AMP Capital completes $440m tobacco divestment
In a move that seems timely given the recent campaigns against tobacco investment held at the United Nations General Assembly in New York, to which First State Super’s Michael Dwyer took the stage, AMP Capital has completed its near half a billion dollar divestment from tobacco securities that began in March last year.
In addition to the divestment, which is something that would have Tobacco Free Portfolios founder, Bronwyn King, clapping from the sidelines, AMP Capital also became a founding signatory of the Tobacco-Free Finance Pledge launched at the General Assembly.
AMP Capital’s CEO, Adam Tindall, said as a global investment manager, the fund manager firmly believed in responsible investment and company engagement to drive meaningful change.
“…However in the case of tobacco no level of engagement can resolve the inherent dangers involved with their products,” he said.
The fund manager has also completed its $130 million divestment from manufacturers of cluster munitions, landmines, chemical and biological weapons.
AUTHOR
Anastasia Santoreneos
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
