The mood around ESG today is not the same as when the first edition of this Handbook was published in 2022. AIMA members will recognise that much has changed in the last three years: the political attitude towards ESG has become more sceptical in some jurisdictions, sustainable fund flows have become more measured, and marketing activity around sustainability-related financial products is more subdued. Investment managers are now more cognisant of the way in which they discuss sustainability, potentially leading to more meaningful approaches to ESG. In short, there are evolving challenges and opportunities. 

In the United States, a hardening of attitudes towards ESG at a federal level, following on from the same development at state level, means that managers have to be more cautious around ESG communication and the way in which they publicly present themselves. 

In the European Union, the European Commission’s Omnibus Simplification Package and its proposed review of SFDR mean that key pieces of the bloc’s sustainability-related financial regulation are undergoing significant changes. This creates uncertainty for AIMA members and may increase costs for our industry if compliance requirements are significantly altered. 

For AIMA members with global operations, the regulatory and marketing challenge is particularly acute. They may find themselves caught between attempting to demonstrate a sufficient sustainability commitment for European investors while meeting the needs of US investors. 

Perhaps more than ever, a comprehensive guide to the different sustainability-related financial regulations is essential in helping AIMA members navigate the myriad of different rules and global approaches to ESG. To this end, this Handbook provides an overview of the main regulations, standards and initiatives from around the world and is organised into four sections: international, US, EU, and UK. Each chapter addresses the main challenges associated with the topics at hand and discusses their relevance to AIMA members. You will also find a Practitioner’s Perspective accompanying many of the chapters in this Handbook. This provides the invaluable experience of AIMA members who have already done the hard work of complying with the regulations.

The ESG landscape of 2025, in which managers are forced to navigate both regulatory and political complexities, is undeniably challenging. There are, however, undeniable opportunities for managers who can navigate these complexities successfully. We hope this Handbook supports you as you face an ever-shifting sustainability landscape.

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  Jack Inglis

  Chief Executive Officer, AIMA