Ethical Performance
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HBOS lures Mackenzie to spearhead SRI drive

February 2002

One of the UK’s biggest financial companies has jumped into the socially responsible investment market by luring the City’s best-known SRI specialist, Craig Mackenzie, to join its new team.

Mackenzie has moved from head of the SRI team at Friends Ivory & Sime (FIS), the oldest SRI fund manager in the UK, to join the asset management arm of HBOS, a new business created by Clerical Medical, the Halifax bank and the investment business of Equitable Life. He has also taken two FIS colleagues, Rachel Crossley and Steve Waygood, with him.

Mackenzie has been a pioneer in the SRI field, where he has been instrumental in developing strategies for engaging with companies to raise awareness of social and environmental risks.

At FIS he set up the Responsible Engagement Overlay system, which has put those engagement strategies into practice. He is deputy chair of the FTSE4Good advisory committee and a council member of the Institute of Social and Ethical Accountability.

HBOS, which manages £62billion ($89bn) of assets, said the recruitment of three key members from one of Europe’s leading SRI teams ‘signals our intention to become a significant player in this international and strongly growing market sector’.

Douglas Ferrans, chief executive at HBOS, added: ‘We are determined to be number one in SRI and this will give us an exceptional impetus towards achieving our goal.’

Mackenzie will report to Michael Deakin, chief investment officer with responsibility for developing SRI capacity in HBOS’s asset management business. The team of three is eventually expected to grow to six.

HBOS will take an engagement approach in its dealings with companies.

Rachel Crossley led FIS’s engagement programmes on human rights and labour standards and Steve Waygood led its screened-fund policy development.

Mackenzie’s post as director of governance and socially responsible investment at FIS has been filled by Karina Litvack, who has moved up from director of research to lead a seven-strong SRI team that is expected to expand to 12 in 2002. FIS manages around £20bn of equity.



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