SEPTEMBER 2016

Athena's Lisette Cooper Authors Impact Article Featured in Trusts & Estates

September 2016 – Trusts & Estates featured an article by Athena Capital Advisors Founder, CEO and CIO Dr. Lisette Cooper on impact investing. “Breaking Down the Impact Wall” looks at the waning divide between philanthropy and impact investing, particularly over the past five years.

“This is due largely to a growing recognition that [impact] investments complement and amplify charitable objectives, particularly among high-net-worth investors and family offices,” Cooper wrote in the piece, which was published in print in the September 2016 issue.

The article discusses the incorporation of a third, more nuanced, “social” axis applied to Harry Markowitz’s Modern Portfolio Theory. Through quantifying social considerations and integrating these goals into their investment strategies, investors can optimize the objectives of risk, financial return and social return and tailor their portfolios to focus on those areas most important to them. This approach, which Athena developed and refers to as “Post-Modern Portfolio Theory,” identifies investors as residing at a given point along a social return spectrum that ranges from “Financial Only” investors to “Philanthropic.”

The Trusts & Estates article follows a research report Athena published in the Spring 2016 issue of The Journal of Wealth Management that introduces the firm’s research on Post-Modern Portfolio Theory from an advisor-facing perspective.

Trusts & Estates subscribers may view the full article here.