U.S. Environmental, Social, and Governance Investing 2023

Regulation and Legislation

Assess ESG Supply and Demand

  • Dive into original data from retail and institutional investors, advisors, and asset managers about their attitudes toward and adoption of ESG investments
  • Learn how asset managers and asset owners are taking social themes into consideration for asset allocation, product development, ESG integration, active ownership activities, and manager selection
  • Explore sustainable hedge funds and the private investment product landscape


Discounts available for bulk purchase

Report US ESG 2020 Detail

Buy Now


Size the market and look at the adoption of environmental, social, and governance (ESG) investing, by both retail and institutional investors. This report examines buyer dynamics across channels, including outsourced chief investment officer (OCIO) providers, and wealth management platforms. Cerulli also defines different implementations of ESG investing and how various strategies have evolved, including an overview of new and innovative products.

Included with Purchase



Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

Executive summary

Executive Summary

Get the most important report findings distilled in an easy-to-understand and highly visual format before you begin your journey through the report or use it as a tool for senior leadership.

Interactive report dashboard

Interactive Report Dashboard

Access consolidated data from multiple report exhibits in a single comparative view. Flexibly build your view of data with customizable filters and share the results in a format that meets your requirements.

Analyst support

Analyst Support

Got a question? Our analysts are available to help you interpret and analyze key findings as well as provide their perspective on industry trends.


Data Behind the Report

Data is the foundation of our reports. Each study contains nearly 100 exhibits, available to buyers in Excel format. Extract and explore Cerulli’s data and analysis your way.


Digital Access

Access your reports digitally anytime, anywhere, on any device through our client portal.

A Note from the Author

Asset Managers and Institutional Investors Stay Committed to ESG Despite Political Pressures

Michele Giuditta, CFA

Michele Giuditta, CFA


Bio →

Michele Giuditta, CFA

Michele Giuditta, CFA


Michele is a director of the Institutional practice and leads research for annual reports and strategic consulting engagements. She specializes in environmental, social, and governance investing and outsourced CIO research.

Prior to joining Cerulli Associates, Michele worked at Cambridge Associates as an Associate Director in the Client Relationship Management Group. Additionally, she worked at Manulife Asset Management in the Institutional Investment Sales & Services Group, and held roles in Product Management and Client Relationship Management. She began her career as an analyst in the Investment Policy & Research Group at John Hancock.

Full biography here.

Asset managers and institutional investors generally remain focused on environmental, social, and governance (ESG) initiatives, even as political efforts to reverse progress are underway. Our research shows that only a small percentage of institutions may be backtracking on their commitment to ESG.

According to the research:

  • No asset managers polled expect to stop incorporating ESG considerations into investment decisions or offering ESG-focused and impact funds. Yet, 30% of managers will be more guarded about disclosing their ESG-related activities through websites, marketing materials, prospectuses, and other formal investment documents.
  • The anti-ESG movement has deterred a small percentage (7%) of institutions from incorporating ESG considerations into investment decisions. Top reasons cited are that they no longer believe in the merits of ESG and that responding to the anti-ESG backlash is time-consuming and costly.
  • Asset managers are more mindful of the changing environment and the ESG backlash has led many managers to adapt or enhance their client and prospect messaging to be more explicit. More than half (57%) of firms polled are creating communication pieces to address the misconceptions of ESG.

If you are seeking strategic product development and distribution analysis on ESG in the U.S., this research will provide you with the intelligence you need. Gain market sizing, product development trends in responsible investing, Cerulli’s outlook amid changing legislation and regulation, and more.

You May Also be Interested in:

  • Annual report
  • The Cerulli Edge
Consulting Page module Rocket 120820

Custom Research & Strategic Consulting

Cerulli for Consulting

Understand where to allocate resources to achieve your objectives. We can help you determine which initiatives are likely to be successful and those that may not achieve the desired effect. In an increasingly competitive market, our objectivity and experience can help you to advance your firm’s unique strengths.

Learn More

We use cookies to improve your site experience, distinguish you from other users and support the marketing of our services. These cookies may store your personal information. By continuing to use our website, you agree to the storing of cookies on your device. For more information, please visit our Privacy Notice.