W&F Issue 5 2018

Wealth & Finance International - Issue 5 2018 5 Policy aims to promote competitive process and high standards for infrastructure investments. GCM Grosvenor’s Labor Impact Infrastructure Business Adopts Responsible Contractor Policy GCM Grosvenor is a global alternative asset management firm with approx- imately $50 billion of assets under management in hedge fund strategies, private equity, infrastructure, real estate and multi-asset class solutions. It is one of the largest, most diversified independent alternative asset manage- ment firms worldwide. GCM Grosvenor today announced that its Labor Impact Infrastructure business has adopted a Responsible Contractor Policy that includes an agreement to proactively collaborate with the North America’s Building Trades Unions (“NABTU”). The policy will ensure “responsible contractors,” including contractors who are signatories to col- lective bargaining agreements, are part of the bidding and selection process for its Labor Impact investments. Through this policy, GCM Grosvenor will promote fair benefits, wages, working conditions and training opportunities for covered workers on projects for GCM Grosvenor’s dedicated Labor Impact Infrastructure business. Labor Impact Infrastructure investing is investment in infrastructure that relies on a collaboration with union labour to unlock infrastructure opportunities and generate high quality risk-adjusted returns, while creating an enduring pos- itive impact on organised labour. “Sean McGarvey and North America’s Building Trades Unions have shown tremendous leadership pushing a pro-investment and pro-worker agenda. What they have worked toward is the smartest way to approach infrastruc- ture and their efforts should transform the infrastructure investment industry,” said Michael J. Sacks, Chief Executive Officer of GCM Grosvenor. “This Responsible Contractor Policy reflects our values and is an important starting point for any firm that is serious about infrastructure in North America.” “It is rare to find a firm such as GCM Grosvenor that brings the sophistica- tion of a global investment platform and embraces the values of the labour movement,” said Sean McGarvey Pres- ident of NABTU. “GCM Grosvenor’s Responsible Contractor Policy is as good as any we have seen for workers and communities, if not better.” GCM Grosvenor’s Responsible Con- tractor Policy is among the strongest in the industry, reflecting its continued collaboration with leaders in the labour community. The policy covers project construction, renovation, operation and maintenance. Projects must meet criteria, including: • A bidding process that is com- petitive and includes responsible contractors, including signatory contractors; • Selected contractors must demonstrate a history of pro- viding fair wages and benefits, compliance with federal, state and local laws including, but not limited to, wages, insurance benefits, occupational health and safety, and non-discrimination; • Promotion of Project Labor Agreements; • Recognition of employee training and safety and protection of workers’ rights; and • Certain advanced notification to national and local building trade organisations of project and bidding opportunities and reason- able time to seek union labour for various functions. Additionally, the Labor Impact Re- sponsible Contractor Policy contains enforcement mechanisms designed to ensure strict adherence to the policy provisions. Expanding Access to Alternative Investment Strategies J.P. Morgan Asset Management announced on the 17th May 2018 an agreement with iCapital Network (“iCapital”) to provide a white label offering exclusively for Registered In- vestment Advisors and their clients to access a select group of J.P. Morgan Global Alternative strategies. As a part of this agreement, iCapital, which has created a sophisticated technology platform that simplifies access to alternative investments for eligible investors, will partner with J.P. Morgan Asset Management to provide high net worth investors with platform access to certain J.P. Morgan Global Alternative strategies. “As we get later in the economic cycle, identifying alternative sources of return is an essential consideration for investors looking to build stronger portfolios. Institutional clients have long embraced alternatives as a strategic part of their asset allocation, and many high-net-worth investors continue to be under-allocated to alternatives relative to their institutional counterparts,” said Anton Pil, Managing Partner of J.P. Morgan Global Alternatives. “Given the current rising interest rate environment, investors are looking for alternative sources of income that provide diversification to broader fixed income markets, and as a result, we are start- ing with several of our income-focused Alternative Investment strategies.” “iCapital’s industry-leading financial technology platform solves a critical need and will allow us to expand ac- cess to our alternative investment ca- pabilities among a wider audience. We anticipate that we will launch additional strategies over time,” said Christopher Hayward, Managing Partner of J.P. Morgan Global Alternatives. “My colleagues and I are delighted that J.P. Morgan Asset Management has partnered with iCapital to power its alternative strategies platform,” said Lawrence Calcano, Chief Executive Officer of iCapital Network. “We are committed to democratising alternative investments by providing unparalleled technology to advisors and their high-net-worth clients that improves the experience of allocating to new exposures and strategies.” News