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UBP Asset Management (Europe)

Union Bancaire Privée is a family-owned company, driven by an entrepreneurial vision, innovation and independence. UBP is one of the most strongly-capitalised private banks. UBP joined the Net Zero Asset Managers Initiative in November 2021 and made its initial target disclosure in January 2023.

Initial Target Disclosure - January 2023

54% of total AUM

initially committed to be managed in line with net zero

USD $10.3 billion

currently committed to be managed in line with net zero

Information on interim target(s) covering the proportion of assets to be managed in line with net zero

Baseline(s):

2021

Portfolio coverage baseline

19% of AUMs in material sectors considered aligning or committed to align.

2019

Portfolio decarbonisation reference baseline

144.6 tCO2e/$m revenue.

Target(s):

2040

Portfolio coverage target

100% of AUMs in material sectors at least aligned.

2030

Portfolio decarbonisation reference target

-50% by 2030 or 72.3 tCO2e/$m revenue

GHG scopes included:

Our decarbonisation target is based on Scope 1 & 2 GHG emissions for the moment. We intend to include Scope 3 emissions once data become available and of sufficient quality.

Methodology:

Net Zero Investment Framework

Scenario(s):

We use the P2 emission pathway of the IPCC special report on global warming of 1.5°C.

Additional information

Proportion of AUM committed:

The initial proportion of AUMs to be managed in line with net zero includes corporate bond and equity direct holdings included in the open-ended funds managed by UBP Asset Management (Europe) and its 100%-owned subsidiary, UBP Asset Management (France). This covers 54% of total AUMs. We aim to include mandates and dedicated funds, upon approval from our clients. A clear plan for engaging with our asset owner clients will be defined in the coming months. Due to methodological and technical limitations, other asset classes and indirect holdings are out of scope for the moment. We are committed to gradually increasing the proportion of AUM to be managed in line with net zero to 100% as data and methodologies become available.

Policy on coal and other fossil fuel investments:

UBP Asset Management (Europe) is keen to reduce its exposure to carbon-intensive investments, and in particular those linked to coal. This is integrated directly into our Responsible Investment policy and is in line with our commitment to net zero. To that end, we exclude from all our investments companies with 20% or more of their revenues linked to thermal coal extraction. In addition, our SFDR Article 8 and 9 products have stricter minimum guidelines to exclude companies involved in thermal coal extraction and also exclude coal-generated electricity utilities and unconventional oil and gas (revenue thresholds apply and are described in the Policy). We are currently examining the possibility of adopting a science-based policy.

Further information:

Key responsible investments policies and reports can be found here.