VI. What’s New? Comparing the 2021 and 2019 RAAI Leaders List

When comparing the 2021 and 2019 Leaders Lists, three major differences stand out:

It was harder to make the Leaders List in 2021 than it was in 2019 and 2017, because of increased competition and a higher bar for inclusion. In 2021, 251 asset allocators were rated compared to 197 in 2019 and 121 in 2017. Additionally, in 2021, asset allocators were rated on 30 criteria, 10 more than in 2019 and 18 more than in 2017. A higher score was also needed to qualify. Leaders in 2021 needed to score at least a 96 to make the cut, versus a minimum of 94 in 2019 and 90 in 2017.

The total AUM in 2021 is nearly $2 trillion higher at $7.91 trillion than it was in 2019 ($5.94 trillion). This indicates that larger, more mature asset allocators are increasingly focused on responsible investing and hence more assets are being deployed toward social and environmental goals alongside financial returns. Part of the jump in assets was due to the inclusion of five additional funds on the Leaders List. However, even excluding the AUM of the largest asset allocators (Japan’s $1.4 trillion GPIF [Government Pension Investment Fund] and Norway’s $1.4 trillion GPF), the next 28 leaders together accounted for $5.2 trillion of AUM, versus $4.5 trillion for the equivalent group of leaders in 2019.

The Leaders List is dynamic, with room for improvement from previously rated funds and the opportunity for newly rated funds to be recognized for their leadership on responsible investing. Eleven new asset allocators were selected for the Leaders List in 2021—one (Spain’s COFIDES) was new to the RAAI and not covered in 2019. Of the remaining ten new leaders, all were able to raise their scores in 2021, including: Australian firms Aware Super and UniSuper, Ireland Strategic Investment Fund, ATP Group of Denmark, CDP Group of Italy, New York State Common Retirement Fund of the USA, and U.K. firms USS, LGPS Central Limited, Brunel Pension Partnership, and London CIV.