Invesco Quantitative Strategies PhD Studentship: Fifty Shades of Green: Sustainable Factor Investing

This is a 1+3 years studentship between the Department of Accounting and Finance at Lancaster University Management School (LUMS) and our industry partner Invesco, funded by Invesco and LUMS. The PhD Studentship includes payment of full tuition fees and an annual maintenance grant sponsored by Invesco of £23,000 (tax-free) in years 1, 2, 3 and 4. The start date is 1^st October 2023 and the supervisors are:

1. Prof. Mark Shackleton (Professor of Finance, Pentland Centre for Sustainability in Business, EMP, LUMS)
2. Dr Sandra Nolte (Senior Lecturer in Finance, Head of Department, EMP, LUMS)
3. Carsten Rother (Research Analyst, Invesco Quantitative Strategies)

Description of the project:

Defining which company is really helping to achieve a more sustainable economy is challenging. Diverse definitions of ESG in general, as well as time lags in sustainability reports and carbon emissions make it difficult to assess a company’s ESG profile. This allows for greenwashing and opaque or no actions with regards to achieving our ambitious ESG goals. Therefore, the main goal of this project is to develop sophisticated forward-looking ESG measures, incorporate them into factor-based investment portfolios, and analyse their use in investment strategies that aim to mitigate sustainability risks. With this, we can provide solutions to investors to direct capital flows to those companies that help achieve a more sustainable economy. At the heart of this research project, the PhD candidate will thus investigate the importance and impact of efficiently integrating ESG characteristics into portfolio management. In a related vein, the PhD candidate will utilize machine learning and natural language processing techniques to develop more informed ESG characteristics, while combining them with state-of-the art portfolio construction techniques to enable efficient harvesting of factor premia. The PhD candidate will enjoy the unique opportunity to pursue a first-class formal finance education while keeping close ties to the investment management industry.  In particular, the PhD student will gain comprehensive insight into the Invesco Quantitative Strategies Team with more than 50 investment professionals managing over USD 20bn within a broad range of investment strategies and asset classes.

Application details:

The successful candidate will automatically be enrolled into the department’s 4 year PhD programme in Accounting and Finance. The admission criteria are:

• Applicants are normally expected to hold a relevant Master’s degree in finance (with a substantial quantitative component), Master (MSci or MSc) in Mathematics, Statistics or in a related quantitative/econometric cognate subject area.
• We will usually require a performance at distinction level at Master’s degree, typically averaging above 70% overall, which may also be required in a suitable dissertation element.
• Our English language requirements (where required) are for IELTS at 7.0.
• Applicants are advised that a GMAT score may be required. 

How to apply:

Please send your CV (including marks’ transcripts) and a motivation letter directly to Dr Sandra Nolte (S.Nolte@lancaster.ac.uk) and Carsten Rother (carsten.rother@invesco.com); and apply formally to the department’s PhD programme. More details can be found under www.lancaster.ac.uk/lums/our-departments/accounting-and-finance/phd/

Please apply before 15th April 2023. 

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