EUROPE - The City of Stockholm has awarded a e8m global equity social responsible investment (SRI) mandate to Edinburgh-based Scottish Widows Investment Partnership (SWIP).
The City of Stockholm manages a total of SEK700m (e80m) assets and the mandate, which makes up about 10% of the total assets, relates to assets from funds donated to the city.
Treasurer Joran Soderberg said the new mandate was awarded to diversify the risk in the portfolio. SWIP was chosen for its ethical scanning process, which is in line with the city’s responsibility for managing donated funds, he added.
“One criterion for assets in the fund is that the companies, they do have to pass ethical controls,” Soderberg said.
“This ensures [we uphold] this responsibility we have from the city itself to manage these kind of assets from an ethical point of view.”
Commenting on the investment, Anders Bladh (pictured), managing director of Intervalor AB, SWIP’s representatives in the Nordic region, said: “We are very proud and honoured that the City of Stockholm has decided to invest in one of our SRI equity funds. It’s encouraging to see that more and more institutions chose to invest in SRI funds and that there are products that meets the client demand of taking social responsibility as well as having good investment returns.”
SWIP is one of the largest investment management teams in the UK, offering three equity SRI funds to the Nordic market.
The “Pan European SRI equity fund”, “Global SRI fund” and “Global equity SRI SICAV” are all modelled on the Seventh Swedish pension fund and based on a number of United Nations and ILO conventions.
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