Asset managers face rapid transformation, and their relationships with servicing partners are shifting. In our “Beyond the Trade” series we ask our ESG experts what truly matters to managers, how asset managers’ business is evolving, and how ESG is driving change. With sustainability at the core, our dedicated experts help fund managers navigate ESG regulations and embed responsible practices, ensuring they stay ahead of every regulatory and market shift.
Beyond the Trade: introducing our ESG experts in the UK and Spain
In Episode 4 we explore how UK and Spanish asset managers are moving beyond the 2025 ESG backlash, recalibrating their strategies toward disciplined, outcome-focused sustainability. Our experts discuss market maturity, data challenges, regulatory fragmentation, and the demand for innovative, ESG-embedded partnerships.
What is the ESG reality for asset managers in 2026? What about similarities and differences between UK and Spain? What are the asset managers’ journeys to sustainability?
We speak to Flora Belladona, Senior Relationship Director, Securities Services in the UK and Raquel Lopez, Head of Client Services, Securities Services in the UK, to hear their insights on Asset managers clients approaches and challenges in both markets.
Alison Gurd: Hello and welcome. I am Alison Gurd, Global Head of client experience and servicing at BNP Paribas’ Securities Services business.
I am very pleased to welcome you to this episode of our podcast series Beyond the Trade, where we go behind the scenes to speak to our asset servicing experts.
In this episode, we’re looking at the topic of sustainability. I am delighted to be joined by two of our experts:
Flora Belladonna, Director, Senior Relationship Manager
Single Point of Contact for Sustainable Finance Client Engagement in the UK and Middle-East
Raquel Lopez Head of Client Service Managers and Sustainable
Single point of contact in Spain.
Flora, how did you first become involved in ESG for Securities Services?
Flora Belladonna: My interest in sustainability started when I focused my final thesis in Economic and Business on SA8000, a globally recognized standard for social sustainability, which focuses on the area of labour rights and workplace conditions.
What’s been important for me over the years was the opportunity to translate that personal interest into practical, industry-relevant action.
In 2023, I stepped into a leadership role in the Sustainability Working Group at ISSA (the International Securities Services Association) where I contributed to shaping the dialogue on ESG within the securities services industry.
In 2025, I was appointed Sustainability Single Point of Contact for Securities Services across the UK and Middle East within BNP Paribas.
Sustainability is a core driver of transformation, influencing everything from risk management to client engagement and long-term growth.
Alison: Raquel, you are Head of Client Service Managers Spain, how did you first become involved in sustainability?
Raquel: In my personal life, I am deeply aware of the immense privilege it is to live on a planet rich in natural resources, flora, and fauna. It pains me to think we can lose it as a consequence of the climate crisis.
Professionally speaking, completing the annual Business Positive Impact course at Cambridge was a wakeup call for me.
It motivated me to become an influential voice within BNP Paribas. Since 2018, I have served as the Sustainability Single Point of Contact for Securities Services in Spain. Sustainability is core in our strategy and embedded in our whole value chain. [To know more : Our commitments and actions for clients and society | BNP Paribas ; Sustainable finance: follow our progress in figures | BNP Paribas]
Beyond the ESG backlash: how the asset managers in the UK and Spain are re-calibrating ESG in 2026
Alison: Let’s talk about trends in your respective markets. We talked a lot of ESG backlash in 2025, what is the reality from your perspective?
Flora: I think the narrative around “ESG backlash” in 2025 can be a bit misleading.
What we are actually seeing in the UK is more recalibration.
Sustainability hasn’t moved down the agenda – it’s become more disciplined, more scrutinised, and more outcome focused.
The geopolitical landscape has made ESG more complex to navigate. But sustainability remains a top priority for asset managers and asset owners. If anything, they are becoming more selective and rigorous in how they approach it.
So the conversation has shifted and it is a sign the market is maturing.
Raquel: We have seen that the sustainability objectives of investment entities continue to be part of the agenda, although they have become less vocal. That was one of the key findings of our latest ESG survey.
In Spain, we have observed increased interest in ESG for asset managers and asset owners, specifically in the private capital space.
Some institutional investors have shifted to European vehicles, partly due to the growing importance of sustainability. I believe that positive impact can be a driver of growth, a foundation for long-term relationships, a way to attract and retain talent, and an opportunity to boost economic development through a more resilient model. It is very powerful.
Comparing ESG journeys in the UK and Spain
Alison: what about the differences between UK and Spain? I guess there are some similarities but also some discrepancies in terms of maturity or priorities.
Flora: there are strong common foundations across both markets, but also some important differences.
From a UK perspective, the market is relatively mature. Clients are highly focused on climate risk, alignment with frameworks such as the Task Force on Climate-related Financial Disclosures, governance transparency, and the energy transition.
There is a clear expectation for data-driven ESG strategies, and for providers to support compliance with regulatory frameworks such as the Streamlined Energy and Carbon Reporting.
Overall, the UK is shifting towards execution, and ESG is becoming increasingly embedded into day-to-day operations, including decision-making processes, and reporting.
Raquel: in Spain, large asset managers, asset owners and private capital firms have a mature approach. Many of them have a big focus on social aspects and renewable-energy projects.
Smaller asset managers are also engaging, but the complexity of ESG integration means their journey is still at an earlier stage.
The data‑heavy questions driving UK and Spanish asset managers
Alison: Flora and Raquel, do you see the same challenges for both your clients? What are their most frequent questions?
Flora:
UK asset managers and asset owners want to evidence real impact beyond compliance, which requires robust data and methodologies.
Climate is a big part of that, with strong demand for deeper risk analytics to meet both regulatory requirements and investor scrutiny.
We also see growing focus on private markets, where clients are looking for more advanced ESG data solutions in a less standardised environment.
Finally, regulatory fragmentation remains a key challenge. Navigating frameworks like the Corporate Social Reporting Directive and The Sustainable Finance Disclosure Regulation across jurisdictions is complex and resource intensive.
Raquel: There is also regulatory pressure for our clients in Spain and institutional investors are looking for simplification, which is what the Omnibus law should bring.
The second hurdle is data. Our clients need available, consistent and reliable data. Unfortunately, this remains one of the biggest challenges. Many investors lack granular ESG data to report accurately.
Another point I would add is cost pressure.
Some see sustainability as an expense, not as an investment.
Beyond service: delivering innovative, ESG-embedded partnership
Alison: what do your clients expect from their providers? How can we help to answer their question, how do we go beyond?
Raquel: they expect two things from us:
Innovating for ESG
First, they want innovative offerings and we continuously enhance our suite of sustainable productsi and invest in developing new ones.[To know more : Securities Services Sustainability – Securities Services ; From disclosure to decision, the evolving data imperative for sustainability – Securities Services]
An ESG trustworthy partner
They are looking for a provider whose own processes embed ESG criteria, because that guarantees a more resilient operating model and shared values. In this regard, every step of our own business considers ESG criteria, and we have embedded this into our core model, solutions and processes. [To know more : Securities Services Sustainability – Securities Services ; From disclosure to decision, the evolving data imperative for sustainability – Securities Services]
Flora: That’s the same in the UK. Clients expect more than service delivery – they’re looking for true partnership. And that means shared values, but also deep expertise and a strong understanding of their specific needs.
A key expectation is certainly guidance in a complex regulatory environment, that includes also when cross-border compliance applies.
Our approach to offer a full spectrum of support to our clients is called Going Beyond. This includes providing regulation insights, guidance through continuous education but also equipping our teams to deliver informed value-added support to our clients.
How the ISSA’s Sustainability Working Group shapes the Securities Services industry
Alison: Flora, you indicated that you were co-leader of ISSA’s Sustainability Working Group. Can you tell us about it and its purpose?
Flora: I have been representing BNP Paribas within the International Securities Services Association for a few years now.
As part of the Sustainability Working Group we’ve produced aseries of educational deliverables, including conducting research on sustainability trends in Securities Services and publishing a white paper which focused on “The Impacts, Challenges and Opportunities of Sustainability” in our industry.
Our main objective as part of this working group is to serve as an educational resource for our industry and also for us within BNP Paribas it is a great way to be the voice of our clients!
BNP Paribas’ commitment to ESG
Alison Gurd
Global Head of client experience and servicing
Sustainability in Security services isn’t just about being compliant. It’s about leading change. And at BNP Paribas, we are well positioned to support our clients in their transition thanks to the strength of the group and the various initiatives and solutions available of which Flora and Raquel, you’re very much part of.
One last question to you both. If there was one thing to change, what would it be?
Raquel:
Keeping the education of this topic on everyone’s agenda.
Flora: I can only agree with Raquel.
Alison: This has been a Beyond the Trade podcast and do stay tuned for more episodes soon. Thank you.
