Selection of media releases covering SinCo work.

See also

*Embargoed for release: 12h00 Tuesday 20 November 2012*
Cape Town, South Africa
A new 5-part report series – Navigating Muddy Waters - released today by WWF-South Africa, in collaboration with Carbon Tracker, Trucost, SinCo, the Government Employee Pension Fund (GEPF), and WWF-UK shows that institutional investors in South Africa are failing to systematically factor in climate change and water risks when making investment decisions.
Commissioned by WWF, boutique sustainable investment advisory firm SinCo played a key role with project partners in building this new evidence-based research base. The analysis uses multiple perspectives to understand and then through a targeted list of next steps, to influence the investment value chain. Graham Sinclair co-authored Report 5: Navigating Muddy Waters Synthesis Report released today. The SinCo team presents the research and analysis in Report 3: Rolling In The Deep:  Institutional Investor Attitudes To Climate Change Portfolio Risks to be released by WWF and SinCo in early December 2012.
“SinCo’s research findings for WWF indicate risks tied to policy, environmental, social and technology impacts are latent in investment decisions,” said Graham Sinclair, Principal at SinCo and co-author of the report.  “Take for example, the planned carbon tax in South Africa due in the next 24 months. From our analysis of institutional investor attitudes, if a carbon tax price appears in portfolios, it is modeled at very low prices; more for equity than fixed income portfolios. This suggests investors are not factoring in the costs, downplaying the industry impacts, not valuing low-carbon business models, or ignoring it.”
SinCo supports WWF in calling on investment regulators, asset owners, investment managers, investment analysts, securities exchanges and companies to take action in 2013 to fully price in externalities. The impacts of water scarcity are poorly tracked by investors but may have material valuation effects.
“We agree that regular, standardized, verified and publicly-available reporting of material climate risks like carbon dioxide emissions or water intensities by all companies – including state-owned enterprises with major carbon footprints like Eskom or Transnet - makes sense for long-term investors,” Sinclair added. “And institutional investors themselves need to be reporting in the same way what their portfolio footprints are.”
Report 5 synthesizes analysis from 4 reports including Report 3: Rolling In The Deep:  Institutional Investor Attitudes To Climate Change Portfolio Risks analyzing attitudes and activities of asset owners with portfolios of over ZAR1,055 billion ($121 billion)[1] and investment managers managing portfolios of ZAR 2,744 billion ($317 billion). Carbon dioxide emissions and water scarcity are proxies for near term and medium term climate risks to investment decisions.
Mis-priced climate risks in South Africa matter to every citizen, every saver and every pensioner. Because investment is domestically concentrated because of limits on investment outside South Africa, with a maximum of 5% allowed in Africa and 20% invested globally.

Graham Sinclair
SinCo – sustainable investment consulting – is a boutique investment advisory firm specializing in sustainable investment architecture in frontier and emerging markets. Since 2006 SinCo has delivered sustainable investment architecture globally to pension funds, asset managers, private equity funds, stock exchanges and international organizations integrating environmental, social and governance (ESG) factors into investment practice for sustainable long-term investment performance. SinCo has grown to be an agile advisory team delivering high-value, high-impact investment services globally.  SinCo engagements deliver innovative sustainable investment policies, strategies, indexes, research and education projects that move our clients up the ESG learning and experience curves smarter and faster. 
WWF stands for the World Wide Fund for Nature.
See for more information.
Contacts for WWF-SA
Quathar Jacobs
Media Officer
+27 82 538 7710
+27 21 657 6657
Malango Mughogho
Sustainable Business Programme Manager
+27 76 025 8382
+27 11 447 1213

[1] Cross rate used ZAR 8.63521 : US$ 1.

MEDIA RELEASE Trends 2012 Report Increases Opportunity for Africa Investment Management Research On ESG

CAPE TOWN, South Africa
7 December 2012 announced today that the Trends 2012 Report research window for institutional investment managers to profile their Africa investment strategies by joining the first-ever pan-African report on environmental, social and governance (ESG) issues has been increased to 18 January 2013. The Trends 2012 Report is planned for release end-February 2013. (Africa Sustainable Investment Forum) has responded to demand from investment managers seeking to provide information for the pioneering the Trends 2012 Report Project, but who have requested a longer period for consultation, data collation and reporting. Data, survey responses and interviews will now be completed by 18 January 2013. 

Institutional investor response has been significant in asset-weighted terms. At 5 December 2012 the survey has data reported by more than 50 institutional investors managing US$ 327 billion in Africa. Publication of the Trends 2012 Report is planned for end-February 2013 in online and e-book formats for wide-spread release followed by a rolling launch in major investment centres through events hosted by project partners and via our channel. 

More than 500 investment managers globally who professionally invest in Africa across asset classes such listed equity, fixed income, private equity, hedge funds, infrastructure, real estate and alternatives have been invited to join the research effort through surveys and interviews. Themes such as alternative energy, clean tech, water scarcity, human rights, corporate govrnance, climate change and impact investing have been reported. Investment managers who participate qualify for an invitation-only briefing adjacent to the official launch of the report. All respondents will be acknowledged in the report. Respondents may access the real-time aggregated responses on completion of the 25 question online survey tool. 

The Trends 2012 Report Project is led by the all-volunteer (Africa Sustainable Investment Forum) team based in Mauritius, Kenya, Nigeria, Morocco, South Africa, USA and the UK. Project partners include major stakeholders active in the investment value chain in Africa, namely the Government Employees Pension Fund of South Africa, Old Mutual Investment Group South Africa, , Investec Asset Management, Mergence Investment Managers, MSCI, Bloomberg, Frost & Sullivan, RisCura, B.Lab and SinCo.

Investment managers in Africa are invited to complete the online survey at In keeping with’s transparent and inclusive approach, information on the project is available at

- Ends -


ABOUT is an independent, pan-African, not-for-profit network, knowledgebase and advocate promoting investment in sustainable development across the continent launched in June 2010. The Project is run by volunteers building a network of institutions and individuals promoting sustainable investment in Africa by investors in public, private and philanthropy sectors across asset classes, countries and stakeholders from our platform at
For more information on the Marketplace Trends 2012 Report Project
For managers of investments in Africa, please complete the survey online 


Graham Sinclair




The following people are representatives of partner organizations of the report and are also available for comment:

B.Lab: Beth Richardson  B Lab & GIIRS +1.919-942-1401
Bloomberg:  Jane Armstrong,, +44 203 525 8111
Frost & Sullivan: Adri Grobler  +27.82.653.8785;  CC Christie Cronje 
GEPF: Khaya Buthelezi; GEPF Communications Manager;, +27 12 424 7329 @buthelezikhaya
Investec Asset Management: Therese Niklasson;;  +44 20 7597 2189 CC Vian Sharif
Mergence: Farzaanah Richards, Office Manager,  +27 21 433 29607
MSCI: Martina Macpherson, Vice President, Marketing & Commercial Relationships,, +44 20 7618 2231 
RisCura: Kerry Sinclair, Head of Marketing RisCura, +27 21 673 6999
OMIGSA: Jon Duncan, Head of Responsible Investment:; +27 21 509 1014; cc Head of  Media and Communications, Lynn Bolin,; +27 21 509 5667
SinCo: Graham Sinclair, Principal, +27.82.712.1925 @SinCoESG
ThistlePraxis:  Ini Onuk, CEO,  Tel: +234-1-2131404,
Thomson Reuters:  Michelle Deavall,  Events and Marketing Specialist (Africa) +2711 775 3000 ext: 3067


SELECTED QUOTES FROM PARTNERS (updated edit from 27 September 2012):

"Bloomberg is committed to supporting the global integration of Environmental, Social and Governance (ESG) risk and opportunity analysis into sustainable investment decision making. Understanding the current state of the sustainable investment market in Africa and identifying opportunities for further development is a key step in ensuring ESG issues are effectively priced in a market that is expected to see significant growth in the coming years. To that end, Bloomberg is pleased to be a project partner for the first Trends Report project," – Curtis Ravenel, Global Head, Sustainability Group Bloomberg L.P., New York USA.

 “We are pleased to be a part of the Trends 2012 Report project with and believe it will be an interesting and useful exercise in terms of starting to map the African ESG investment landscape”.  - Therese Niklasson, Head of ESG Research, Investec Asset Management
"As a significant investor in Africa we see the process of identify and measuring the growing importance of ESG in Africa in the Trends 2012 Report as an important aspect in the process of improving the depth and the quality of Africa's capital markets.  As the last remaining frontier of investment, a strong ESG culture will service the continent well as it seeks to attract greater degrees of global capital flows from increasingly discerning capital allocators." - Malcolm Gray, Portfolio Manager, Investec Asset Management

“Old Mutual Investment Group SA (OMIGSA)'s strong commitment to responsible investment is reflected in our responsible investment and ownership guidelines. Trends 2012 Report is an important study and we are proud to contribute to this project that will support the growth of the responsible investment industry across Africa.” - Jon Duncan, Head of Responsible Investment, Old Mutual Investment Group SA.

“These days we are all aware that institutional investors have a responsibility to the world around them. This research will open up an important opportunity for trustees and funds to make a difference,” - Claire Rentzke, Consultant, RisCura Consulting.

“Overcoming negative perceptions of the African continent, and the opportunities it has to offer, are still some of the biggest challenges faced in attracting investment. Initiatives like the Marketplace Trends report will go a long way to managing these perceptions more effectively and shifting the paradigm from ‘should we invest in Africa’ to ‘managing risk of not being in Africa.” Hendrik Malan, Operations Director for Africa, Frost & Sullivan.

“Good data about investment practices in Africa is hard to find and currently there seems to be very little incentive for the rest of the world to map the status quo. The work done by in the Trends 2012 Report will go a long way in improving our understanding of the view of institutional investors in Africa of ESG issues. Investment behaviour tells us much about where the market might move, as well as where pressure needs to be applied to address environmental and social issues in Africa.” -  Jako Volschenk, University of Stellenbosch Business School. 

“We are delighted to be partnering with the Trends 2012 Report”, says Martina Macpherson, Vice President, Marketing and Commercial Relationships at MSCI. “Recent developments in (South) Africa, such as changes to Regulation 28 of the South African Pension Fund Act and the launch of the Code for Responsible Investing in South Africa (CRISA) place a growing emphasis on ESG developments in the region. We hope that the Trends 2012 Report will help asset owners and managers to better meet their mandates and understand ESG-driven investment risks and opportunities.”

“At SinCo we share ideas with thought-leaders globally,” said Graham Sinclair, Principal of SinCo. “Now as a supporter of from day one, we are pleased to help the Trends 2012 Report research project take shape, and look forward to the new learnings from Africa.”

"By incorporating environmental, social and governance [ESG] issues into our investment process, we encourage the companies we invest in to strike a balance between profits and being socially responsible, and to actively manage their environmental impact while maintaining high levels of corporate governance standards. We support's initiatives, and expect that the Trends 2012 Report will improve the understanding of sustainable investment in Africa going forward." – Mark Van Wyk, Portfolio Manager - SRI Debt, Mergence Investment Managers. 



FURTHER BACKGROUND NOTES (updated edit from 27 September 2012):

1. PREVIOUS REPORTS  According to International Finance Corporation (IFC)-funded reports on sustainable investment in 2010 (covering Middle East / North Africa region) as well as the 2011 report (covering Sub-Saharan Africa), the possible market in ESG assets under management in Africa is estimated at over US$ 125 billion. Based on research by SinCo and RisCura, the Sub-Saharan Africa report was launched alongside the Code for Responsible Investment (CRISA) in Johannesburg, South Africa in July 2011. MORE AT 

See previous SIF marketplace trends reports in:
USA - 
Canada - 
Europe - 
Asia - 

2. GLOBAL COORDINATION The Trends 2012 Report is the first-ever Africa report, and will feed into the global Sustainable Investment Forum Trends report released simultaneously in January 2013.

3. AUDIENCE  The Trends 2012 Report audience is wide, covering investment managers, stock exchanges, regulators, legislators, think tanks, advertising agencies, consulting firms, analysts, academia, and the media covering Africa. The report will be a distributed at zero cost electronically with a limited hardcopy run. We expect more than 2,000 downloads of the report.


Adri Joubert, Frost & Sullivan 
Adrian Bertrand, Government Employees Pension Fund (GEPF)
Barbara Evans, Bloomberg ESG
Belaina Negash, Government Employees Pension Fund (GEPF)
Beth Richardson  B Lab & GIIRS 
Emilia Asim-Ita, ThistlePraxis Consulting Limited

Gareth Allison, MSCI 
Ini Onuk, ThistlePraxis Consulting Limited
Jako Volschenk, University of Stellenbosch Business School (USB)
Jon Duncan, Old Mutual Investment Group South Africa (OMIGSA)
Josef Dobrawez, Thomson Reuters
Mark van Wyk, Mergence Investment Managers
Martina Macpherson MSCI 
Michelle Deavall, Thomson Reuters
Ryan Andersen, Frost & Sullivan
Therese Niklasson, Investec Asset Management (IAM)

Adekanmi Lawson, & Edward Nathan & Sonnenberg (ENS)
Akshita Saxena, HEC Paris MBA &
Asmaa El Bacha Blanc,
Buyiswa Nodada, Independent Actuaries & Consultants &
Deon Smith, RisCura & [Project Manager]
Diana Mjojo, UCT, Google Africa &
Graham Sinclair, SinCo &
Greg Barker, Sustainable Capital &
Ian Meaker, & Future Champs
Jessica Ennis, Princeton in Africa Fellow &
Julia Vlad, HEC Paris MBA &
Keith Comline, Comline Attorneys & UCT Graduate School of Business MBA Candidate 2013
Kunle Odebunmi, SMEfunds / The African Network-Nigeria Chapter &
Marc Ferrer Capdevila, HEC Paris MBA &
Miles Mudzviti,
Olivia Muiru, B.Lab &
Pamela Leste De Perindorge,
Sam Obamiyi, Craven Cottage Partners 
Suchit Saraf, HEC Paris MBA &
Wendy Van Schalkwyk, Futuregrowth &

19 July 2011 IMMEDIATE UPDATE 3 - 25 July 2011
ISSUED BY: SinCo + RisCura 

IFC-SinCo reports US$125 billion in Sustainable Investment in Sub-Saharan Africa 

IFC, a member of the World Bank Group, today released the most comprehensive study to date of Sustainable Investment (SI) in Sub-Saharan Africa (SSA). The report is based on research by SinCo and RisCura including over 160 interviews of investors and advisors. 

Using investor self-reported data, the study estimates US$125 billion of investment that integrates environmental, social and governance (ESG) factors in SSA which is set to grow significantly.  At the same time, ESG-branded investment products represent less than 1% of assets under management (AuM) or US$5.5 billion. 

The report analyzes the state and growth trajectory of sustainable investment, and the underlying drivers and barriers to its development, in South Africa, with additional focus on the major Sub-Saharan African markets of Nigeria and Kenya. The findings point to significant growth in SI over the next five years, led by Private Equity (PE) funds, demand from asset owners, and new regulations that enable pension funds to both increase allocations to PE and/or enable ESG integration, notably in South Africa. The largest institutional investment market on the continent is South Africa which accounts for 95% of Sustainable Investment in SSA.

“Sustainable Investment in SSA is one of a series of IFC reports that addresses information gaps in sustainable investment,” said Euan Marshall, Global Product Leader, Sustainable and Inclusive Investing, IFC. “This report is part of IFC’s efforts to help mobilize more institutional capital into sustainable and inclusive equity funds and indices in frontier and emerging markets.” 

The report makes five strategic recommendations to incentivize the investment value chain to integrate environmental, social and corporate governance (ESG) factors into investment decisions, promoting shared learnings from the dynamic local industry, building out a stronger investment case and tracking the growth of the SI theme. Barriers were identified by investors including: low levels of awareness amongst pension fund trustees, the need for better standards / reporting and research coverage beyond the large dual-listed companies in high-impact, high-visibility sectors, and increased expertise and services from asset consultants, analysts and advisors.

Jim O’Neill, Chairman of Goldman Sachs Asset Management, commented that “With the economic opportunities and increasing investment in Africa, there is rising investor interest in the region.  The concept of sustainable investing could also feature more prominently in African investment opportunities."

Data gaps persist, making ESG analysis difficult. “Sometimes even the most basic investment data to help understand SI in the region is difficult to come by,” said Malcolm Fair, Director of RisCura. “Despite the data challenges, this research provides a surprisingly detailed look at the sustainable investment landscape in the region.”

Said Graham Sinclair, Principal of sustainable investment consulting boutique, SinCo, and author of the report. “Further research is needed to benchmark ESG impact, but there is no doubt billions of dollars today are seeking investment opportunities in the region.”

The Private Equity (PE) asset class is relatively more advanced in implementing ESG factors than general asset management, in large part due to their clients assets flowing from development financing institutions (DFIs), such as the IFC, African Development BankProparco and CDC. DFIs have committed capital to Africa-focused Private Equity managers in the past decade, producing positive and uncorrelated investment returns. One-in-two PE funds have managed assets for DFIs in the past 3 years.

To build on the momentum identified in this report authored by Graham Sinclair, Principal at SinCo, the IFC is to host a series of investor workshops in Africa with investors and asset owners. “The report's findings show how far interest has grown in sustainable investment and how much further it can go," said Rod Evison, Acting CEO of CDC Group, which has over £1.1 billion committed to funds in PE in Africa. From a small but established base, an African interpretation of Sustainable Investment is growing. More work is needed, at policy, practitioner and portfolio levels, to grow this investment theme.



About SinCo
SinCo - the sustainable investment consultants - is a boutique investment advisory firm specializing in sustainable investment in emerging markets, especially Africa. Since 2006 SinCo has delivered sustainable investment architecture globally to pension funds, asset managers and international organizations integrating environment, social and governance (ESG) factors into investment practice. SinCo supports and its mission to promote sustainable investment in Africa. Visit SinCo at 

About RisCura
RisCura is a premier independent financial analytics provider and investment consultant with significant expertise in Africa. RisCura services institutional investors with over $180 billion in assets under management, as well as a significant number of hedge funds and private equity firms. RisCura is the leading provider of independent valuation, risk and performance analysis services to investors in Africa.

About IFC 
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. 


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