European Environmental, Social, and Governance Investing 2022
Where to Now?
Assess Interest, Demand, and Development
- Evaluate the current client demand for ESG and the factors driving a potential increase in use of ESG strategies from both retail and institutional investors
- Explore coverage of ESG integration within passive solutions and increasing demand for direct indexing and custom ESG benchmarks
- Assess reporting requirements and comparisons across investor types and markets
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Summary
Evaluate the European responsible investment market and understand how fund managers can capitalize on the groundswell of interest in responsible investing. This report assesses the demand for ESG strategies from different investors, the most popular themes in the space, and investors’ manager selection frameworks. The report also outlines emerging themes and evolving regulation across the region.
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A Note from the Authors
ESG in Europe Meets New Scrutiny and Regulation

Justina Deveikyte, CAIA
Director
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Justina Deveikyte, CAIA
Director
Justina joined Cerulli Associates in February 2014 and heads the European Institutional Asset Management research practice. In her role, she is responsible for all research activities relating to institutional investors, the firm’s analysis of alternative investments, the environmental, social, governance (ESG) section, and all data-science-based activities. She also contributes to multiple strategic consulting engagements and The Cerulli Edge series.
Justina is the lead author of several Cerulli reports, covering insurance, retirement, ESG, and alternative investments. Throughout her career, she has successfully developed partnerships with industry associations and has presented at several conferences and events across the Europe.
Prior to joining Cerulli, Justina was a Financial Manager and Global Analyst at Global Food Consulting; she previously has provided professional advice on banking products, including unit-linked insurance and third-pillar pension products at SEB Bank Group.
Full biography here.

Fabrizio Zumbo
Director
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Fabrizio Zumbo
Director
Fabrizio leads the European Retail/Wholesale Asset Management research practice, which focuses on analyzing asset management product development trends, investment, operational and marketing strategies, market and distribution dynamics, regulatory changes, and performing market and competitive intelligence in the United Kingdom, Continental Europe, and the Nordics.
Prior to joining Cerulli, Fabrizio served as a Lead Industry Analyst at State Street in London and as a Senior Analyst & Research Editor for the PwC’s Global Market Research Centre in Luxembourg. Previously, he carried out several field-based research projects in emerging and frontier markets for international market research and economic consulting firms, spending almost five years performing economic and industry analyses in several countries in Latin America, Africa, and the Middle East.
Full biography here.

Wouter Bakker, CFA
Senior Analyst
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Wouter Bakker, CFA
Senior Analyst
Wouter is a Senior Analyst on the European Institutional Asset Management team, providing quantitative and qualitative research for Cerulli’s European research products.
Prior to joining Cerulli, Wouter worked at Euronext, where he served as a Product Manager covering investment funds. He also previously worked as a Product Specialist at Candriam and Vanguard Asset Management.
Full biography here.
There has been a significant increase in the number of sustainable products available in Europe over the past five years, but not all claims of sustainability are consistent with the underlying investment strategy. As a result, regulators across the region have increased their scrutiny of sustainable funds.
More than half (56%) of European institutional investors polled are concerned about greenwashing in the asset management industry. While the Sustainable Finance Disclosure Regulation (SFDR) has stepped in to address the issue, the majority of institutional investors believe that the impact remains to be seen. How will this impact product development and distribution efforts among European asset managers?
Explore this theme and more with our latest report. The research provides comprehensive coverage of ESG integration among asset managers and asset owners, addressable distribution opportunities, and an update on regulation in the European region.
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