GBAM identifies global investor shift from ESG to resilience during Málaga meeting

Monica Volpin
2 hours ago
3 min read

MÁLAGA, 13^th November 2025, The Group of Boutique Asset Managers (GBAM), a global network of senior executives from boutique asset management firms, has identified a decisive shift among global investor appetite away from ESG badging and towards a broader “resilience investing” framework during its autumn meeting in Málaga, Spain.

Earlier this month, senior leaders from MAPFRE AM, Azvalor, SKAGEN Funds, Pareto Asset Management, Aubrey Capital Management, Fisch Asset Management, First Avenue Investment Management, Ranmore Fund Management and Farview Invest met in Málaga to exchange perspectives on global markets, governance, and client trends. Discussions revealed a common theme, institutional, retail and private-wealth investors are now prioritising tangible resilience, energy security, supply-chain strength, and governance quality, over box-ticking ESG compliance.

GBAM members noted that what began as a reaction to ESG fatigue is evolving into a more pragmatic approach to responsible investing. Exclusions which once ruled out entire sectors such as defence or nuclear are softening as investors refocus on real-world security and economic continuity. Sweden’s “total defence” model was cited as an example of how sustainability and resilience are converging in both policy and portfolio design. The shift, members agreed, reflects growing demand for transparency, financial materiality, and plain-spoken communication over marketing language.

The discussion also highlighted renewed investor interest in real assets, particularly gold, as a store of value and hedge against financial instability. Years of under-investment in mining and energy, combined with changing central-bank reserve policies, are re-establishing gold’s role within diversified portfolios. GBAM’s members described this as part of a practical “resilience toolkit” alongside cash-generating businesses and quality credit assets designed to preserve value and withstand volatility.

From a market-structure standpoint, Spain provided a timely case study. While economic growth remains resilient, GBAM members observed that productivity challenges persist. Yet the rapid expansion of advice-led distribution, the professionalisation of insurance-based advisory networks, and a fund-tax regime that rewards long-term investing have made Spain one of Europe’s most dynamic investment landscapes, where boutique managers can thrive through clarity of strategy and quality of service rather than scale alone.

Governance and culture were also central to the agenda. Delegates discussed how smaller firms can articulate authentic narratives on leadership, Diversity, Equity and Inclusion (DEI) and succession without the bureaucracy of large institutions. The consensus was that boutiques should focus on consistency of message, measurable internal progress where relevant such as recruitment and training and collaboration between firms to build shared industry initiatives, rather than reacting to fleeting trends.

Tim Warrington, Chairman of GBAM, commented: 

“What came through strongly in Málaga is that clients are asking us to be specific, not doctrinaire. Resilience is the language investors recognise, energy that works when it’s needed, supply chains that hold under stress, and governance that’s clear and defensible. Boutiques can thrive in this environment because they can focus on what they do best and explain it without spin.”

Juan Bernal, Group Chief Investment Officer at MAPFRE, commented: 

“Hosting the meeting in Malaga was a real privilege. What stood out to me was how the conversation has evolved from focusing on ESG as a label to thinking more deeply about resilience and lasting impact, and that’s the strength of GBAM: honest dialogue between managers who share the same long-term values. It was also refreshing to see open discussion around the structural challenges boutiques face, including diversity and inclusion, and how collaboration across firms can help turn those challenges into collective strengths.”

Notes to Editors

The Group of Boutique Asset Managers (GBAM) www.gbammanagers.com

GBAM is a global network of like-minded, independent specialist asset managers who have come together to improve their presence in international marketplaces. GBAM describes boutique firms as having a limited range of products, a close relationship with clients, and a relatively flat organisational structure. GBAM firms tend to be small to medium sized, entrepreneurial, flexible and responsive to changing market conditions. Members tend to focus on the manufacture of investment products rather than mass distribution. Ownership tends to be in the hands of founding partners,

GBAM investment professionals describe themselves as innovative craftsmen who have a creative yet focused approach to fund management with a passion for ‘doing the right thing’ for their customers. They are given the freedom to manage, are driven by performance cultures and pride themselves on the intellectual rigour they bring to asset management. As a result of the satisfaction they derive from working in a GBAM boutique they tend to stay with their firms for lengthy periods.

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