UAO Fiduciary
You own the externality: why universal owners pay for their companies' pollution
When a portfolio company offloads a cost onto the world, a diversified owner is the world. The bill comes back.
Topic
UAO Fiduciary
Independent reporting on fiduciary duty, climate, stewardship and systemic risk for the institutions that allocate the world's long-term capital.
Latest in UAO Fiduciary
UAO Fiduciary
Physical risk comes for the portfolio: insuring the uninsurable
Transition risk gets the attention. Physical risk sends the bill — and a diversified owner has nowhere to send it on.
UAO Fiduciary
The allocation gap: why 86% of owners keep raising climate exposure as managers retreat
The loudest signal of 2025 was the retreat. The largest signal was the money, which kept moving the other way.
UAO Fiduciary
After the exodus: what's left of the Net-Zero Asset Owner Alliance
The headline departures are real. So is the capital that stayed — and the targets that still bind it.
UAO Fiduciary
When protecting beta becomes a fiduciary obligation, not a choice
The universal-ownership thesis has an uncomfortable implication: for the largest funds, ignoring systemic risk may itself be a breach of duty.
UAO Fiduciary
Pecuniary only? How H.R. 2988 would reshape what US pensions can weigh
A bill that passed the House by ten votes would narrow the lens through which American retirement fiduciaries are allowed to see risk.
UAO Fiduciary
The new duty: what the UK Stewardship Code 2026 changes for asset owners
The Code that took effect on 1 January redefines the job itself — and resets the bar every large owner is measured against.
UAO Fiduciary
Asset owner vs asset manager
The distinction between asset owners and asset managers defines modern institutional investing. Asset owners control capital and set policy; managers deploy it. Understanding this hierarchy is critical for CIOs navigating fee structures, governance, and accountability.
The Daily Brief
The morning briefing for the people who allocate long-horizon capital.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
Five minutes, five days a week. Complimentary — subscriptions are reviewed by our editorial desk, and you'll receive a notice once approved.
You’re on the list. Tomorrow’s brief will arrive in your inbox.
Please enter a valid email.