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Summer Newsletter

For Canada to be competitive in a world that is increasingly concerned about sound environmental stewardship, sustainable finance needs to become business as usual in the Canadian financial services industry.

– Tiff Macklem, Final Report of the Expert Panel on Sustainable Finance, Gov’t of Canada 

On June 14, 2019 the Expert Panel on Sustainable Finance released their final report – “Mobilizing Finance for Sustainable Growth.” The recommendations in this report are consistent with those outlines in the interim report released on October 25, 2018, which Tiff Macklem described in my ‘fireside chat’ with him at the Social Finance Forum last November. The report, based on extensive consultation, reinforces not only the necessity of taking action but ultimately shoes how to refashion climate action as an opportunity for financial prosperity, and asserts that is Canada is to meet its long-term objectives, “sustainable finance must become, simply, finance.” 

At Rally Assets, we welcome this shift and feel it is essential for Canada and Canadians to prosper and thrive. We have always believed that our clients can achieve better risk-adjusted returns over the long-term by investing more responsibly, sustainably, and impactfully, and as discussed by our ED Andrea Nemtin in her recent blog, there are opportunities for every investor to contribute to climate change solutions. Now, with the Government of Canada’s promise to consider the Expert Panel’s recommendations, we are cautiously optimistic that a coordinated approach between the private and public sector and enhanced policies, structures and investments can deliver on economic prosperity and mitigate the effects of climate change. 
 

Upkar Arora
CEO, Rally Assets

The Problem with Purpose

This month, Rally Assets, together with social impact agency Public Inc., hosted the “Problem with Purpose” event. With reference to Anand Giridharadas’s book Winners Take All: The Elite Charade of Change the World, we sought to explore the contradictions for those who work for social change and challenge the perspectives, biases and frameworks from which we do so. 

Styles as a bit of a mashup between an old-style coffeehouse and a typical book club, the event was a big success with over 40 social impact space practitioners and leaders in championing “profit with purpose” in attendance. Attendees heard from our CEO Upkar Arora and Public Inc. co-founder Phillip Haid before they received provocations to frame small group conversations centered on the key criticisms of our current approach to social progress, outline in Giridharadas’s book. 

The event was well received by attendees who found it to be unique in three ways: 

  1. It brought people together from very different disciplines who wouldn’t typically share    space, to discuss important issues
  2. It focused on self-reflection and self-examination rather than preaching the standard message to the already converted; and
  3. It allowed for more fulsome peer group discussion rather than superficial soundbites, or sermons from talking heads 

The Problem with Purpose

Foundation Investing 2.0
This quarter, Rally Assets launched Foundation Investing 2.0, a project implemented by Rally Philanthropy and the Shareholder Association for Research and Education (SHARE) for Philanthropic Foundations Canada, Community Foundations of Canada, Canadian Environmental Grant Makers Network, and the Circle on Philanthropy and Aboriginal Peoples. This project was created in response to the growing interest in impact investing from foundation trustees, CEOs, executive directors and senior finance staff. The goal of Foundation Investing 2.0 is to support these individuals – wherever they might be in their impact investing journey – through webinars, practical tools and resources, in-person workshops, and master classes. For a calendar of our events, please click the button below.

Welcoming New Team Members

We are very excited to announce that our team has continued to grow! Please join us in welcoming Inya and Karolina to Rally Assets.

Karolina Kosciolek joins  us as a Consultant in our Impact Advisory practice with over 5 years of impact investing experience, most recently at Addenda Capital Inc., a large institutional asset management firm. Previously she was an investment consultant for high-net-worth families. She earned her Honours BCom degree in Investment Management from McGill University and is both a CFA and CAIA Charterholder. She also serves on the board of Arraymusic, a leading Canadian contemporary music company. Karolina is excited to join Rally Assets to help all types of investors align their portfolio’s with their values.

Inya Ivkovic has over 20 years of experience in the financial industry as an investment advisor, securities industry educator, financial writer and compliance professional. Inya comes to Rally after 11 years with State Street Global Advisors, Ltd., (“SSGA Canada”), where she was the firm’s Chief Compliance Officer registered with all provincial securities commissions under the firm’s Portfolio Manager, Investment Fund Manager and Exempt Market Dealer registration categories. Additionally, Inya was a member of SSGA Canada’s Board of Directors. Inya is excited to join Rally Assets to help the firm build a robust compliance oversight program.

Last month, we said farewell to Simon Beck, a Senior Consultant who was on a one year secondment with us from the Boston Consulting Group. Simon was an integral member of our team and made valuable, lasting contributions to our firm. While we are sad to see him go, we are excited to see all that he will accomplish moving forward.

Good luck, Simon!  

Upcoming Events

“A Just Transition: Making Climate Action Inclusive”
October 7, 2019  |  Online Webinar
Rally Philanthropy and SHARE are pleased to host the third webinar in the Foundation Investing 2.0 series.
“From Intent to Action: Setting the foundations for Impact and Responsible Investing”
November 14, 2019  |  Vancouver, BC
November 19, 2019  |  Toronto, ON
This workshop will look at the importance of investment beliefs in strengthening fund governance and improving investment committee decision-making. We will explore best practices, asset manager selection, monitoring and oversight.

Thank You

Thank you for reading this far and sharing in our journey. We wish you a happy and meaningful summer.