Investor stipulates compliance with local laws and ESG exclusion list. : No wonder the discussion of trade is in such a tangle. The terminology around the subject is almost designed to cause confusion. The rampant bull market of the past decade could already be a thing of the past and institutional investors are understandably nervous about the future An Austrian pension fund is has launched a search for an ESG-tilted emerging market equities manager via IPE Quest. According to search QN-2503, the investor is seeking to allocate €30m to an active mandate, although it has yet to decide what style.