Opinion: UC investments are going fossil free. But not exactly for the reasons you may think (via latimesopinion)
at New America recognized UC Investments as one of the world’s 25 most responsible institutional investors.In April 2014, when Jagdeep arrived to become UC’s chief investment officer, UC Investments had a total of $91.6 billion in assets under management. As of June 30,
All of this is by way of saying that we don’t make investment decisions simply based on the preferences of one group or another of our stakeholders, which is not to say we don’t listen to them. We should and we do, such as when the UC Academic Senateto the UC Board of Regents in July calling on us to divest our endowment of fossil fuels. We were already going there, or as Richard said in a statement at the time, we were “on a glide path to zero.” The same applies to the pension as well.
The reason we sold some $150 million in fossil fuel assets from our endowment was the reason we sell other assets: They posed a long-term risk to generating strong returns for UC’s diversified portfolios.
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