DWS, as the second largest ETF provider in Europe, and seventh largest globally, is a well established brand in passive investing, but the manager's integration of bespoke ESG strategy into passive strategies is what caught the judges' eyes this year.

DWS' proprietary ESG engine allows for fully bespoke ESG programmes tailored to an insurer's specific ESG policy and uses dedicated measures for a portfolio's climate transition risk or carbon footprint, to allow for flexibility.

The manager is working with a wide range of insurers to convert or launch new passive portfolios to help meet each insurer's specific ESG and net-zero goals, according to Peter McGloughlin, DWS head of UK, Ireland & Nordics insurance. An example of this work has been the development of the MSCI USA ESG Universal Sector Neutral Select Capped Index, in partnership to Zurich and MSCI, which then led the Swiss insurer to switch almost $1bn of its investment portfolio to this new index.

Although 'climate' forms a big chunk of insurers' ESG considerations, DWS is already thinking ahead, and expects to see more focus on social criteria.

"In a DWS and CREATE-Research survey last year on passive investing trends, 59% of investors cited COVID-19 as a key driver of their heightened interest in the 'S' pillar because of its growing materiality," McGloughlin says.