A government-backed body to promote impact investing in the UK has launched after two separate institutes combined.
The new body, launching today, will bring together the UK National Advisory Board on Impact Investing (UK NAB) and the Implementation Taskforce on Growing a Culture of Social Impact Investing.
The Impact Investing Institute is supported by Department for Digital, Culture, Media and Sport, the Department for International Development and the City of London Corporation alongside private firms and foundations.
A spokesperson for the institute said budget contributions from the backing organisations would be confirmed "in due course".
The body will encourage ordinary savers to choose ISAs, pensions and savings products that benefit social issues.
These could include investments in homelessness charities, renewable energy companies or businesses committed to delivering sustainable employment.
UK NAB was set up in 2013 as the UK representative for an international network. The Implementation Taskforce on Growing a Culture of Social Impact Investing was set up in 2016 to produce a report, which was published in 2017.
Recruiting a chief executive
Sir Harvey McGrath, chair of UK NAB and Big Society Capital, and Elizabeth Corley, chair of the Implementation Taskforce and vice-chair of Allianz Global Investors, will lead the new body and have begun the process of recruit a chief executive.
A spokesperson for the institute will also plan to secure an office and may hire more staff after the appointment of the chief executive.
They said more information about the body's specific targets would be revealed when it officially launches later in the year.
'Enabling savers to invest'
Corley said: “The institute will play a significant role in ensuring the UK continues to stay at the forefront of innovation in impact investing, enabling UK savers to invest in line with their values and have increased ownership over the social outcomes that their money generates.”
McGrath said: “The UK is well-placed with its long running history in impact investing and as a global financial hub to accelerate the next wave of growth and innovation in impact investing.
“Big Society Capital is pleased to show its support to the newly formed Institute. Bringing together the UK NAB and Implementation Taskforce will create a group with impressive convening power and world-class knowledge of both mainstream and social investment.”
Culture secretary Jeremy Wright said: “We want to make it as simple as possible for investors to put money into the issues they care most about.
“The Impact Investing Institute will look at more ways for people to do this, whether you’re an asset manager or pension fund, or an ordinary saver who wants to invest their money to change lives for the better.”