reporting through the ACT Framework will provide an opportunity for professional investors to see this first hand.”
David Coombs, head of multi asset investments at founding Signatory firm Rathbones Asset Management commented: “To be successful in asset management, you need to attract, develop and retain a diverse pool of talent. That means bringing a broader understanding of cultures, trends and life experiences within a supportive and inclusive culture. We must also rightly demonstrate to clients that our senior fund managers are supported and challenged by high quality colleagues, and that we are no echo-chamber, surrounded by the same faces and noises. The ACT Framework provides guidance in identifying what this good governance should look like and crucially, it brings in the all important element of accountability.
“Finally, I do think it is important to work with industry peers to try and encourage best practice when it comes to adopting an inclusive culture. I believe this results in better outcomes for all our clients and our people, as well as encouraging new talent, who may feel finance remains the preserve of the rich, the posh and the few.”
Founding Signatory and Partner M&G Investments’ head of UK wholesale sales Alex Matchamalso commented: “It is clear that the ACT Framework fills a gap in our industry by bringing culture to the forefront of the conversation. Our clients are increasingly interested in understanding more about the underlying culture of the investment houses that they invest with and the ACT Framework provides a standardised/objective approach to making it tangible.”
Sam Pennefather, head of intermediary sales at Partner firm CCLA Investment Management, added: “Many of our largest clients are now looking for ACT questionnaire completion as a prerequisite for new fund searches. Good culture encourages good business and can help mitigate risk for end clients.
“The culture at CCLA was a key reason for me joining the firm, and being part of a wider, collaborative initiative such as ACT looking at improving corporate culture across our industry is not only important, but exciting. CCLA has collaborated with other financial institutions for years on numerous initiatives and we are so pleased with the progress being made through this dynamic movement.”
James Corah, head of sustainability at CCLA, added: “When it comes to sustainable investment, fashions and fads might come and go but substance never goes out of style. It is becoming increasingly apparent that investors can be instrumental in bringing about genuine positive outcomes.”
Notes:
For more information on ACT, interview opportunities and photos please email: nataliekenway@cityhive.co.uk or visit the new City Hive Press Centre.
For more information on ACT: https://www.investorsact.com/
Or for the Stewardship Council: https://www.investorsact.com/stewardship-council
For more information on City Hive: https://www.cityhive.co.uk/