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Mariner Investment Group, LLC.

PRI reporting framework 2020

You are in Strategy and Governance » Asset class implementation not reported in other modules

Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Listed equities – ESG incorporation

Portfolio management teams that trade listed equities have access to MSCI’s ESG research and Bloomberg ESG data. The teams have been trained and are part of an annual training process on how to incorporate ESG effectively into their portfolios where applicable.

Listed equities -  engagement 

Where appropriate we take an activist approach for corporate engagement. For example, we may communicate with the board of a particular management company and advocate shareholder rights, whether that be share re-purchases or clauses that would grant fairer treatment of shareholders versus company management, ultimately promoting what we believe to be better governance. Communication with boards spans from shareholder meetings, letters, proxy voting and one-on-one interactions. 

The Firm’s closed-end fund strategy engaged with multiple fund management teams on various governance issues in an effort to narrow the trading discount of the closed-end fund. We received a better understanding on the closed-end fund positions surrounding their approach to rights offerings and insider sales.  Additionally, successfully lobbied one particular closed-end fund to increase their NAV reporting/transparency.

Listed equity - (proxy) voting

Communication with boards spans from shareholder meetings, letters, proxy voting and one-on-one interactions. We utilize Glass Lewis & Co. (GL) as a resource for proxies, to actively vote with environmental, social and governance factors in mind.  

Private equity

N/A

Infrastructure

The Mariner Infrastructure Investment Management team incorporates certain ESG factors into the selection of underlying portfolio assets, with a bias away from coal-fired power facilities and fossil fuel exploration assets. Additionally, the team has a bias toward climate friendly assets. Additionally, several of the team's transactions over the past several years have also focused on impact, incorporating certain conditionality clauses whereby the bank counterparty is obligated to allocate released capital towards sustainability and/or development-focused lending. For example, the team partnered with Credit Agricole to securitize $3 billion of mixed infrastructure assets with a conditionality clause requiring the Bank to redeploy approximately $2 billion of new green lending.

Apart from the integration of certain ESG and impact factors, Mariner has also made a "Charitable Commitment" to donate 5% of its retained asset management fees to a qualified recipient to further its social impact. To date, Mariner has donated over $1 million to the US Fund for UNICEF. In addition, in 2019 Mariner has made a charitable contribution to the High Water Women organization.

Hedge funds - DDQ

Select whether you have responded to the PRI Hedge Fund DDQ

Hedge funds

N/A

Other (1) [as defined in Organisational Overview module]

N/A

16.2. Additional information [Optional].


SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Hedge funds - DDQ

Select whether you use the PRI Hedge Fund DDQ

Hedge funds

Mariner sends out a questionnaire to underlying hedge fund managers as part of their ongoing operational due diligence process which included ESG-related questions. Additionally, as part of the onboarding due diligence process, all new underlying hedge fund managers are required to answer questions about their ESG practices.  For existing underlying hedge fund managers, we periodically asks about ESG practices, where applicable, during routine calls throughout the year.

17.2. Additional information.


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