Ethical investment takes off
Ethical investments are becoming the latest hot sector in the New Zealand market.
AMP Henderson Global Investors rolled out a UK-based ethical fund last year. Credit Suisse First Boston is now promoting a UK investment trust in the market and Tower is rolling out its ethical fund in March.
CSFB's offering is Jupiter Asset Management's new Global Green Investment Trust. Jupiter is one of the UK's bigger ethical managers, and currently looks after about £355 million ($A1 billion) in socially responsible investments.
Jupiter Global Green will invest in companies that provide products or services that contribute to social and environmental improvement or act in a way that reduces the adverse external impacts of their operations.
Interest in ethical investing is also being heightened by demands from the Green party that the Government's proposed multi-billion fund for prefunding future state pensions should be invested ethically.
"If the fund does get off the ground we are determined that it should have an ethical component to it," Greens co-leader Rod Donald says.
Donald's preference for ethical investment is positive screening. That is the money is invested into businesses such as wind or solar energy, or organic horticulture.
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