SOCIAL TOPICS (Archive): HISTORY OF WALDEN ASSET MANAGEMENT/SRI

Published, November 1998

       United States Trust Company is delighted to announce that we are acquiring the business of Walden Capital Management, a Boston-based socially responsive investment (SRI) firm that brings unique capability in international social screening and portfolio management. The acquisition embodies both our commitment to continued leadership within SRI and our strategy to expand and diversify the products we provide to our clients.

       We also celebrate the union with Walden on a personal level. It marks the return of Geeta Bhide Aiyer, founder and president of Walden, to USTC after a four-year hiatus. Geeta had previously worked with us for over five years as a portfolio manager and securities analyst. In relatively little time, Walden’s business has grown from an idea to a thriving enterprise with a niche in international SRI.

       Geeta will continue as president of Walden, which will operate as a separate division within USTC. She will also lead our SRI marketing and outreach efforts, and have additional responsibility for product development and portfolio management. Also coming to USTC are Lauren Valenti Compere, who has directed Walden’s administration and social activism, social researcher Steven Heim and assistant Gregory Davies.

       The potential synergies between Walden and USTC go well beyond the sum of the two separate companies since Walden broadens rather than duplicates the investment products we offer. For example, Walden recently launched a first-of-its-kind international social index, the Walden International Social Equity Index Fund. The Fund gives investors the ability to diversify their holdings into the developed-country markets of Europe, Australia, and the Far East without sacrificing their social principles. Walden also offers actively managed international portfolios, and brings additional strengths in domestic small-cap and value-oriented investing. Coupled with USTC’s expertise in domestic balanced and core equity fund management, Walden’s global and domestic funds yield a mix of services that will more fully meet the diverse needs of social investors under a single advisor relationship.

       Synergies also abound in social research and shareholder advocacy. Walden’s ground-breaking work in the international realm will be supported and strengthened by USTC’s dedicated social research team with its decades-long history of leadership in challenging firms to behave more responsibly. We are eager to explore our new capabilities and leverage our collective voices through this work.

       It is fitting that this joining of forces is occurring as we look forward to a new millennium. We see in our future the promise of a USTC-Walden team that, together, is better equipped to anticipate and address the dynamic needs of socially committed investors. We at USTC welcome Geeta and all Walden employees, as well as the entire Walden community of clients and partners.

       “All of us at Walden are excited to be merging forces with USTC to offer a full service firm for social investors. At Walden, we have worked to extend the frontiers of SRI, to ensure our clients’ values are met when investing here and abroad. USTC’s leadership and commitment to social research and shareholder activism is well known. Both groups believe that effective SRI should enhance investment performance and promote better corporate stewardship. Together, we can combine the innovation and responsiveness of a small firm with the stability and depth of resources of a larger group to better serve our clients.”
— Geeta B. Aiyer, President, Walden Capital Management