News in brief - 14 May

Written by Adam Cadle

14/05/2024

- Prudential Financial has announced that Andrew Yorks will join the company as head of global investment strategy, effective 15 July.

Yorks will report to Tim Schmidt, senior vice president and chief investment officer.

Yorks will be responsible for developing investment plans and ALM strategies for Prudential’s general account. He will also have responsibility for identifying and assessing new investment opportunities and monitoring overall portfolio risks, and will serve as the key liaison with PGIM asset management units and corporate functions.

Currently, Yorks is chief investment officer at Resolution Life U.S. where he is responsible for the overall management of the company’s investment portfolio and for setting the overall strategic direction of the company, including growth through mergers and acquisitions. Additionally, he plays an important role in developing Resolution Life Group’s investment strategy and process.

Prior to Resolution Life U.S., Yorks was senior vice president, head of alternatives and private debt strategies at Lincoln Financial Group, where he oversaw $18bn of private equity, hedge fund, and private debt strategies across 20 manager relationships for Lincoln’s general account. He has also held leadership positions at several asset managers including BlackRock and Alliance Capital.

- Invesco has announced the launch of the Invesco Climate Adaptation Action Fund (ICAAF), enabling institutional investors to support climate change adaption efforts in emerging markets and developing economies. ICAAF will help to close the climate adaptation finance gap by mobilising private and public capital to accelerate the scale up of resilient infrastructure and adaption solutions. It will also invest in public and private placement bonds in developing countries with use of proceeds tilted towards climate adaptation. It aims to provide institutional investors with a triple dividend: the opportunity to minimise the economic impact of climate change, realise positive gains, and deliver wider social and environmental benefits.

Invesco is seeking to raise $500m for the fund, which has launched an IPO that will now run for nine months. The fund’s term is 12 years, comprising a seven-year investment period during which it will target multiple climate adaptation sectors – including food security and agriculture, coastal zones, urban infrastructure, water collection and management, energy and nature-based solutions – and a five-year run-off period.

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