WEF on impact investing: Do your homework first

New York

THE World Economic Forum has a message for wealthy families thinking about impact investing: Don't just buy on the buzz, do your homework.

Seeking investments with the dual purpose of making a profit and improving society has become trendy among wealthy people and money managers, who rarely have the expertise or tools to put it into practice, according to a report released last Thursday by the forum as it gathers heirs to some of the world's fortunes for a discussion on the sidelines of Art Basel in Miami.