Editor’s Letter

I became involved in environmental, social, and governance (ESG) investing back in the 1990s when it was known as Socially Responsible Investing (SRI). I was at State Street Global Advisors (SSgA) when we created a South Africa Free fund. It was one of the first large institutional SRI funds. After leaving SSgA in the late 90s I organized the Colloquium on Socially Responsible Investing at the University of Chicago, edited the Handbook of Socially Responsible Investing and was asked by Lloyd Kurtz to head the judging for the Moskowitz Prize. Over the ensuing years I have seen the field change from SRI to ESG and recently expand to include the concepts behind sustainable and impact investing. A recent paper from Boston Consulting Group claims that investing has moved from stocks and bonds to private equity, passive investing, and ESG. I have not been able to find any of the 30 largest institutional money managers in the US who don’t have ESG capabilities. With this growth in the field, it is clearly time for a journal dedicated to it.

In putting this journal together, I started by searching for the best editorial team and advisory board. I’m very pleased to welcome Melinda Estelle as Managing Editor and Lloyd Kurtz as Contributing Editor. Melinda works with me at The Journal of Investing and The Journal of Index Investing. She is a tremendous resource. Lloyd Kurtz has been in the field as long as I can remember. Lloyd’s early work with Milt Moskowitz in creating the Moskowitz Prize has been critical to the growth of academic work in the field. We are pleased that, starting this year, the Moskowitz Prize has moved to Northwestern University, working with the same group that manages their teach-the-teacher initiative, the Impact and Sustainable Finance Faculty Consortium.

In putting together an Advisory Board, we again searched for the best people in the field. We are very happy to welcome Bruce I. Jacobs from Jacobs Levy Equity Management as an Advisory Editor. Bruce’s support is a key to launching this journal. Bruce is joined by 27 other luminaries who have graciously accepted our offer to join the board. The board includes members from leading investment managers, data providers, and academics.

Our first issue leads off with Blaine Townsend, Milt’s stepson and our partner on the Moskowitz Prize, discussing the origins of the field. Blaine is followed by an all-star line-up of contributors who have come together to bring you an outstanding lead issue of the journal.

This field is going to explode in popularity over the next decade. We are pleased to have you as a reader joining us on this journey.

As always, we welcome your submissions. We value your comments and suggestions, so please email us at journals{at}investmentresearch.org.

TOPICS: ESG investing, portfolio theory, analysis of individual factors/risk premia, style investing

Brian Bruce

Editor-in-Chief

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