Abu Dhabi’s $232 billion Mubadala is hiring for its new ESG unit

Published 24 Mar,2021 via Bloomberg Markets -- Abu Dhabi’s Mubadala Investment Co. is looking for top talent to join a standalone unit it created to focus on environmental, social and governance goals.

The $230 billion wealth fund is hiring two senior bankers to help evaluate ESG-related risks and opportunities for existing and new investments, according to a job advertisement on Linkedin. Derek Rozycki, who has over 15 years of experience at the fund, has been appointed to lead the division.

A Mubadala spokesperson didn’t immediately comment when contacted by Bloomberg.

Although the adoption of sustainable-investing practices is increasingly central to asset allocation and corporate decision making, many wealth funds have lagged on ESG standards. A report by the International Forum of Sovereign Wealth Funds last month found that only 30% of a group of 34 responding institutions had more than 10% of their portfolios invested in climate-related strategies.

Mubadala is the second-biggest sovereign investor in Abu Dhabi, the capital of the United Arab Emirates that’s home to almost 6% of the world’s oil reserves. The government has looked to the fund to harness energy revenue and power broader development at a time when public finances are under strain from lower crude prices.

Last November, Mubadala joined the One Planet Sovereign Wealth Funds initiative, a coalition established to integrate climate change into its priorities. Abu Dhabi’s government-run oil company is teaming up with Mubadala and another one of its wealth funds to turn the emirate into an exporter of blue and green hydrogen.

Prior to starting in the job in January, Rozycki has worked in various roles spanning corporate and structured finance and treasury according to his Linkedin profile. He’s also previously worked as an investment banker with Barclays Plc for nearly 10 years.

The new unit will be the “steward of the continued institutionalization of Responsible Investing practices across the company,” Mubadala said in the document.

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