UK - Nearly half of the investments made on behalf of the Privy Purse Private Estates Pension Fund fail ethical tests, research by financial website Citywire claims.
Out of 42 shares that the fund holds, 23 fail one or more ethical investing criteria – with large investments being held in British American Tobacco, British Petroleum and GlaxoSmithKline. The scheme also has investments in GKN – a company that makes parts for military aircraft.
Schroders manages the fund on behalf of the scheme which provides pensions for royal butlers, footmen, cooks and gardeners.
By Jonathan Stapleton
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