FINLAND - The Evangelical Lutheran Church of Finland has awarded two socially responsible European equity mandates worth €60m (US$88.9m).
Bank Sarasin & Co has been awarded a €35m mandate and Morley Fund Management a €25m mandate. The €746m pension fund received 24 offers for the management of the portfolio.
In its guidelines for responsible investing, approved at the plenary session of the Church Council on 24 April 2007, the fund said it had diversified its investment risks by the field of business, geographic location, company size and investment style.
“The assets of the pension fund managed by the Central Church Fund must be invested profitably, securely and responsibly,” the guidelines stated.
Adam Lessing, head of European business development at Morley, said: "We believe this represents an endorsement of Morley's sustainable and responsible investment team and process. Our team’s long-standing commitment to a sustainable investment and detailed research approach was a deciding factor.”
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